Property Management IndexCompare managers

Asset Living.
Property manager.

Houston, TX · Founded 1986 · assetliving.com
Investor snapshotThe questions to ask before you hireSources ↓
Can you hire them for your building?
Yes
Third-party manager: runs buildings for outside owners[10][12]
How big are they?
446.43K units
#2 on NMHC's 2026 Top 50 Managers[13] · we count 835+ units in 4+ properties · our count
What do residents say?
4.3 on Google
450 reviews · 2025: 3.8 → 2026: 4.2
Legal or regulatory trouble lately?
1 event since 2023
lawsuit · details
What does management cost?
3.5%
Management fee, conventional apartments (Nebraska and Iowa)[52]
Who runs DFW locally?
John Martinez, Lesley Atwood +1
Regional Vice President, Operations · Vice President, Operations · team
Growing or shrinking?
growing
75,000 units (2020) → 455,000 (2026)[14][13][12]
Who owns the firm?
Private equity backed
Parent: Roark Capital Group; agreed in June 2026 to sell the company to New Mountain Capital (closing not confirmed in a primary source)[12]

Dots are a quick visual read of the facts next to them, not a grade. DFW numbers are our own count from county records, HUD and firms' own sites.

Years in business
Employees
13,000[10]
Units nationally
446.43K (NMHC #2, 2026)[13]
Assets under management
$55 billion in assets under management[19]
Property typesmultifamilystudent housingaffordable housingactive adultbuild-to-rent[8]
Specialtiesstudent housingaffordable housingreceivershipasset management[8][14][13]
MarketsHouston, TXDallas-Fort Worth, TX · since 2021Denver, CO · since 2022Atlanta, GASacramento, CA (Folsom) · since 2025[14][12][17][26][18][19][21]
01Overview

Asset Living is a Houston-based residential property manager founded in 1986. It manages apartments for other owners across most US states, covering market-rate, student, affordable, active adult and build-to-rent housing. It also operates Asset Campus Housing, its student housing business, and offers receivership and asset management services.

Its affordable housing division is a large part of the business. It runs HUD-assisted, tax credit (LIHTC), HOME, RAD and USDA rural properties, and works with local housing authorities.

The company has ranked second on the National Multifamily Housing Council's list of largest apartment managers each year since 2024, behind Greystar.

02What sets them apart

Against the industry average.

How Asset Living compares with the other large DFW managers on each measure we track.

other firms average this firm, by rank: top third middle bottomThis firmRank

Compared with the 30 largest DFW managers. Rank 1 is the best where higher or lower is better, else the largest. DFW units use a log scale.

03Portfolio

What they run. In Dallas-Fort Worth, TX.

Size, building class, age and location of the properties we can tie to this firm. Compare with the kind of asset you own.

Properties
4+
found so farpartial
Units
835+
counted so far
Building area, sq ft
0.8M
county records
Median year built
2019
county records
Different owners
4
owners across the 4 of 4 properties with a county owner record

Building class (public record class rating, 3 of 4 properties rated)

A · 3
Class AClass BClass CNot ratedSize = units

Units by ZIP code

75052536 · 2 prop.
75217100 · 1 prop.

Units by decade built

1970s100
2010s536
2020s199

Largest properties

PropertyAddressUnitsBuiltClassCheck it
THE SUTHERLAND1658 FORUM DR, 750522722019ACounty recordFederal record
PRAIRIE GATE APTS3951 DECHMAN DR, 750522642018ACounty recordFederal recordGoogleWebsite
THE GIBSON2422 S CARRIER PKWY1992022ACounty recordFederal record
LAKE JUNE VILLAGE1220 N MASTERS DR, 752171001975HOUSING AUTHORITYCounty recordFederal recordGoogle

Our DFW count so far: Dallas and Collin counties, 102 ZIP codes scanned. Tarrant and Denton counties are not covered yet, so the real DFW total is higher.

Asset Living's DFW buildings in our records span Dallas, Irving, Frisco, Coppell, McKinney and the southern suburbs. They include conventional market-rate communities and income-restricted properties, among them a TDHCA-financed property in southeast Dallas. Its Dallas presence grew mainly through the 2021 purchase of City Gate Property Group, a Dallas-based manager.

04Resident experience

How residents rate their buildings.

Resident ratings drive leasing and renewals. Look at the trend and at which problems are rising, not only the average.

Average Google rating
4.3
weighted by review count
Google reviews
450
across 1 properties

Properties by Google rating

4.5+0
4-4.51
3.5-40
3-3.50
under 30

Resident reviews over time

Our read of public resident feedback on 1 of its DFW properties, 2022-05 to 2026-09. Years with little feedback are left out, and earlier years rest on fewer properties. No resident comments are shown.

123452025: average rating 3.8, sentiment +0.39 (from -1 to +1)20252026: average rating 4.2, sentiment +0.59 (from -1 to +1)2026

━ average rating · ╌ sentiment · higher is better for both

What residents complain about lower is better

How often residents raise each problem, our assessment: before the last 12 months and in the last 12 months. Fewer is better. Shown only when enough residents raise it.

