Third-party property management firm Asset Living, headquartered in Houston, has acquired City Gate Property Group, a Dallas-based property management firm. The acquisition adds more than 10,000 units under management in Louisiana and Texas to its expanding portfolio.
According to Asset Living, this acquisition makes it the largest multifamily property management company in Texas with a portfolio of 75,946 units and 468 properties. It also makes the firm one of the largest property managers in the nation with nearly 120,000 units under management.
“Reinforcing our roots as a fellow Texas-based company, City Gate comes with decades of multifamily property management expertise,” said Asset Living president and CEO Ryan McGrath. “We’re humbled to now be considered the largest apartment manager in the state of Texas as we remain committed to becoming the most trusted partner in real estate.”
With more than 75 years of combined multifamily property management experience, City Gate partners Dawn Waye and Patrick Smits are experienced in operational services, financial accounting, reporting, and technology. The firm has approximately 400 employees.
“City Gate has always had a focus on resident retention and asset optimization with a strong history and proven track record of managing with purpose to best serve our clients,” said Smits, CEO of City Gate. “I look forward to working with Ryan McGrath and joining the Asset Living brand that aligns our values as a company and will continue to uphold our company’s standard of client service.”
The partnership will enhance Asset Living’s multifamily portfolio and will provide City Gate with access to new resources, such as a wholly owned top-tier marketing agency, a dedicated new lease-up division, and capital, to serve clients in new adjacent markets.
In early 2021, Asset Living announced that it had acquired Dallas-based Alpha Barnes Real Estate Services, one of the largest property management firms for affordable housing, adding 30,000 units to its portfolio. It also acquired Shelton Residential, an Arizona-based property management firm focused on conventional multifamily apartments, in a move that expanded its footprint in the Southwest.
