Third-party property management firm Asset Living, headquartered in Houston, continues to grow its expanding portfolio with another acquisition at the end of January.

The firm has acquired one of the largest property management firms for affordable housing—Alpha Barnes Real Estate Services. The Dallas-based firm has a focus on managing various types of affordable and multifamily housing, including Section 8, low-income housing tax credit, senior, and Department of Housing and Urban Development-subsidized communities.

Ryan McGrath, CEO, Asset Living
Ryan McGrath, CEO, Asset Living

Alpha Barnes is the 13th largest property manager for affordable multifamily housing, according to the National Affordable Housing Management Association’s Affordable 100 rankings in 2020, and the largest in Texas. It has additional offices in San Antonio and Austin, with more than 900 employees in Texas. This transaction adds an additional 30,000 units to Asset Living’s portfolio; the firm now manages more than 600 multifamily communities nationwide.

“Alpha Barnes has always been driven by the desire to provide the best possible property management and compliance services to our clients,” said Michael Clark, partner of Alpha Barnes. “We look forward to taking advantage of the additional capabilities that the Asset Living partnership will provide us to continue our pursuit of that goal.”

The partnership will broaden Asset Living’s comprehensive suite of services by leveraging Alpha Barnes’ affordable housing experience and will provide Alpha Barnes with access to a wholly owned marketing agency, a new lease-up division, and capital to serve clients in new adjacent markets.

“Alpha Barnes aligns well with our core values, and we’re excited to bring them into our growing organization,” said Ryan McGrath, CEO of Asset Living. “The addition of the Alpha Barnes portfolio greatly expands our footprint throughout all major and neighboring cities in Texas, with offices now in Houston, College Station, Austin, San Antonio, and Dallas.”

This acquisition comes on the heels of the purchase of Shelton Residential, an Arizona-based property management firm focused on conventional multifamily apartments, that has expanded Asset Living’s footprint in the Southwest.