ProblemBeforeLast 12 monthsChange
Maintenance delays20%13%↓ 7 pts fewer
Poor communication20%11%↓ 9 pts fewer

Other review sites, our read

BBBNegative

About 380 complaints in three years, most left unanswered, over added fees, repairs and deposits; firm is not accredited[3][4]

Our assessment · Sep 2026View profile ↗
ApartmentRatingsNot checked

Firm management page (about 490 communities) blocked fetching; DFW property review content not visible, only a count for one

Our assessment · Sep 2026
YelpToo few reviews

DFW property listings only, no firm page; one (The Alista) holds 29 reviews and is marked closed, the others show none[5][6][7]

Our assessment · Sep 2026View profile ↗

Our assessment of each site's record, not the site's own score, which we don't reproduce. Follow the link for the profile.

Our assessment of employee reviews is mixed. Staff praise the benefits and the support from corporate teams. They also report uneven communication and limited room to advance. See the Glassdoor profile.

Industry recognition includes repeated top NMHC rankings, first place on NAHMA's Affordable 100 in 2026, and IREM's Accredited Management Organization designation since 2009.

05Risk and compliance

Lawsuits, settlements and regulators.

Newest first. These are what public records and news show; allegations are reported as allegations.

≈Matched by nameA record can concern an owner, an affiliate or a similar name. We label it when the source shows that.
§Unproven until decidedA lawsuit or complaint is an allegation unless a court or regulator decided it.
↗Check the sourceEach item links to the record it comes from. Read it before relying on it.
  • 2025-11 · antitrustAbout an affiliateFPI Management, Inc., reported to be controlled by Asset Living since 2025, is among the settling defendants in the RealPage renter class action settlement.[24][21]
  • 2025-09 · layoffsAbout an affiliateA California WARN notice signed by Asset Living's chief HR officer announced 105 layoffs at FPI Management's Folsom offices between November 2025 and January 2026.[21]
  • 2025-07 · antitrustAbout an affiliateKentucky's attorney general sued RealPage and several landlords, including First Communities Management (acquired by Asset Living in 2024), alleging they shared non-public data and used RealPage pricing to fix rents; the state and First Communities filed for a consent judgment and dismissal with prejudice, signed in July 2026.[44][45]
  • 2024 · lawsuitTenants sued Asset Living and property owners in federal court in Colorado alleging disability-related claims; in March 2026 the court dismissed several claims, some with prejudice.[25]
  • 2023 · antitrustAsset Living, LLC was named among defendants in class actions alleging property managers used RealPage revenue software to coordinate rents; it is not among the settling defendants listed on the settlement site, and its current status was not confirmed.[23][24]
  • 2018-07 · fair housingNFHA and two local fair housing groups sued Asset Campus Housing in the Western District of Kentucky, alleging policies that discouraged families with children; the case settled in March 2020 with changes opening its properties to families, and no admission of liability was stated.[22]
Our summary
  • Fair housing, 2018 to 2020: National fair housing groups sued Asset Campus Housing. They alleged its policies discouraged families with children. The case settled in 2020, and the company agreed to open its properties to families.
  • RealPage antitrust suits, 2023: Asset Living, LLC was named as a defendant. The suits allege managers used RealPage software to coordinate rents. Asset Living is not on the published list of settling defendants, and we could not confirm where its part of the case stands. FPI Management, which Asset Living reportedly controls, is one of the settling defendants.
  • Kentucky RealPage suit, 2025 to 2026: Kentucky's attorney general sued RealPage and several landlords, including First Communities Management, which Asset Living bought in 2024. The state alleged they used RealPage pricing to fix rents. In July 2026 the state and First Communities settled through a consent judgment that dismissed the claims. We did not review its terms.
  • Colorado disability lawsuit, 2024: Tenants sued Asset Living in federal court. In 2026 the court dismissed several of their claims.
  • FPI layoffs, 2025: A California WARN notice (the legally required layoff notice) was filed for layoffs at FPI's Folsom offices. It was signed by Asset Living's HR chief.

No Texas WARN notice from Asset Living was found.

06Key personnel

Key personnel.

For an owner, the regional leaders in its own metro matter most, so leaders in DFW are listed first.

