Leading third-party management firm Asset Living, based in Houston, has acquired three companies in the past year, bringing its portfolio to $55 billion in assets under management and over 285,000 units.
The strategic acquisitions, which included Denver-based BMC Management in January 2023, Atlanta-based SMP in March, and Atlanta-based First Communities at the end of the year, further Asset Living’s footprint in the Mountain and Southeast regions and grow its employee count to over 8,500 nationwide.
“In uniting BMC Management, SMP, and First Communities under the Asset Living brand, we’re bringing home partnerships that are rooted in the belief that everyone deserves a place to call home,” said Ryan McGrath, CEO and president of Asset Living, which ranked No. 3 on the National Multifamily Housing Council’s top apartment managers list last year, managing 202,748 units as of Jan. 1, 2023. “Together, we not only strengthen our dedication to clients but also reinforce our commitment to the communities we serve.”
BMC Management is the property management arm of BMC Investments, a vertically integrated real estate investment firm with over 5,000 units in Colorado. The strategic partnership with Asset Living lets BMC focus on its strengths as an investor, developer, and asset manager.
“Partnering with Asset Living was a strategic move for our company and benefited all parties, including our investors, partners, and employees,” said BMC Investments chief investment officer and partner Jeff Stonger. “Give the size and scale of Asset Living, they have the infrastructure to provide us with better systems, technology, data, analytics, research, and pricing power, all of which will ultimately lead to enhanced performance at the property level and reduce direct costs to the properties.”
SMP brings over a decade of experience offering clients a suite of property management services. The real estate management firm has over 600 employees and over 25,000 multifamily units in the Southeast.
“When it came to this decision, it was Asset Living’s shared mission, vision, and values that ultimately convinced us this was the right partnership for SMP,” said Cindy Batey, Asset Living principal and SMP co-founding partner. “Uniting our employees under the familiar Asset Living name allows us to have access to more long-term career opportunities while also providing our clients with additional scale and services.”
The most recent acquisition of First Communities was announced internally at the beginning of 2024. The real estate management firm, founded in 1978, boasts over 50,300 multifamily units and over 1,500 employees across the Southeast.
“This marks an exciting chapter for First Communities,” said CEO Mitch Harrison. “Our firm is proud to be a part of this partnership that unlocks myriad opportunities for our employees and clients. Combing our decades of experience, this collaboration grants our clients access to a broader spectrum of investment opportunities with a shared vision for excellence.”
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