Third-party property management firm Asset Living, headquartered in Houston, has expanded its footprint in the Southwest with the acquisition of Shelton Residential, an Arizona-based property management firm focused on conventional multifamily apartments.
Originally founded in 1984, Shelton Residential is one of the largest property management firms in Arizona and has more than 17,000 units across Arizona, Colorado, New Mexico, and Texas.
“Shelton Residential has been one of the premier providers of institutional quality property management in the country, and we’re so thrilled about the immense opportunity this acquisition brings to Asset Living,” said CEO Ryan McGrath. “I like to think about our acquisitions much more like partnerships than traditional acquisitions. It would be hard to find a leader or group of individuals that I would rather partner with than Tom and Pam Shelton and the Shelton team.”
With the Shelton team bringing a combined 70 years of experience in multifamily, student, and affordable housing, the acquisition will allow Asset Living to continue to bring clients a comprehensive suite of services to position properties for success.
“As a business owner, you constantly aspire to partner with business leaders that will take your company and your clients further—for Shelton, that partner was Ryan [McGrath] and Asset Living,” added Tom Shelton, owner of Shelton Residential and former National Apartment Association chairman. “They have been around as long as we have been in the property management sector and have a clear understanding of how to be forward-thinking and innovative in our competitive industry. This partnership is only the beginning. I, along with the entire Shelton team, am excited to lead the Southwest region for Asset Living.”
In December, the firm also announced the acquisition of a digital-focused creative agency, Houston-based Poetic Digital, to become an all-inclusive resource for its clients.