JM
John MartinezDFWLinkedIn
Regional Vice President, Operations[26]
Regional · Oklahoma, Dallas-Fort Worth, Kansas and Missouri (Dallas office)
Before: Westdale Asset Management[26]
LA
Lesley AtwoodDFWLinkedIn
Vice President, Operations[27]
Regional · Houston office; tasked with growing the Dallas-Fort Worth footprint · joined 2024 (2 yrs)
Before: TAM ResidentialCushman & Wakefield (formerly Pinnacle Property Management)Alliance ResidentialTonti PropertiesMilestone[27]
Tyler Johnson
Tyler JohnsonDFWLinkedIn
Division President[9][60]
Regional · Central region, market-rate and affordable portfolio
Ryan McGrath
Ryan McGrathLinkedIn
CEO & President[9][10]
CEO · joined 2018 (8 yrs)
Before: Goldman Sachs[10]
Marti Burrows
Marti BurrowsLinkedIn
Chief Operating Officer[9]
COO · joined 2026 (0 yrs)
Before: Nuveen Real EstateGreystarPrudential Real Estate Investors[32]
Pauline Houchins
Pauline HouchinsLinkedIn
Division President[9][87]
Operations · Key client and private-label engagements across the multifamily portfolio
Before: First Communities ManagementThe Worthing Companies[87]
Rachel Davidson
Rachel DavidsonLinkedIn
Division President[9][93]
Operations · Shared services functions for the multifamily portfolio
Before: FairfieldAlliance ResidentialRPM Living[93]
Stacey Lecocke
Stacey LecockeLinkedIn
Division President[9][94]
Operations · Student housing operations
Before: Lincoln Property CompanyGreystarJPI Companies[94]
Stephanie Nascimento
Stephanie NascimentoLinkedIn
Division President[9][61]
Regional · Central Texas property management operations · joined 2023 (3 yrs)
Before: Cardinal GroupRPMAlliance Residential[61]
Tanya Shapiro
Tanya ShapiroLinkedIn
Division President[9][62]
Regional · Midwest conventional portfolio
Before: The Lund Company[62]
Karen Key
Karen KeyLinkedIn
Division President[9][89]
Regional · Southeast conventional portfolio · joined 2023 (3 yrs)
Before: RangeWater Real EstateZRSGreystar[90][89]
Robert Hicks
Robert HicksLinkedIn
Division President[9][91]
Regional · Western division, conventional business · joined 2023 (3 yrs)
Before: Equity ResidentialMark-Taylor ResidentialAlliance Residential / Greystar[91]
Vanessa Siebern
Vanessa SiebernLinkedIn
Division President[9][85]
Regional · West division portfolio
Before: FPI Management[85]
Carol Nelson
Carol Nelson
Division President[9][92]
Regional · Mountain region · joined 2023 (3 yrs)
Before: Redstone ResidentialGreystarAlliance Residential[92]
JC Reeves
JC ReevesLinkedIn
Chief Sales Officer[9]
Business development · joined 2019 (7 yrs)
David Walther
David WaltherLinkedIn
Chief Revenue Officer[9]
Business development
Before: KPMGRSM[35]
Gretchen Stephenson
Gretchen StephensonLinkedIn
Chief Financial Officer[9]
Leadership · joined 2023 (3 yrs)
Before: Amazon Web ServicesHPCompaqPwC[33]
Cory Hitte
Cory Hitte
Chief Transformation Officer[9]
Leadership
Before: Milestone Aviation (former GE Capital subsidiary)Bell Flight[65]
Joey Hance
Joey HanceLinkedIn
Chief Legal Officer[9]
Leadership
Before: Beirne, Maynard & Parsons[66]
Alex Moore
Alex MooreLinkedIn
Chief People Officer[9]
Leadership · joined 2023 (3 yrs)
Before: CrederaTwitchAccenture[68][69]
Rulissa Trout
Rulissa TroutLinkedIn
Chief Human Resources Officer[9]
Leadership
Before: National Financial Partners (NFP)Oklahoma Housing Finance Agency[70]
Lance Amy
Lance AmyLinkedIn
Chief Procurement Officer[9]
Leadership
Before: NouryonDowU.S. Navy[71]

Average leadership tenure: 4 years. Highlighted past employers have their own page here. LinkedIn profiles are linked, not copied.

What employees say, our read

GlassdoorMixed

About 1,360 employee reviews; praise for growth and senior support alongside recurring favoritism and burnout complaints[1]

Our assessment · Sep 2026View profile ↗
IndeedMixed

About 490 employee reviews, split between praise for benefits and training and complaints of thin support and weak leadership[2]

Our assessment · Sep 2026View profile ↗
About the leadership

Ryan McGrath has been CEO and President since 2018. He joined the family-founded firm full time in 2007, after starting his career in investment banking at Goldman Sachs.

The executive team:

  • Marti Burrows, COO, appointed in July 2026. She came from Nuveen Real Estate, where she headed asset management for housing. Before that she held executive roles at Greystar and worked at Prudential Real Estate Investors.
  • Gretchen Stephenson, CFO, hired in 2023. She previously led finance for Amazon Web Services' infrastructure group, after roles at HP, Compaq and PwC.
  • JC Reeves, Chief Sales Officer, joined in 2019 and leads new business nationwide.
  • David Walther, Chief Revenue Officer, oversees partnerships and acquisitions. He previously did transaction advisory work at KPMG and RSM.
  • Cory Hitte, Chief Transformation Officer, runs technology, shared services, the AI roadmap and the integration of acquired firms. He first worked for Asset Living at property level during college, then spent years in strategy and M&A at Milestone Aviation, a former GE Capital subsidiary, and Bell Flight.
  • Joey Hance, Chief Legal Officer, has been with the company since the mid-2010s. He was a commercial litigator at Beirne, Maynard & Parsons before joining.
  • Alex Moore, Chief People Officer, hired in 2023. She previously led talent teams at the consulting firm Credera, and worked in recruiting at Twitch and Accenture.
  • Rulissa Trout, Chief Human Resources Officer, previously worked in HR at National Financial Partners and the Oklahoma Housing Finance Agency.
  • Lance Amy, Chief Procurement Officer, came from procurement roles at the chemical makers Nouryon and Dow. He earlier served in the U.S. Navy as a submarine officer.

Operations are split into divisions, each led by a Division President. Tyler Johnson leads the Central region's market-rate and affordable portfolio. He has spent his whole career at Asset Living, starting as a community manager while a student at Texas A&M. Stephanie Nascimento joined in 2023 to lead Central Texas operations; she previously held senior roles at Cardinal Group, RPM and Alliance Residential. Tanya Shapiro leads the Midwest conventional portfolio; she was President of The Lund Company before joining.

