New Mountain Capital Acquires Asset Living in $2B Deal

Private equity’s appetite for housing-related businesses remains strong. Reuters reports that New Mountain Capital has agreed to acquire Asset Living for more than $2B, marking one of the largest recent deals in the residential property management sector.

The transaction comes as investors seek exposure to rental housing without taking direct ownership risk. Property management platforms generate recurring fee income and benefit from long-term housing demand trends. Those characteristics have made the sector increasingly attractive to private equity buyers.

Why Property Managers Are in Demand

Private equity sponsors have stepped up acquisitions of property management firms, drawn by recurring fee income and low capital risk compared to direct ownership of real estate. Roark Capital, Asset Living’s current owner, had reportedly been exploring a sale since earlier this year with William Blair advising. Asset Living manages multifamily, student, and affordable housing assets for institutional and local owners in more than 40 US states.

The Details

The agreement, per unnamed sources cited by Reuters, surpasses $2B and includes Asset Living’s owned portfolio and internal technology tools. New Mountain Capital, with approximately $60B in assets under management, is purchasing the firm in a partnership structure alongside McGrath. All parties—New Mountain, Roark, Asset Living, and William Blair—have declined to comment as of June 1, 2026.

New Mountain is partnering with CEO Ryan McGrath, who will remain involved in the business following the acquisition. The transaction also includes Asset Living’s owned real estate portfolio and its proprietary technology platform.

Founded in 1986, Asset Living provides property management services for multifamily, student, and affordable housing communities. The company operates in more than 40 states and works with both institutional and local real estate owners. Roark Capital had been exploring a sale process with investment bank William Blair before reaching an agreement with New Mountain.

Proptech and Scale Differentiate Asset Living

Asset Living’s national reach, spanning 40+ states, and its blend of tech-enabled service offerings mirror broader proptech trends in multifamily operations. This acquisition follows a series of private equity bets on property management companies as investors seek exposure to housing market fundamentals without direct pricing risk, a trend highlighted in CBRE’s 2025 housing report. Asset Living’s combination of multifamily, student, and affordable sector coverage enhances its value proposition in a competitive landscape for scale-driven, tech-forward operators.

Why It Matters

Asset Living’s sale at a $2B-plus valuation underscores investor confidence in large-scale, third-party residential management at a time of heightened rental demand and compressed transaction volumes elsewhere in CRE. CBRE’s housing data indicates proptech-enabled operators have outperformed in tenant satisfaction and retention, both crucial metrics for long-term revenue. The sector’s fee-oriented, asset-light profile continues to draw private equity amidst volatility in asset valuations and higher interest rates.

What’s Next

The deal is expected to close following customary approvals. Once completed, Asset Living will continue operating with Ryan McGrath involved in the business alongside New Mountain.

Investors will be watching for signs of additional consolidation in the property management sector. Private equity firms still hold significant amounts of uninvested capital, and housing-related service businesses remain attractive acquisition targets.

As transaction markets gradually recover, more owners could explore sales of management platforms and housing service providers. Asset Living’s valuation may serve as an important benchmark for future deals across the sector.