Private equity firm New Mountain Capital has agreed to acquire residential property management group Asset Living in a transaction valued at more than $2bn, according to a report by Reuters citing unnamed people familiar with the situation.
Asset Living is currently owned by Roark Capital, which had been working with investment bank William Blair to explore a potential sale of the business, the sources said, speaking on condition of anonymity due to confidentiality around the process.
Under the terms of the agreement, New Mountain Capital will acquire Asset Living alongside chief executive Ryan McGrath, who is expected to remain involved with the company post-transaction. The deal reportedly includes both Asset Living’s owned real estate assets and its proprietary technology platform.
Neither New Mountain Capital nor Asset Living reportedly commented on the transaction, while Roark Capital and William Blair also did not immediately respond to requests for comment.
The acquisition reflects continued private equity interest in residential property management platforms, which offer stable, recurring fee-based revenues and exposure to rental housing demand without requiring significant direct real estate ownership.
Founded in 1986 and headquartered in Houston, Texas, Asset Living provides property management services across multifamily, student housing, and affordable housing sectors, operating in more than 40 US states.
New Mountain Capital, which manages approximately $60bn in assets, has been active across business services and healthcare investments, among other sectors.