The other Division Presidents mostly came from large national managers:

  • Karen Key joined in 2023 to lead the Southeast conventional portfolio. She spent nine years at RangeWater Real Estate and earlier worked at ZRS and Greystar.
  • Robert Hicks joined in 2023 to lead the western conventional division from Phoenix. He previously worked at Equity Residential, Mark-Taylor Residential and Alliance/Greystar.
  • Vanessa Siebern leads a west division portfolio. She was previously Chief Operating Officer of FPI Management, the California manager Asset Living reportedly took over in 2025.
  • Carol Nelson joined in 2023 to lead the Mountain region from Denver. She was COO of Redstone Residential and held senior roles at Greystar and Alliance Residential.
  • Pauline Houchins leads operations for key clients and private-label work. She spent twelve years at First Communities Management, which Asset Living bought, and earlier worked at The Worthing Companies.
  • Rachel Davidson leads shared services for the multifamily portfolio. She came from Fairfield, Alliance and RPM Living.
  • Stacey Lecocke leads student housing operations. She previously worked at Lincoln Property Company, Greystar and JPI.

In DFW, John Martinez is Regional Vice President, Operations, working from the Dallas office. His region covers Oklahoma, Dallas-Fort Worth, Kansas and Missouri. He started his career at Westdale Asset Management and rose through regional manager roles at Asset Living. Lesley Atwood joined in 2024 as Vice President, Operations. She came from TAM Residential, and one of her stated goals was to grow the Dallas-Fort Worth business.

07Performance and fees

What they report, and what they charge.

Private managers rarely publish results. Figures the firm reports about itself are marked "firm claim"; ask for audited numbers before you sign.

Occupancyfirm claim
300 bps
Occupancy increase
Company says EliseAI lead follow-up raised occupancy by 300 bps[16]
as of 2025
Rent growthfirm claim
11.3%
Net effective rent growth
Company case study: 11.3% net effective rent growth in the first 12 months after opening at The Charles (Destin, FL), and a 9.3% average renewal increase there in May to December 2022[47]
as of 2022
NOIreported
$5.09M
Elevate on Main NOI
Property-level NOI from loan prospectuses for buildings it manages (lender data, not a firm claim; the filings do not say when Asset Living took over): Elevate on Main, Granger, IN (Asset Living Southeast) rose from $4.32M in 2022 to $4.81M in 2023 and $5.09M for the 12 months to July 2024; Ibex Park, Smyrna, GA (Asset Living Southeast) was $1.77M in 2023, $2.60M in 2024 and $2.28M for the 12 months to Feb. 2026; The Vista student housing, Turlock, CA (Asset Campus USA) rose from $2.63M in 2021 to $3.34M in 2022 and $3.58M in 2023.[54][55][56]
as of 2026-05
Expense controlreported
$6,662
Elevate operating expenses per unit
Lender-underwritten operating expenses per unit at two properties managed by Asset Living Southeast: $6,662 at Elevate on Main, Granger, IN (2024 loan) and $7,945 at Ibex Park, Smyrna, GA (2026 loan). Property-level figures, not a firm-wide average.[54][55]
as of 2026-05
Collectionsfirm claim
600 bps
On-time rent payment increase
Company says automated reminders raised on-time rent payments by 600 bps in Q2 2025[16]
as of 2025
Retention and renewalsfirm claim
57%
The Charles renewal rate
Company case study: 57% renewal rate (27 of 47 expirations) at The Charles (Destin, FL), May to December 2022[47]
as of 2022
CapExreported
$4.2M
Elevate owner capital improvements
Owner spending, not manager spending: the owner of Elevate on Main (Granger, IN), managed by Asset Living Southeast, invested about $4.2M in capital improvements after buying it in 2021, including interior renovations of 239 units at $10,795 per unit.[54]
as of 2024-11

No current figure: Turn times. Ask the firm for these before you sign.

Fees paid by owners

Management fee, conventional apartments (Nebraska and Iowa)base fee
3.5%
Conventional apartment management fee
3.5%[52]
Dakota REIT's 2026 offering circular lists Asset Living Midwest, LLC at 3.5% for four apartment complexes in Bellevue and Omaha, NE and Council Bluffs and Des Moines, IA. Asset Living took these agreements over from The Lund Company in 2025. The REIT paid $494,296 in management fees in 2025, plus $731,679 in additional payments or reimbursements.
Lender cap on management fee, student housing (Tallahassee, FL)old
5%
Student housing fee cap
Maximum 5% of gross rentals[53]
A 2017 loan agreement naming Asset Campus USA, LLC as the initial manager caps the property management fee at 5% of gross rentals. This is the lender's ceiling, not the contract rate.
Case studies (5)
  • Glen Heights (Salisbury, MD), for Pretium. Took over a build-to-rent community just after lease-up in 2024; company says occupancy rose from 75% to 94% and delinquency fell from $157,000 to under $5,000.[46]
  • The Charles (Destin, FL). New multifamily community opened in 2021 amid construction delays; company reports 86% occupancy and 11.3% net effective rent growth in the first year, and 57% retention in 2022.[47]
  • Arterra (Kansas City, MO), for Altus Properties. Took over in 2019, five months after opening; company says occupancy rose from 6.3% to 48.4% within 120 days.[48]
  • Windsong II (Rincon, GA). 58-home build-to-rent community in 2024; company says it reached 50% occupancy within 120 days and went under contract for sale within four months.[49]
  • Apartment List leasing partnership (Atlanta, Dallas, Denver, Houston, Phoenix). Vendor case study published January 2026 on Asset Living's use of Apartment List's pay-per-lease marketplace across five metros in 2024 and 2025; vendor reports a 25x average return.[50]
Our notes on performance and fees

Asset Living publishes no firm-wide operating figures. The data below comes from two kinds of source.

