AvenueWest Corporate Housing was founded in 1999 as a source for managed corporate housing, an alternative to serviced apartments and extended stay transient hotels.
Traditional corporate housing companies will rent apartments on a one-year lease, add rental furniture, housewares and utilities (including electric, gas, cable, internet and phone services) and then rent these properties to their corporate clients on a month-to-month basis.
Corporations rent this longer-term housing for their employees and consultants who are: traveling on assignment; relocating; displaced for insurance needs.
Corporations are willing to pay a premium to have the flexibility of a month-to-month lease with a 14-day or 30-day notice. It gives them more flexibility when their employees’ timing needs change.
By providing a better product through the AvenueWest Managed Corporate Housing model —a condo, townhome or even a home—the employees would have a better stay and be more productive at their work assignments.
In addition, there was an opportunity to manage properties owned by individuals, allowing those individuals to receive higher rental rates than they could on the unfurnished market. Plus, the property owners would see high-quality tenants:
- The corporation would be the signer and the responsible party on the lease. Therefore, the collection of rents would not be an issue.
- The occupants would know their employer was responsible for the property, so they wouldn’t do anything to their corporate apartment that would make them get disciplined at work. The wear and tear expenses over several years would be much lower.
AvenueWest Global Franchise
The franchising model was a key decision in the long-term success of the AvenueWest model. Local pride of ownership allows for each office to maintain AvenueWest’s strict standards. All of the current AvenueWest franchisees are owned by real estate agents that are intimately familiar with their city and the residential real estate values. The agent/owners are always looking for the right value of properties to get their individual investors the return on investment (ROI) they require.
AvenueWest Investment Fund
By raising a $10,000,000 fund, we will be able to purchase properties in our current markets, leverage our market knowledge and provide a more consistent return for our investors.
Our team of real estate agents/franchisee owners will:
- Assist in identifying properties that are of good value compared to the rental rate we could receive from the corporate client.
- Assist with the furnishing of the properties to the AvenueWest standards.
- Provide the day-to-day management of the properties in their market based on the AvenueWest Property Owner Agreement.
The AvenueWest Investment Fund team will oversee and make executive decisions on which properties to purchase based on the franchisee data and our own expertise.
After the properties are put into the AvenueWest program, the local office will be responsible for the rental of these properties, with the assistance of the AvenueWest Global national sales teams.
As an investor, you will be investing in a pool of properties in many markets instead of into a single property in one market.