FPI Management, a multifamily property manager with more than 165,000 units, is set to lay off 105 employees as a reported merger with Asset Living looms.
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FPI's layoffs will consist of 89 workers at two locations in Folsom, California, where the company is headquartered, as well as 16 remote employees, according to a Worker Adjustment and Retraining Notification filed with California. The effective date of the layoffs is listed on the WARN notice as Nov. 30.
The layoffs come as there are strong signs FPI Management has merged with competitor Asset Living.
A Sept. 15 filing with Florida’s Division of Corporations lists Asset Living CEO and President Ryan McGrath as FPI’s CEO. A source also told Multifamily Dive that the merger took place.
Additionally, FPI’s career page notifies potential job seekers to "view careers at Asset Living."
"We’re transitioning our job postings to the Asset Living careers portal," the site says. "During this transition, some positions may appear on both sites."
The site doesn't clarify the nature of the transition. Neither company immediately responded to a request for comment on Tuesday.
Asset Living manages multifamily, student housing and build-to-rent properties nationwide and has nearly 13,000 employees across more than 40 states. The company manages more than 450,000 units in the U.S, according to its website.
Average advertised multifamily asking rents fell $6 nationally in September to $1,750, according to Yardi Matrix data. Annual rent growth stood at 0.6%, down 30 basis points. Coastal and Midwestern markets experienced a yearly uptick, with New York leading the way, at 4.8%, followed by Chicago's 3.9%, the Twin Cities' 3.4% and San Francisco's 3.3%.
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