Company claims:

  • EliseAI rollout, 2025: Asset Living says it raised occupancy and on-time rent payments.
  • Property case studies: At The Charles in Destin, Florida, the company reports strong first-year rent growth and a renewal rate of just over half in 2022. At Glen Heights in Maryland, it reports lifting occupancy and cutting delinquency after a 2024 takeover. At Arterra in Kansas City and Windsong II in Georgia, it reports fast lease-ups.

Lender data from loan prospectuses: Commercial mortgage filings from 2024 to 2026 give operating history for a few properties Asset Living manages. These are third-party figures, but they describe single buildings, and the filings do not say when Asset Living took over. So they cannot be credited to the manager alone.

  • Elevate on Main, Granger, Indiana: NOI rose each year from 2022 to mid-2024 as occupancy climbed. The owner, not the manager, paid for a unit renovation program after buying the property in 2021.
  • Ibex Park, Smyrna, Georgia: NOI rose sharply in 2024 on higher occupancy and lower expenses, then eased in the following year.
  • The Vista, Turlock, California: NOI at this student housing property rose each year from 2021 to 2023.
  • Operating costs: Lenders underwrote per-unit operating expenses at Elevate on Main and Ibex Park in line with typical suburban garden apartments.

We found no public data on unit turn times. A 2026 job posting says its regional facilities managers track make-ready and work order completion times as performance measures, but it gives no targets or results. A 2026 HappyCo vendor story describes Asset Living site teams logging inspections and work orders in a mobile app, and the company's own 2022 student housing turn guide covers turn-season planning. Neither gives turn-time figures.

Asset Living does not publish a fee schedule. Two concrete examples appear in SEC filings.

  • Conventional apartments, Midwest: Dakota REIT's 2026 offering circular lists a 3.5% management fee for Asset Living Midwest at four apartment complexes in Nebraska and Iowa. Asset Living took these contracts over from The Lund Company in 2025. The REIT also reimburses Asset Living for other costs, which in 2025 exceeded the fee itself.
  • Student housing, Tallahassee: A 2017 loan agreement that named Asset Campus USA as manager capped the management fee at 5% of gross rentals. This is the lender's ceiling, not the actual contract rate.

We found no housing authority, public facility corporation or receivership fee records.

08Awards

Awards and recognition.

Industry rankings and awards, newest first. Many are based on surveys the firm enters or pays for, so weigh them below results and resident ratings.

2026NMHC Top 50 Managers, No. 2[13][8]
2026NAHMA Affordable 100, No. 1[8]
2026USA Today Top Workplace[13]
2025NMHC Top 50 Managers, No. 2[14]
2024NMHC Top 50 Managers, No. 2[14][13]
2009Accredited Management Organization (AMO) designation[8]
09Technology

Software and systems.

Matters for reporting to you, integration with your systems, and how leasing and rents are set.

Property management software
Entrata[15]
CRM and leasing
KnockRent Dynamics[59]
Revenue management
RealPage YieldStar (alleged: Kentucky AG complaint says First Communities, acquired by Asset Living in 2024, used it)[44]
Resident portal
Entrata[15]
BI and reporting
Domo[57]
AI and automation
EliseAI (LeasingAI, VoiceAI, collections, renewals, maintenance)[16]
API and integrations
Microsoft Entra ID single sign-on with SCIM-based automated user provisioning (identity integration across a Microsoft 365 and Azure environment)[63]
Our notes on technology
  • Property management software: Entrata, adopted company-wide in 2020. A 2026 job posting names Entrata, RealPage and Yardi as the company's primary property management systems, likely because acquired firms and owners bring their own. Its DFW sites show both: Westmoreland Station in Dallas runs resident payments through RealPage OneSite, and The Trails of Valley Ranch in Irving uses Yardi's RentCafe portal.
  • Leasing CRM: A 2026 marketing job posting asks for experience with the Knock and Rent Dynamics CRMs.
  • Revenue management: Kentucky's attorney general alleges that First Communities, bought by Asset Living in 2024, used RealPage's YieldStar pricing software. Asset Living was also named in the 2023 RealPage class actions.
  • AI: EliseAI, adopted portfolio-wide in 2025. It handles leasing, collections, renewals, maintenance requests and phone calls.
  • Business intelligence: In 2024 the company moved its people, property and marketing data onto one Domo platform.
  • Smart building tech: In 2025 it named SKBM, a vendor-neutral consultant, as its preferred partner for smart locks, access control, WiFi and similar systems.
  • Marketing: It owns Poetic, a Houston digital agency that builds its community websites. It uses Apartment List for leads and J Turner Research for online reputation tracking.
  • Corporate IT and identity: A 2026 cybersecurity job posting describes a Microsoft 365 and Azure environment, with Microsoft Entra ID single sign-on and automated user provisioning (SCIM) to connected applications.
  • Own tools: Press coverage of the 2026 sale refers to a proprietary technology platform but gives no details.

No public information was found on data integrations or APIs between its property systems and owners or vendors.

10Growth

Momentum, year by year.

Growing firms win new contracts but can stretch staff; shrinking ones may be losing clients.

