New Mountain Capital agreed to acquire Asset Living, a residential property management firm overseeing multifamily communities across the US, in a transaction valued north of $2 billion. Three sources familiar with the matter confirmed the all-cash deal. New Mountain, which manages roughly $50 billion in assets across credit and private equity strategies, did not announce financing details or an expected close date.
Asset Living operates as a third-party manager for apartment communities and single-family rental portfolios. The firm manages approximately 225,000 residential units spanning 34 states, collecting fees as a percentage of gross rent and often taking performance-based incentives tied to occupancy and revenue per unit. The company has grown through a combination of organic wins—often from REITs and institutional landlords exiting internal property management—and roll-up acquisitions of smaller regional operators. New Mountain is buying from an investor group led by GI Partners, which acquired a majority stake in 2018 for an undisclosed sum and subsequently consolidated eight bolt-on acquisitions.
The timing reflects a structural shift in how multifamily landlords allocate capital. As interest rates rose through 2022 and 2023, property owners faced compressed net operating income and increased scrutiny on overhead. Many large landlords, including publicly traded apartment REITs, pivoted to third-party management to shed fixed costs and redeploy capital into acquisitions or development. Asset Living's revenue model—variable fees tied to property performance—aligns with that shift. The deal also signals New Mountain's view that multifamily fundamentals have stabilized. Transaction volume in US multifamily properties rose 18% quarter-over-quarter in Q1 2025, according to MSCI Real Assets data, and cap rates have compressed roughly 30 basis points since October 2024 as buyers regained conviction that the Federal Reserve's tightening cycle had ended.
New Mountain's acquisition arrives as competitors consolidate market share. Greystar, the largest third-party manager with over 900,000 units, acquired two mid-sized rivals in the past 18 months. FirstService Residential expanded its single-family rental management book by 40% in 2024 through a mix of contract wins and acquisitions. Asset Living's 225,000-unit portfolio positions it as the fifth-largest independent multifamily manager by unit count, behind Greystar, Cushman & Wakefield's multifamily arm, CBRE's Trammell Crow Residential, and Lincoln Property Company. The fragmented nature of the market—no single operator manages more than 4% of the 18 million professionally managed US multifamily units—suggests further roll-up potential.
Allocators and operators should watch for Asset Living's retention rate on existing contracts over the next 12 months, particularly among institutional clients who may reassess relationships post-acquisition. New Mountain will likely seek bolt-on acquisitions in the 50,000 to 100,000 unit range to accelerate scale, with a focus on Sun Belt markets where population growth continues to outpace housing supply. The firm's credit arm holds roughly $12 billion in real estate debt exposure, which could create cross-selling opportunities if New Mountain layers financing solutions onto property management relationships. Worth noting: the $2 billion valuation implies a multiple in the range of 12x to 14x trailing EBITDA, based on typical margin profiles for third-party managers, and suggests New Mountain expects margin expansion as the platform scales.
The deal will close in Q3 2025, subject to regulatory approval and customary conditions. Asset Living's management team, led by CEO David Roberts, will remain in place.
The takeaway
New Mountain's $2B+ Asset Living buy consolidates third-party multifamily management as landlords shed overhead and PE firms bet on scaled service models.
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