Dive Brief:
- Asset Living Chief Human Resources Officer Rulissa Trout filed a notice with the California Employment Development Department that competitor FPI Management will be laying off 105 employees, indicating a potential merger between the two management firms despite no official announcement.
- A combination of Folsom, California-based FPI Management, the No. 6 largest owner in the country, and No. 2 operator, Houston-based Asset Living, creates a management giant that would have had 450,000 units on the most recent National Multifamily Housing Council Top 50.
- An industry source told Multifamily Dive that the merger occurred. Additionally, commenters on a Reddit message board mentioned that FPI was sold to Asset Living two months ago. Neither company provided additional details at the time of publication.
Dive Insight:
The website for Florida’s Division of Corporations lists Asset Living CEO and president Ryan McGrath as FPI’s CEO. Additionally, FPI’s career page also refers to a union between the two companies:
“We’re transitioning our job postings to the Asset Living careers portal,” the site said. “During this transition, some positions may appear on both sites.”
As the two management companies appear to merge, FPI is shedding jobs.
FPI expects the layoffs to occur between Nov. 30, 2025, and Jan. 31, 2026, according to the Worker Adjustment and Retraining Notification Act obtained by Multifamily Dive. Workers were given more than 60 days' notice on Sept. 30, 2025.
The layoffs will include workers at two locations in Folsom, California, where the company is headquartered, as well as remote employees, according to the WARN notice.
Positions eliminated include accounts receivable analysts, property accountants, human resource associates, recruiters, staffing specialists, payroll specialists and a workers' compensation claims assistant.
“This information is based on the best information currently available to us but may change due to subsequent events beyond our control,” FPI said in the announcement.
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