Calgary, Alberta – November 16, 2022
The Deveraux Group of Companies announced today that it has surpassed $1.25 billion (CAD) in Assets Under Management (AUM). Strategic development and acquisition of highly-amenitized multi-family assets across Western Canada has enabled Deveraux to realize this significant milestone. With offices in Victoria, Edmonton, Calgary, Regina, and Winnipeg, Deveraux continues to grow exponentially, doubling its Assets Under Management in the last 3 years and growing its employee base to over 250 employees across 4 provinces and 5 cities.
Denis Jones, President and Chief Executive Officer of the Deveraux Group, stated that “Deveraux is a dynamic organization with a culture of continuous improvement, allowing our team to deliver best-in-class asset management, property development, as well as award-winning property management services. Purposeful vertical integration has enabled our team to successfully build and optimize over 20 premium rental communities across Western Canada. In addition, our development pipeline has projects in various stages of development that will see our apartment portfolio double by 2026. This will allow us to respond strongly to surging immigration, a tight rental supply and significant economic growth.”
The Deveraux Group entered the multi-family market in 2008 with the acquisition of a 126-unit apartment complex in Regina. Quickly identifying the lack of quality multi-family options for prairie renters, Deveraux commenced the construction of Regina’s most ambitious apartment development in decades, Sky Harbour Estates. This transformative property introduced 314 apartment units into Regina during a period when the province was experiencing historically low vacancy. Over the next four years, Deveraux introduced 1,400 units into the Regina market. This success and refinement of the Deveraux model led to expansion into Manitoba in 2014 and Alberta in 2018.
“Our priority is to serve the needs of our investors and we demonstrate this by employing a culture that values integrity, professionalism, and transparency” stated Colin Woloshyn, Chief Financial Officer. “Our team prides itself on diligent and efficient investment evaluations and active management of our portfolio, to maximize unitholder value. Despite the COVID-19 pandemic and recent economic uncertainty, equity offerings were buoyed by a strong appetite for multi-family investment in diverse, growth-oriented markets. This past summer, we were pleased to announce the close of two limited partnership unit offerings just days after opening.”
Deveraux ensures that each asset is developed with longevity and optimization in mind. From the outset, operational efficiency is a focus, with products and features incorporated to maximize revenue. Proactive and progressive maintenance planning ensures that all facilities are well-maintained and that operational costs are also closely monitored. Jamie McDougald, Chief Operating Officer, stated that “We are extremely proud of the quality of our physical assets and our people. The average age of our portfolio is under 5 years and is well maintained by our internalized property management team.”
About The Deveraux Group of Companies
The Deveraux Group of Companies is a dynamic organization with a culture of excellence and advancement, having grown to assets under management in excess of $1.25 billion. Deveraux is proud to deliver best-in-class asset management (Deveraux Asset Management) and property development (Deveraux Developments), as well as award-winning property management services (Deveraux Apartment Communities). Purposeful and strategic vertical integration has allowed each entity within the Deveraux Group of Companies to add value to the organizational model and to those they serve. The primary companies in the Deveraux Group include:
- Deveraux Asset Management – a private equity firm that sources and invests in premium multi-family assets. Deveraux Asset Management manages a collection of funds under the Auctus portfolio of funds.
- Deveraux Developments – an award-winning, multi-disciplinary construction company, applies innovative approaches.
- Deveraux Apartment Communities – a full-service property management firm that offers internalized and industry-leading, resident-focused management services.
*Assets Under Management includes both stabilized assets and communities in development
This commentary and the information contained herein are for educational and informational purposes only and do not constitute an offer to sell, or a solicitation of an offer to buy any securities or related financial instruments.