Signal: growing[14][13][12]

Units the firm reported, by year[15][17][18][82][19][14][13]
2020202120222023202420252026+60%+33%+0%+78%+1%+58%75k2020: 75,000 units reported by the firm120k2021: 120,000 units reported by the firm160k2022: 160,000 units reported by the firm160k2023: 160,000 units reported by the firm285k2024: 285,000 units reported by the firm288k2025: 288,000 units reported by the firm455k2026: 455,000 units reported by the firmEVENTS2021-11 · acquisition: Acquired Dallas-based City Gate Property Group, a multifamily manager in Texas and Louisiana.2022-01 · acquisition: Acquired Denver-based Echelon Property Group, a market-rate and affordable housing manager; the same report cites a recent JMG Realty (Atlanta) acquisition.2023 · acquisition: Acquired BMC Management (Denver), Strategic Management Partners (Atlanta) and First Communities (Atlanta).2025 · acquisition: Reported to have taken control of FPI Management of Folsom, California; not officially announced, but state filings list Asset Living's CEO as FPI's CEO.2025-09 · new service: Announced a portfolio-wide partnership with EliseAI for leasing, collections and resident communications.

Hover a point or an orange event dot for details. Unit counts are what the firm reported nationally.

Recent events

  • 2025-09 · new serviceAnnounced a portfolio-wide partnership with EliseAI for leasing, collections and resident communications.[16]
  • 2025 · acquisitionReported to have taken control of FPI Management of Folsom, California; not officially announced, but state filings list Asset Living's CEO as FPI's CEO.[21][12]
  • 2023 · acquisitionAcquired BMC Management (Denver), Strategic Management Partners (Atlanta) and First Communities (Atlanta).[19]
  • 2022-01 · acquisitionAcquired Denver-based Echelon Property Group, a market-rate and affordable housing manager; the same report cites a recent JMG Realty (Atlanta) acquisition.[18]
  • 2021-11 · acquisitionAcquired Dallas-based City Gate Property Group, a multifamily manager in Texas and Louisiana.[17]

Asset Living has grown quickly, mostly by buying other managers:

Year Deal
2021 City Gate Property Group (Dallas)
2022 Echelon Property Group (Denver); JMG Realty (Atlanta) is also reported
2023 BMC Management (Denver), Strategic Management Partners (Atlanta), First Communities (Atlanta)
2025 Reported takeover of FPI Management (California), never formally announced

The pending sale to New Mountain Capital is the most recent ownership change.

11Ownership

Who owns the firm, and why it matters.

A manager that also owns buildings, or answers to a fund, can have different priorities from yours.

OwnershipPrivate equity backed[12]
Parent companyRoark Capital Group; agreed in June 2026 to sell the company to New Mountain Capital (closing not confirmed in a primary source)[12]
Business modelThird-party manager: runs buildings for outside owners[10][12]
Affordable housingDedicated affordable housing division managing more than 137,000 affordable units under HUD Section 8, 202, 811, 236 and 221(d)(4), HOME, RAD, LIHTC and USDA RD Section 515 programs; works with local housing authorities.[29]
Employee growthCompany says it hired nearly 1,800 people in 2020 and grew staff more than 50% over the 15 months to early 2021; it reported over 8,500 employees in January 2024 after three acquisitions, and about 13,000 by 2026.[30][19][10]

Not publicly disclosed: Sister companies

Ownership changes

  • 2026-06 · sale agreedNew Mountain Capital agreed, with CEO Ryan McGrath as a partner, to acquire Asset Living from Roark Capital in a reported deal of more than $2 billion.[12]
  • 2018 · investmentTrilantic Capital Management invested in Asset Living; Trilantic now lists the investment as realized.[20]

Asset Living is backed by private equity. Trilantic Capital Management invested in 2018 and has since exited. Roark Capital Group later became the owner.

In June 2026, New Mountain Capital agreed to buy the company from Roark, with CEO Ryan McGrath joining as a partner. Press reports say the deal includes Asset Living's own technology and a real estate portfolio. We did not find a primary source confirming the deal has closed.

The core business is third-party management: it runs buildings for other owners and earns fees.

12Sources

Where every fact comes from.

Each [n] above links here. Property numbers, ratings and the map come from our database; each property links to its county record, its own website and its Google page.

