A property management company that launched in 2024 has now expanded to nearly 20,000 units with the acquisition of two more companies.
Private equity-backed ProperXPM scooped up Novo Properties and Alexander Properties Group, the company announced Friday. The deals stretch its footprint to 15 states.
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Proper previously acquired multifamily management companies Flats, Guardian Properties, CommonPlace and Drexel.
“The property management industry is fragmented and facing increasing operational headwinds,” Proper Executive Chairman Alex Samoylovich said in a statement. “By consolidating these six best-in-class companies, we are not just aggregating units; we are creating a collaborative network that shares operational resources, geographic reach, and purchasing power.”
Samoylovich is also the managing partner of Chicago-based development firm CEDARst Cos. He co-founded Proper alongside Brian Duggan, who also leads Guardian.
Proper markets its model as having “flexible autonomy,” under which company leaders can choose to remain in place following acquisition.
“The market response from property management company owners has been clear — they need a path to liquidity that doesn't compromise what they built,” Duggan, who serves as Proper’s CEO, said in a statement.
Multifamily operators are in a “precarious position,” as costs of everything from insurance and interest rates to construction materials and labor outpace the growth of rent, according to a 2025 study by the Federal Reserve Bank of Minneapolis.
Proper was launched with backing from TriSpan, a London- and New York-based private equity firm that invests in lower-middle-market companies across North America. TriSpan, which has invested in restaurant chains like Rosa Mexicano, Yardbird and Maman, has approximately $982.5M in assets under management, according to equity tracker AUM13F.
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