HOUSTON (January 24, 2024) – Asset Living, one of the nation’s largest third-party property management firms, has strategically acquired three real estate management companies in the last 12 months. This expansion brings Asset Living’s portfolio to $55 billion in assets under management comprised of more than 285,000 units across the United States. The acquisitions of BMC Management, Strategic Management Partners (SMP), and First Communities Management (First Communities) have expanded Asset Living’s multi-family footprint, particularly in the Mountain and Southeastern regions. These partnerships have also added top talent, growing Asset Living’s employee count to over 8,500 nationwide.
“In uniting BMC Management, SMP, and First Communities under the Asset Living brand, we’re bringing together partnerships that are rooted in the belief that everyone deserves a place to call home. Together, we not only strengthen our dedication to clients but also reinforce our commitment to the communities we serve,” expressed Asset Living CEO and president Ryan McGrath.
The first acquisition of 2023 was of BMC Management, the property management arm of BMC Investments, a vertically integrated real estate investment firm based in Denver with over 5,000 units in Colorado. The company has over a decade of experience in investing and operating in the multi-family sector. Through this strategic partnership, BMC was looking to focus on its strengths as an investor, developer and asset manager, and realized that Asset Living provided a unique opportunity to partner with an experienced manager, leveraging Asset Living’s scale and process while allowing BMC to focus on creating value for its investors through acquisitions, development and business plan execution.
"Partnering with Asset Living was a strategic move for our company and benefited all parties, including our investors, partners, and employees," said Jeff Stonger, chief investment officer and partner of BMC Investments. "Given 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. We have already started to see this benefit and are glad to have been an integral part of Asset Living’s growth within the Mountain region."
A few months later, Asset Living strategically acquired SMP, an Atlanta-based real estate management firm with 611 employees and over 25,000 multi-family units in the Southeast. SMP also had over a decade of experience offering clients a comprehensive suite of property management services including acquisition due diligence, vendor management and negotiation, financial planning and analysis, renovation management, and support services.
“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,” says Asset Living principal and co-founding partner of SMP Cindy Batey. “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,” adds Asset Living principal and co-founding partner of SMP Angela Smith.
Most recently, Asset Living acquired Atlanta-based First Communities, a real estate management firm with over 50,300 multi-family units and 1,544 employees across the Southeast. Founded in 1978, this partnership with First Communities entrenches Asset Living as a market leader in the Southeast, enhancing service offerings to both new and existing clients.
“This marks an exciting chapter for First Communities. Our firm is proud to be a part of this partnership that unlocks a myriad of opportunities for our employees and clients,” says First Communities CEO Mitch Harrison. “Combining our decades of experience, this collaboration grants our clients access to a broader spectrum of investment opportunities with a shared vision for excellence.”
For more information about Asset Living, please visit www.assetliving.com
About BMC
BMC Investments (BMC) is a highly disciplined, vertically integrated real estate investment firm generating industry-leading returns through acquisition, development and management of various property types throughout the U.S. BMC focuses its investment strategy on creating long-term value in its assets and generating strong risk-adjusted returns. The company is able to outperform its peers by procuring attractive investments in its areas of focus; utilizing a measured and disciplined investment process with rigorous focus on risk management; leveraging best-in-class operating systems and processes; and attracting, retaining and developing great people. To learn more, visit www.bmcinv.com.
About SMP
Founded in 2010, Strategic Management Partners (SMP) is an Atlanta-based real estate management firm. SMP manages multifamily properties for owners, lenders and special servicers nationwide, providing innovative, cost-effective solutions to increase occupancy and asset values. SMP offers clients a diverse range of property management and turnaround services including third party partnerships, receiverships, lease-up, asset management, renovation and due diligence. To learn more, please visit https://smpmgt.com/.
About First Communities
Founded in 1978, First Communities is an Atlanta-based real estate management firm with a diverse client set that includes national banks, insurance and pension funds, syndicators, individual investors, HUD, FDIC, Freddie Mac, and Fannie Mae. First Communities offers clients a comprehensive service suite that includes acquisition due diligence, vendor management and negotiation, and financial analysis and reporting. To learn more, please visit https://www.firstcommunities.com/.
About Asset Living
Founded in 1986, Asset Living (Asset) is a Houston-based real estate management firm. With a growing portfolio that includes a multitude of properties across the nation, Asset provides services to a variety of clients that include property management, asset management, receivership, and investment services. Asset is a member of The Institute of Real Estate Management (IREM) and is recognized as an Accredited Management Organization (AMO). To learn more, please visit www.assetliving.com.
