Asset Living has continued its buying spree with the purchase of Echelon Property Group. The acquisition expands Asset Living’s multifamily property management portfolio by more than 13,000 units in Colorado and gives the firm a new corporate office in Denver. This is the third time in the past few months Asset Living has grown via the purchase of a multifamily property management company.
Asset Living provides property management services for market rate and affordable housing multifamily properties, with expertise in lease-up, build to rent and value-added renovation communities. With the addition of Echelon, the firm has nine corporate offices and manages more than 160,000 apartment units in 40 states.
Asset Living has been considering an expansion into Colorado over the past few years. The state has one of the fastest-growing economies in the nation and has seen its population grow by nearly 15 percent, according to Ryan McGrath, CEO & president of Asset Living.
“While I’m constantly looking for new partners that will bring sustained value to employees, residents and clients, we remain vigilant in ensuring our offerings (at Asset Living) have the potential to not just complement but to also strengthen one another. This acquisition is another example of my commitment to making Asset Living the most trusted partner in real estate,” he told Multi-Housing News.
Echelon’s 350 employees in Denver will join Asset Living, bringing with them 25 years of local market knowledge and a broad-based professional management platform. Asset Living’s national platform will expand local capabilities in Colorado with a wholly owned marketing agency, a dedicated lease-up division and a new source of capital to serve clients in adjacent markets.
This is the third acquisition of a multifamily property management company Asset Living has completed in the past few months. The firm bought JMG Realty in early December, boosting its portfolio by more than 20,000 units and expanding its footprint in the Southeast and Texas. Asset Living also gained a new corporate office in Atlanta. The company purchased City Gate Property Group in November, adding more than 10,000 units in Texas and Louisiana.