New Mountain Capital to Buy Asset Living for $2 Billion
Private equity firm New Mountain Capital has reached a deal to purchase residential property management firm Asset Living from Roark Capital. The transaction includes the company proprietary technology suite and its extensive real estate portfolio managed across more than 40 states.
New Mountain Capital agreed to buy Asset Living for more than $2 billion, people familiar with the matter said. Roark Capital is selling the Houston-based residential property manager after exploring options with investment bank William Blair. The deal highlights private equity's growing appetite for recurring fee streams in the residential rental sector.
New Mountain Capital will acquire Asset Living in partnership with CEO Ryan McGrath, who will remain involved in the business following the transaction. The acquisition includes the proprietary technology suite and owned real estate portfolio. Asset Living, founded in 1986, provides management services for multifamily, student, and affordable housing communities across more than 40 states for institutional and local owners.
