Asset Living Acquires Dallas Apartment Management Company

Houston-based Asset Living, one of the nation’s largest multi-family property management firms, increased its portfolio by nearly 10% with the acquisition of Dallas-based City Gate Property Group.

City Gate Property Group, a company founded by partners Dawn Waye and Patrick Smits in 2016, manages more than 10,000 units in Texas and Louisiana. The company, which will operate as Asset Living, employs approximately 400 people in Dallas.

The deal gives City Gate access to resources such as a wholly-owned marketing agency, a new rental division, and capital to serve clients in adjacent new markets.

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“City Gate has always focused on resident retention and asset optimization with a strong history and proven track record of managing with the goal of best serving our customers,” CEO Patrick Smits said in a statement. . “I look forward to working with Ryan McGrath and joining the Asset Living brand which aligns with our values ​​as a company and will continue to maintain our company’s level of customer service. ”

The acquisition brings the Asset Living portfolio to 120,000 units, of which 75,946 of 468 properties are located in Texas. The deal follows a series of three acquisitions in 2020 that increased Asset Living’s footprint by more than 60% in one year.

“Strengthening our roots as a Texan company, City Gate draws on decades of expertise in multi-family property management,” said Ryan McGrath, CEO and President of Asset Living. “We are honored to now be considered the premier apartment manager in the State of Texas. “

Founded in 1986, Asset Living provides property management, asset management, turnaround and investment services.