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With offices in Victoria, Edmonton, Calgary, Regina and Winnipeg, Deveraux continues to grow exponentially, doubling its Assets Under Management in the last three years and growing its employee base to more than 250 employees across four provinces and five cities.
Denis Jones, President and Chief Executive Officer of the Deveraux Group, stated, “Deveraux is a dynamic organization with a culture of continuous improvement, allowing our team to deliver best-in-class asset management, property development and 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 began 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 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 all facilities are well-maintained and operational costs are also closely monitored. Jamie McDougald, Chief Operating Officer, stated, “We are extremely proud of the quality of our physical assets and our people. The average age of our portfolio is under five years and is well maintained by our internalized property management team.”
*Assets Under Management include 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.