Avenue Living Energy Retrofits

Sector(s)

Green Infrastructure

Location(s)

Alberta and Saskatchewan

Participation

Up to $120 million

Partner(s)

Avenue Living

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.

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

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.

Learn more

Disclaimer: Canada Infrastructure Bank, in its sole and absolute discretion, may choose to make available amendments, revisions, modifications or replacements to this website. This page will remain open for further revision, modification, replacement or cancellation by Canada Infrastructure Bank at any time and in no event shall Canada Infrastructure Bank be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on the content of this website. Pictures courtesy of Avenue Living.

Avenue Living Group

Anthony Giuffre, CEO, Avenue Living Group