BMC Sells Property Management Division to Asset Living
BMC Investments (BMC), a Denver-based, vertically-integrated real estate investment company, has sold its property management division to Asset Living. The third largest property manager in the U.S., Asset Living will take over as property manager for BMC’s portfolio of 14 multifamily properties comprising 5,200 residential units. BMC and its capital partners will retain ownership of the properties.
“We have been managing these properties in-house for more than a decade, but given some of the industry challenges, we believe this is the right thing for our investors to ensure the best execution of these investments,” said Jeff Stonger, chief investment officer of BMC Investments. “Property management is all about scale and BMC does not intend to grow to the necessary size to effectively compete for long-term in property management. Our properties will benefit from better property management with Asset Living as they have a much larger platform with robust infrastructure, better pricing power, and the ability to invest more capital into systems, technology, data, analytics, and research, all of which ultimately lead to enhanced performance at the property-level and reduce direct costs to the properties.”
Founded in 1986, Asset Living has a 37+ year track record in property management with more than 202,748 units under management in 40 states nationwide. The company acquired Echelon in 2021 to expand its Colorado footprint, which will now total more than 20,000 units, including BMC’s portfolio.
“Partnering with BMC Investments is a strategic move that we know will benefit everybody involved, from employees to stakeholders to clients,” said Asset Living CEO and President Ryan McGrath. “We’re confident that this partnership will be another step forward in further establishing ourselves as one of the industry’s leading property management companies.”
With the sale of the property management division, BMC is focusing on its core business of investment management and is continuing to build out a world-class asset management program to execute its value-add and development business plans. BMC will maintain the management of capex and renovations, which it currently has over $50 million of renovations underway on six of its workforce housing properties across Denver.