2021 NMHC Top 50 Managers

2020 was a big year for property management acquisitions, and that is reflected in the 2021 NMHC Top 50 Managers list. No. 1 Greystar Real Estate Partners became even larger with the acquisition of Alliance Residential’s property management arm in June 2020. It ended 2020 with 669,137 units managed. Cushman & Wakefield acquired Pinnacle Property Management Services in March of last year, coming in at No. 3.

Asset Living jumped from No. 14 to No. 5 on the annual list. The Houston-based firm grew more than 60% in 2020 and manages a portfolio of more than 103,000 units across the nation. In the past year, its acquisitions have included Poetic, a digital-focused creative agency, as well as Shelton Residential, an Arizona-based property management firm, and Alpha Barnes Real Estate, a Dallas-based property management firm. This has allowed the firm to expand its affordable housing, single-family rental, and senior housing divisions as well as its geographic footprint.

MFE checked in with Asset Living CEO Ryan McGrath to discuss the firm’s strategic acquisitions and what’s ahead for the remainder of the year.

MFE: How did you go about growing the company during the uncertain times of the COVID-19 pandemic?

McGrath: To be frank, it’s less about what I did as CEO and more about how the 4,500 individuals that make up Asset Living rose to the occasion amid adversity. Pandemic or not, we take our role in customer service very seriously. We genuinely care for the communities we serve in and always place the residents’ interests first. It’s ingrained in our culture to overprepare and never make excuses—two traits that proved invaluable during the COVID-19 crisis. By forging relationships, and not losing sight of our mission, we were able to make three acquisitions last year. These deals, however, were not executed overnight but rather took years of work. What set us apart is being able to execute on that groundwork while the world was seemingly upended last year—and for that, I can only thank my Asset family.

MFE: When you look back at the year, what do you see as your greatest success?

McGrath: Since 2018 Asset has doubled in size, adding another 50,000-plus units under management—with more than $15 billion in our real estate portfolio. While those numbers sound impressive, I’m prouder of the fact that we have the opportunity to manage over 100,000 units nationwide—properties that everyday Americans like you and I call home.

In addition, during a year in which so many Americans experienced unemployment, I’m humbled to say we were able to hire more than 1,800 people—each of which I consider a remarkable win.

MFE: What are your growth strategies and goals for 2021?

McGrath: Our growth strategy for 2021 and beyond is simple. It consists of:

1) Expanding to new verticals that offer synergy.

2) Adding additional territories and locations across the country.

We will accomplish these two primary goals by continuing to embrace emerging technologies as well as adding strategic leaders to our already talented team of 4,500. While we continue this momentum of growth, it’s imperative that we maintain our reputation of excellence—something that will remain top of mind for me as CEO.

MFE: As you continue to grow Asset Living, what are your top priorities for your employees, clients, and residents?

McGrath: Ultimately, my goal for clients and residents alike is to view Asset Living as the most trusted partner in real estate. As for our employees and myself, our job is to make that vision a reality. And we can do this by continuing to invest in ourselves. On a granular level, we review everything we do internally through the lens of becoming 1% better each day. As simple as it sounds, if we can continue to improve, we can continue to grow.

MFE: What was one lesson you learned during the pandemic that will stick with you going forward?

McGrath: While this lesson is not necessarily a new one, it was unequivocally reinforced during the pandemic—it also informs nearly every task I undertake as CEO. During the pandemic, I was reminded that I can never stop learning and growing because my team will never stop either. The people at Asset go beyond the call of duty—striving to make a difference beyond just the boardroom. I’m grateful to lead an organization that not only inspires me but also forces me to the best leader I possible can be.