Having a comfortable and cozy living space goes a long way to creating peace of mind, safety, and security. Capital expenditure projects, or “capex”, are projects that upgrade and improve the overall performance of a building, which enhance and transform the resident experience.
At Avenue Living Communities, we carefully evaluate the capital projects that we undertake to make sure they best serve our residents. By thoroughly researching what each property and space needs, and through gathering resident feedback, we can serve our residents in the most effective ways.
What is Capex?
“Capex is an infrastructure upgrade that replaces and improves an essential part of a building,” explains Bernard Streeper, SVP, Operations for Northern Alberta. “From installing new roofs to boilers and mechanical systems, these are the essential components a building needs to function properly. Every time a resident comes home, they can rely on their suite to be comfortable, safe, and warm, which will alleviate any frustrations they may have. That's what capex does for our residents – it creates reliability and enhances the resident experience,” says Bernard.
Capex also help foster a sense of community in both the property and neighbourhood, as living spaces are transformed into welcoming and inviting areas. Building communities is at the forefront for Avenue Living Communities.
Transformed living spaces and properties
Moving into a suite or property that has gone through its own capex upgrade is exciting. Seeing the fresh updates allows you to plan and envision how you want your space to look, and how you will personalize it and make it your own. Maybe the kitchen has been modernized, so you want to get something to accent this change. Perhaps the suite has new paint, and you want art to match the new colour. Or, it’s the common areas and hallways that have been brightened, so they uplift the overall atmosphere of your property. It’s exciting to have a revitalized living space that feels more like your own.
When the upgrade is something you can’t see, such as a new boiler or roof, although it may not change the aesthetics of your apartment, you can sleep easily knowing you’re protected. We look at our buildings as a whole and make sure they’re updated and maintained to our high standards for all our residents.
You can rely on Avenue Living Communities to transform your space and extend the life of your property through essential building improvements as well as cosmetic updates.
Improving the resident experience and fostering community
Capex helps elevate both the property and the resident experience. Seeing your suite with freshly updated faucets, flooring, cabinets, etc., brings a new mindset and enjoyment to your living space. It keeps residents happy and comfortable. Investing in buildings in established areas helps create a new, desirable place to live, which can have a ripple effect on the surrounding community. Adding a new playground to our property as an example, can foster a safe space for the community to connect and gather.
We see it as investing in our residents, too. Projects that include updates to common areas, stairwells, and entrances can create a space that residents are proud to share with their neighbours, family, and friends.
People enjoy having safe and secure suites and properties, and the capex we conduct reflects that, such as installing security cameras. These updates have positive impacts and benefit the lives of our residents.
Incorporating feedback from residents
We read everything that gets submitted. We see all the reports, resident inquiries, and maintenance requests. We’re looking at data, tracking it, and using it to assess individual capex projects, and using resident feedback and how they communicate with us.
“When we interpret that data correctly, it tells a story of what needs to be done – and that’s what we’re doing. We’re always looking out for our residents,” says Bernard.
It’s the residents who are driving our business. We make responsive decisions based on your feedback, and we’re always listening. This relationship helps us create a sense of community, as it uplifts and elevates each resident’s experience with us.
Our capex projects add functionality and create attractive spaces in your suite, making it your cozy haven.