Show all 101 sources
  1. Asset Living reviews, Glassdoor glassdoor.com · seen 2026-09-28
  2. Working at Asset Living: 487 Reviews | Indeed.com (search snippet) indeed.com · seen 2026-09-29
  3. Asset Living | BBB Business Profile bbb.org · seen 2026-09-29
  4. Asset Living | BBB Complaints (search snippet) bbb.org · seen 2026-09-29
  5. The Alista by Asset Living, Dallas | Yelp (search snippet) yelp.com · seen 2026-09-29
  6. The Marion by Asset Living, Dallas | Yelp (search snippet) yelp.com · seen 2026-09-29
  7. The Lex Dallas by Asset Living | Yelp (search snippet) yelp.com · seen 2026-09-29
  8. Asset Living Overview assetliving.com · seen 2026-09-28
  9. Asset Living Leadership assetliving.com · seen 2026-09-28
  10. Ryan McGrath bio, Asset Living assetliving.com · seen 2026-09-28
  11. Ryan McGrath, LinkedIn (cited, not fetched) linkedin.com · seen 2026-09-28
  12. New Mountain Capital Reportedly Set To Acquire Asset Living For Over $2B (Bisnow) bisnow.com · seen 2026-09-28
  13. NMHC 2026 Top 50 Managers nmhc.org · seen 2026-10-01
  14. Asset Living Ranked No. 2 on NMHC's 2025 Top 50 Managers List assetliving.com · seen 2026-09-28
  15. Asset Living Commits to Entrata Software assetliving.com · seen 2026-09-28
  16. Asset Living Advances Operational Excellence with EliseAI Partnership assetliving.com · seen 2026-09-28
  17. Asset Living Acquires Dallas-Based City Gate Property Group assetliving.com · seen 2026-09-28
  18. Asset Living Acquires Echelon Property Group (Multifamily Executive) multifamilyexecutive.com · seen 2026-09-28
  19. Asset Living Grows Real Estate Portfolio to $55 Billion Through Strategic Acquisitions assetliving.com · seen 2026-09-28
  20. Asset Living, Trilantic Capital Management portfolio trilanticnorthamerica.com · seen 2026-09-28
  21. FPI makes layoffs with rumored Asset Living merger (Multifamily Dive) multifamilydive.com · seen 2026-09-28
  22. Fair Housing Groups Reach Settlement Expanding Housing Opportunities for Thousands of Children (NFHA) nationalfairhousing.org · seen 2026-09-28
  23. Schmidig v. RealPage, Inc. et al, E.D. Cal. 1:23-cv-00108 (GovInfo) govinfo.gov · seen 2026-09-28
  24. In re RealPage, Inc., Rental Software Antitrust Litigation (No. II) settlement site realpagerentalsettlement.com · seen 2026-09-28
  25. Miller et al v. Asset Living, LLC et al, D. Colo. 1:24-cv-02687 (GovInfo) govinfo.gov · seen 2026-09-28
  26. Asset Living Promotes John Martinez to Regional Vice President, Operations assetliving.com · seen 2026-09-28
  27. Asset Living Hires Lesley Atwood as Vice President, Operations assetliving.com · seen 2026-09-28
  28. Google reviews of the firm's DFW properties (our analysis) google.com · seen 2026-09-30
  29. Asset Living, Affordable Housing Property Management assetliving.com · seen 2026-09-28
  30. Asset Living Grows Real Estate Portfolio to $15B and Over 100,000 Units assetliving.com · seen 2026-09-28
  31. Asset Living Accelerates Its Growth Goals (Multifamily Executive) multifamilyexecutive.com · seen 2026-09-28
  32. Asset Living Appoints Industry Veteran Marti Burrows as Chief Operating Officer assetliving.com · seen 2026-09-28
  33. Asset Living Hires Gretchen Stephenson as Chief Financial Officer assetliving.com · seen 2026-09-28
  34. JC Reeves bio, Asset Living assetliving.com · seen 2026-09-28
  35. David Walther bio, Asset Living assetliving.com · seen 2026-09-28
  36. Marti Burrows, LinkedIn (cited, not fetched) linkedin.com · seen 2026-09-28
  37. Gretchen Stephenson, LinkedIn (cited, not fetched) linkedin.com · seen 2026-09-28
  38. JC Reeves, LinkedIn (cited, not fetched) linkedin.com · seen 2026-09-28
  39. David Walther, LinkedIn (cited, not fetched) linkedin.com · seen 2026-09-28
  40. Lesley Atwood, LinkedIn (cited, not fetched) linkedin.com · seen 2026-09-28
  41. Performance Manager, Affordable Housing, Asset Living job posting (Greenhouse) job-boards.greenhouse.io · seen 2026-09-28
  42. Westmoreland Station (Dallas) residents page westmorelandstation.com · seen 2026-09-28
  43. The Trails of Valley Ranch (Irving) community website trailsofvalleyranch.com · seen 2026-09-28
  44. Commonwealth of Kentucky v. RealPage, Inc. et al., complaint, E.D. Ky. (July 2, 2025) ag.ky.gov · seen 2026-09-28
  45. Coleman v. RealPage, Inc., E.D. Ky. 2:25-cv-00093 (CourtListener docket) courtlistener.com · seen 2026-09-28
  46. Glen Heights, Pretium case study (Asset Living) assetliving.com · seen 2026-09-28
  47. The Charles case study (Asset Living) assetliving.com · seen 2026-09-28
  48. Arterra, Altus Properties case study (Asset Living) assetliving.com · seen 2026-09-28
  49. Windsong II case study (Asset Living) assetliving.com · seen 2026-09-28
  50. Leasing Faster at Scale: How Asset Living Outperformed in Five Competitive Metros (Apartment List) apartmentlist.com · seen 2026-09-28
  51. Asset Living case study (J Turner Research) jturnerresearch.com · seen 2026-09-28
