Asset Residing acquires Dallas condo property administration agency

Houston-based Asset Residing, one of many nation’s largest multifamily property administration firms, has boosted its portfolio by practically 10 % with the acquisition of Dallas-based Metropolis Gate Property Group.

Metropolis Gate Property Group, an organization based by companions Daybreak Waye and Patrick Smits in 2016, has greater than 10,000 items underneath administration throughout Texas and Louisiana. The corporate, which can function underneath the Asset Residing identify, employs roughly 400 folks in Dallas.

The deal offers Metropolis Gate entry to sources corresponding to a completely owned advertising and marketing company, a devoted new lease-up division and capital to serve purchasers in new adjoining markets.

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“Metropolis Gate has at all times had a give attention to resident retention and asset optimization with a robust historical past and confirmed observe report of managing with objective to greatest serve our purchasers,” CEO Patrick Smits mentioned in an announcement. “I look ahead to working with Ryan McGrath and becoming a member of the Asset Residing model that aligns with our values as an organization and can proceed to uphold our firm’s commonplace of shopper service.” 

The acquisition brings Asset Residing’s portfolio to 120,000 items, of which 75,946 throughout 468 properties are in Texas. The deal follows a sequence of three acquisitions in 2020 that grew Asset Residing’s footprint by greater than 60 % in a single yr.

“Reinforcing our roots as a fellow Texas-based firm, Metropolis Gate comes with many years of multi-family property administration experience,” mentioned Ryan McGrath, CEO and president of Asset Residing. “We’re humbled to now be thought-about the most important condo supervisor within the state of Texas.”

Based in 1986, Asset Residing supplies property administration, asset administration, receivership and funding providers.