New Mountain Capital Acquires Asset Living in $2B Deal

New Mountain Capital has agreed to acquire Houston-based Asset Living in a deal valued above $2B, according to sources familiar with the transaction. The sale will see Asset Living’s CEO, Ryan McGrath, remain actively involved alongside New Mountain, and the transaction encompasses both the company’s owned real estate and proprietary technology suite.

Private Equity Targets Recurring Revenue Streams

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.

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

Watch for further private equity deal flow in residential property management and adjacent proptech verticals. Asset Living’s integration with New Mountain could drive further tech adoption and expansion into new housing sub-segments. Market participants will track how this large-scale transaction influences pricing and competition among national property management players, especially as investors seek operational growth platforms in a challenging acquisition environment.