  52. Dakota Real Estate Investment Trust, Offering Circular (Form 1-A/A, filed 2026-08-20), SEC sec.gov · seen 2026-09-28
  53. Loan Agreement, SSSST 700 W Virginia St, LLC and Nationwide Life (Tallahassee, FL), Sept. 28, 2017, Exhibit 10.9 to Strategic Student & Senior Housing Trust S-11/A sec.gov · seen 2026-09-28
  54. BANK5 2024-5YR12 prospectus (424B2, Nov. 2024), Mortgage Loan No. 3, Elevate on Main, Granger, IN sec.gov · seen 2026-09-28
  55. JPMF1 Multifamily Mortgage Trust 2026-FX1 prospectus (424B2, May 2026), Mortgage Loan No. 14, Ibex Park, Smyrna, GA sec.gov · seen 2026-09-28
  56. CMBS prospectus (424B2, April 2024), Mortgage Loan No. 8, The Vista, Turlock, CA (student housing) sec.gov · seen 2026-09-28
  57. Asset Living Unveils Centralized Business Intelligence Platform (Feb. 6, 2024) assetliving.com · seen 2026-09-28
  58. Asset Living Selects SKBM as Smart Technology Partner (SKBM) skbmsmarttech.com · seen 2026-09-28
  59. Marketing Manager, Asset Living job posting (Greenhouse) job-boards.greenhouse.io · seen 2026-09-28
  60. Tyler Johnson bio, Asset Living assetliving.com · seen 2026-09-28
  61. Stephanie Nascimento bio, Asset Living assetliving.com · seen 2026-09-28
  62. Tanya Shapiro bio, Asset Living assetliving.com · seen 2026-09-28
  63. Director, Cybersecurity (Dallas, TX), Asset Living job posting (Greenhouse) job-boards.greenhouse.io · seen 2026-09-28
  64. Regional Facilities Manager (Brookhaven and Smyrna, GA), Asset Living job posting (Greenhouse) job-boards.greenhouse.io · seen 2026-09-28
  65. Cory Hitte bio, Asset Living assetliving.com · seen 2026-09-28
  66. Joey Hance bio, Asset Living assetliving.com · seen 2026-09-28
  67. Career Insights from Asset Living General Counsel Joey Hance (Aug. 19, 2022) assetliving.com · seen 2026-09-28
  68. Alex Moore bio, Asset Living assetliving.com · seen 2026-09-28
  69. Asset Living Hires Alex Moore as Chief People Officer (May 11, 2023) assetliving.com · seen 2026-09-28
  70. Rulissa Trout bio, Asset Living assetliving.com · seen 2026-09-28
  71. Lance Amy bio, Asset Living assetliving.com · seen 2026-09-28
  72. Asset Living Hires Stephanie Nascimento as Division President for Central Texas (Apr. 24, 2023) assetliving.com · seen 2026-09-28
  73. Career Insights from Asset Living's Division President, Tyler Johnson (Oct. 4, 2023) assetliving.com · seen 2026-09-28
  74. Lance Amy, LinkedIn (cited, not fetched) linkedin.com · seen 2026-09-28
  75. Stephanie Nascimento, LinkedIn (cited, not fetched) linkedin.com · seen 2026-09-28
  76. Joey Hance, LinkedIn (cited, not fetched) linkedin.com · seen 2026-09-28
  77. Rulissa Trout, LinkedIn (cited, not fetched) linkedin.com · seen 2026-09-28
  78. Alexandra Basso Moore, LinkedIn (cited, not fetched) linkedin.com · seen 2026-09-28
  79. Tyler Johnson, LinkedIn (cited, not fetched) linkedin.com · seen 2026-09-28
  80. Tanya Shapiro, LinkedIn (cited, not fetched) linkedin.com · seen 2026-09-28
  81. John Martinez, CAM, LinkedIn (cited, not fetched) linkedin.com · seen 2026-09-28
  82. Firm homepage, archived 2023 web.archive.org · seen 2026-09-28
  83. From Paper Trails to Payoff: How Asset Living Embraced AI-Powered Property Maintenance Software (HappyCo, Apr. 30, 2026) happy.co · seen 2026-09-29
  84. Turn Tips From Asset Living Student Housing Experts (July 18, 2022) assetliving.com · seen 2026-09-29
  85. Vanessa Siebern bio, Asset Living assetliving.com · seen 2026-09-29
  86. Vanessa Siebern, CPM, NPCC, LinkedIn (cited, not fetched) linkedin.com · seen 2026-09-29
  87. Pauline Houchins bio, Asset Living assetliving.com · seen 2026-09-29
  88. Pauline Houchins, LinkedIn (cited, not fetched) linkedin.com · seen 2026-09-29
  89. Karen Key bio, Asset Living assetliving.com · seen 2026-09-29
  90. Asset Living Hires Karen Key as Division President (Aug. 29, 2023) assetliving.com · seen 2026-09-29
  91. Robert Hicks bio, Asset Living assetliving.com · seen 2026-09-29
  92. Carol Nelson bio, Asset Living assetliving.com · seen 2026-09-29
  93. Rachel Davidson bio, Asset Living assetliving.com · seen 2026-09-29
  94. Stacey Lecocke bio, Asset Living assetliving.com · seen 2026-09-29
  95. Asset Living Hires Robert Hicks as Division President for the Western Region (Feb. 28, 2023) assetliving.com · seen 2026-10-01
  96. Asset Living Hires Carol Nelson as Division President (June 20, 2023) assetliving.com · seen 2026-10-01
  97. Robert Hicks, Jr., Division President - West, LinkedIn (cited, not fetched) linkedin.com · seen 2026-10-01
  98. Karen Key, Executive CPM, Asset Living, LinkedIn (cited, not fetched) linkedin.com · seen 2026-10-01
  99. Rachel Davidson, Asset Living, LinkedIn (cited, not fetched) linkedin.com · seen 2026-10-01
  100. Stacey Lecocke, Profiles in Student Housing (Feb. 27, 2024), links her LinkedIn profile studenthousing.podbean.com · seen 2026-10-01
  101. Stacey Lecocke, LinkedIn (cited, not fetched) linkedin.com · seen 2026-10-01