Avenue Living Energy Retrofits

Sector(s)
Green Infrastructure
Location(s)
Alberta and Saskatchewan
Participation
Up to $120 million
Partner(s)
Avenue Living

Energy efficient retrofits focused on multi-unit residential buildings

Investment funds upgrades which will optimize building performance and decrease GHG emissions.

Fast facts

First opportunity to facilitate energy efficiency at scale in the multi-unit residential sector
Optimize energy performance in more than 6,700 residences
Investment repaid primarily through energy savings produced by the retrofits and rental income
Investments support the transition to a net zero economy

Avenue Living is an owner and operator of properties primarily in western Canada’s prairie provinces and is seeking to retrofit approximately 132 properties in their portfolio consisting of 220 buildings. The buildings are predominantly low-rise, walk-up style, multi-family rental apartment buildings.

Avenue Living is committed to reducing greenhouse gas emissions and improving living conditions by implementing energy efficiency measures, focusing on mechanical and electrical upgrades, new windows and doors, roof insulation and rooftop solar.

The investment aligns with the CIB’s Commercial Building Retrofits Initiative (CBRI) in targeting a minimum GHG emissions reduction of 30 per cent across the portfolio of buildings.

Benefits of CIB Involvement

Our team works with large private sector real estate owners and retrofit aggregators on customized plans to modernize and improve the energy efficiency of existing buildings. We are transforming the retrofits market by leading the way for private financing.

Our investment will help finance a portion of the upfront capital costs of the retrofits. Once the repayment is complete, Avenue Living will benefit from 100% of the long-term savings achieved through the retrofits.

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Avenue Living Group

With over 90 per cent of Canada’s rental universe built before 2000, Avenue Living is excited to be a pioneer in retrofitting these older units. We are eager to set a new standard and enhance green infrastructure programs for the entire industry – for years to come. The work that we are doing with CIB represents nearly 50 per cent of Avenue Living’s overall portfolio. By 2027, we have the vision of completing 100 per cent of our growing Canadian portfolio, continuing to positively impact the communities we serve.

Anthony Giuffre, CEO, Avenue Living Group