Calgary area: Avenue twin towers

Many of today’s young buyers are finding the local market out of reach. This is why developers Grosvenor Americas and Cressey Development Corp., creators of the Avenue twin towers at 5th Avenue and 10th Street S.W., are seeing an increasing number of young buyers seeking the support of their parents in an effort to lessen the financial burden while taking advantage of the opportunity to build equity on properties that are holding value.

Parents Karen and Rod are among many who have helped remove the financial hurdle of first-time homebuying by assisting with the down payment on a home for their daughter and her fiance.

“They were interested in living downtown and a condo was an affordable option with the one bedroom plus den layout,” the couple says. “They did not want yard maintenance and some of the tedious aspects that come with having a larger home.”

“We helped with the down payment because it would take them at least five years to afford a down payment, and by assisting them now with the purchase, it allows them to build equity much sooner instead of waiting several years while they saved up enough for a down payment. The mortgage payment (including paying us back on a monthly schedule) will cost the same
as renting.”

Their daughter and fiance did substantial research on 15 to 20 different multi-family developments.

“We initially had a great experience when we went into the Avenue presentation centre, as Sarah and her team were very professional, welcoming and friendly,” the parents note. “The CresseyKitchen with a gas cooktop and stove was also a huge draw, as they really enjoy cooking. Avenue had a few different one-bedroom plus den options, which was important to them, and the price was in our budget. We feel the layout we went with is excellent. The location is awesome, as it’s so close to Kensington, and Grosvenor is an established developer with many projects under their belts, which gave us peace of mind.”

They purchased a 750-sq.-ft. condo, with an anticipated possession date of March 2017. “We’re very happy with the choice and we hope it will be as wonderful as we’re all imagining.”

The increasing growth and stable investment of a new build in the admired West End, where Avenue is under construction, was also a bonus.

Avenue is comprised of 319 suites with in two towers, which include a mix of townhomes, flats, tower suites and a two level penthouse suite, says Robert Duteau, senior vice-president development, Grosvenor Americas. “It offers a great location in the well-established West End just steps to the downtown, river pathway and charming Kensington, combining urban convenience with serene residential living.” As well, the C-Train is two blocks away and access to the Plus15 is within a short walking distance.

Avenue features extensive use of glass on the exterior and exceptional finishings such as hardwood wide-plank flooring, over-height ceilings, porcelain tile, marble countertops, impressive terraces and the CresseyKitchen – a revolutionary walk-through design that creates a larger kitchen by offering a highly efficient workspace that is stylish yet functional. It also offers terrific amenities – a fitness facility, owners lounge, on-site concierge, dog-washing station and secured parking and storage lockers.

Suites range from approximately 600 to 1,800 sq. ft.

For more information, visit avenuewestend.com