Asset Living Acquires BMC Property Management Division

St. Paul Collection in Denver. Image courtesy of BMC Investments

BMC Investments, a Denver-based real estate investment company, has sold its property management division to Asset Living, which will take over as property manager for BMC’s 14-property multifamily portfolio. The projects, all of which are located in Colorado, comprise a total 5,200 units.

BMC and its capital partners will retain ownership of the properties, all of which are located in the metro Denver area. The portfolio includes Aspen Park Apartments in Northglenn, Hidden Lake Apartments in Westminster, St. Moritz in Lakewood, The Berkeley in Wheat Ridge and Canyonside Apartments in Castle Pines. Three properties, Ivy Crossing, St. Paul Collection and Villas on 76th all located in Denver, while Aurora Hills, Aurora Meadows, Landon Park Apartments and Vista Park are all situated in Aurora.

Asset Living, the nation’s third largest property manager, is headquartered in Houston with 13 corporate offices around the United States. Founded in 1986, the firm has more than 202,748 units under management across 40 states. The company acquired Echelon Property Group in late 2021 to expand its Colorado footprint, which will now total more than 20,000 units, including BMC’s portfolio. That deal gave the firm a new corporate office in Denver. In December 2021, Asset Living acquired JMG Realty, adding 20,000 units and expanding its presence in the Southeast and Texas. The company had purchased City Gate Property Group in November 2021, adding more than 10,000 units in Texas and Louisiana.

Ryan McGrath, Asset Living’s president & CEO, said in a prepared statement that the acquisition is another step forward in further establishing the company as one of the industry’s leading property management companies.

For BMC, the sale enables the company to focus on its core business of investment management and execution of its value-add and development business plans. The firm, which will maintain the management of capex and renovations of its assets, currently has more than $50 million of renovations underway on six of its workforce housing properties across Denver.

Jeff Stonger, chief investment officer of BMC Investments, noted in his prepared remarks that property management is all about scale, with Asset Living having a much larger property management platform than BMC. Stronger applauded Asset Living’s platform and its infrastructure, pricing power and ability to invest more capital into systems, technology, data, analytics and reach.

One of BMC Properties investment partners has been FCP which acquired Aurora Meadows, a 461-unit community in Aurora, through a $114 million joint venture recapitalization with BMC in July 2022. Several months earlier, in May 2022, FCP and BMC formed a joint venture for the recapitalization of Ivy Crossing, a 1,023-unit property in Denver that BMC had acquired in 2019 as part of a $177 million portfolio transaction with Oak Coast Properties. In July 2021, BMC teamed with Rockpoint Group to develop Canyonside Apartments, a 325-unit community on a 17-acre site in Castle Pines.