Asset Living Acquires JMG Realty
This deal increases the firm's portfolio by more than 20,000 units.
Asset Living, a Houston-based property management firm, continues its growth with the acquisition of JMG Realty, a real estate company headquartered in Atlanta specializing in multifamily development and management. The deal adds more than 20,000 multifamily units to Asset Living’s portfolio of approximately 146,000 and expands the firm’s footprint in the Southeast and Texas.
Financial details were not disclosed but Ryan McGrath, Asset Living president & CEO, told Multi-Housing News the JMG Realty team will remain on board as part of the Asset Living brand and the Atlanta office will become a new corporate office for Asset Living. JMG Realty had about 575 employees and additional offices throughout the Northeast, Mid-Atlantic, Southeast and Southwest. Divisional offices are based in Houston; Melbourne, Fla.; Orlando, Fla.; Tampa, Fla.; and Coconut Creek, Fla. Satellite offices are located in Odenton, Md.; Emerson, N.J.; and Raleigh, N.C. JMG Realty’s properties are mainly located across the Southeast in Florida, Georgia, Louisiana, North Carolina, South Carolina, Alabama as well as Texas. Other properties are New York, New Jersey, Maryland and Virginia.
JMG Realty, headed by CEO Karlton Jackson and President Tim Brock, brings expertise in management, redevelopment, financial and investment services for multifamily, affordable and build-to-rent properties servicing both private and institutional owners.
“For build-to-rent specifically, we’re investing in our talent, building out a network of developers as well as our brand’s geographical footprint to position us for success and new opportunities,” McGrath told MHN. “As one of the industry’s fastest-growing market segments, build-to-rent is a space Asset Living sees as an opportunity for growth in the next year.”
JMG Realty is the second acquisition for Asset Living this year. In November, Asset Living acquired City Gate Property Group, a Dallas-based multifamily property management group that had more than 10,000 units across Texas and Louisiana under management. The company had about 400 employees.
In 2020, Asset Living acquired three organizations that grew the company by more than 60 percent. Those firms were Poetic, a digital-focused creative agency; Shelton Residential, an Arizona-based property management firm; and Alpha Barnes Real Estate, a Dallas-based property management firm. Those acquisitions helped Asset Living expand its presence in the Southwest including cities in Arizona, Colorado, New Mexico and Texas.
McGrath said the company, formed in 1986, would be looking for more acquisition opportunities next year.
“There are no plans to slow down anytime soon. In fact, more growth is planned for early 2022,” McGrath said.