- FPI Management is laying off 105 employees across its headquarters and remote operations, according to a filing from Asset Living’s HR chief.
- Industry sources and corporate records suggest FPI has merged with Houston-based Asset Living, though neither firm has confirmed the deal publicly.
- The restructuring reflects FPI’s shift toward AI-driven service models and third-party partnerships while transitioning hiring operations to Asset Living’s career platform.
Layoffs Signal Major Shakeup
FPI Management, the sixth-largest property manager in the US, is eliminating 105 positions, reports Multifamily Dive. The layoffs are part of a broader operational shift. This move may be linked to a rumored merger with Asset Living. A Worker Adjustment and Retraining Notification (WARN) notice was filed by Asset Living’s Chief HR Officer, Rulissa Trout. The notice revealed that the layoffs are scheduled to take place between November 30, 2025, and January 31, 2026.
Restructuring Underway
FPI COO Vanessa Siebern told Multifamily Dive the layoffs are part of a strategic modernization. The changes focus on recruitment and property accounting operations. The company is adopting artificial intelligence and external partners to streamline service delivery. At the same time, it aims to maintain its “personal touch and expertise.”
Affected roles include recruiters, HR associates, payroll specialists, property accountants, and other administrative positions, both at FPI’s Folsom, California offices and among remote workers.
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Merger Rumors Gain Traction
Despite no formal announcement, multiple signs suggest a merger between FPI and Asset Living may already have occurred. Florida corporate filings now list Asset Living CEO Ryan McGrath as the head of FPI. Additionally, FPI’s website mentions that job listings are being consolidated into Asset Living’s careers portal.
An industry source told Multifamily Dive the merger has taken place, and Reddit users have claimed that FPI was sold two months ago. Still, both companies have remained silent on the matter.
A Potential Industry Powerhouse
If confirmed, a merger between FPI and Asset Living would create one of the largest property management companies in the US. Together, they would manage a combined portfolio of approximately 450K units. This estimate is based on the latest rankings from the National Multifamily Housing Council.
Why It Matters
Mergers in the multifamily sector often result in job cuts and operational changes. They also reflect a broader trend toward consolidation and technology-driven service delivery. FPI’s move to integrate AI and external partners could set a precedent for other large operators seeking efficiency at scale.
What’s Next
Industry watchers will be looking for an official confirmation of the merger and further clarity on how the combined entity will operate. In the meantime, the layoffs mark a significant moment of transition for FPI’s workforce and clients.
