ProperXPM Acquires Two More Firms in Nationwide Push

A property management startup is quickly turning into a national business.

ProperXPM, a private equity-backed firm launched in 2024, acquired Novo Properties and Alexander Properties Group, bringing its portfolio to nearly 20,000 units across 15 states, according to a press release. The deals expand the Chicago-based firm’s roster to six operating companies: Novo, Alexander Properties Group, Flats, Guardian, CommonPlace and Drexel, Bisnow reported.

ProperXPM Executive Chairman Alex Samoylovich said in a statement that the property management industry is fragmented, pitching the strategy as a collaboration that can share resources and purchasing power. Samoylovich is also managing partner of Chicago-based developer CedarSt Companies. He co-founded Proper with CEO Brian Duggan, who also leads Guardian. CedarSt owns and operates Chicago apartment buildings such as The Duncan, a 260-unit West Loop complex at 1515 West Monroe Street; and The Otis, a 92-unit Pilsen property at 1435 West 15th Street.

Proper is marketing what it calls a “flexible autonomy” model. Unlike traditional consolidations that centralize systems and rebrand quickly, Proper allows acquired firms to keep their leadership teams and local identity while tapping shared back-office services, purchasing power and technology, according to the release.

“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 said in the statement.

Multifamily owners and operators are currently navigating a tougher climate, as rent growth cools and expenses climb, the outlet reported. Insurance, labor, materials and debt costs have all risen faster than rents, according to a 2025 study by the Federal Reserve Bank of Minneapolis, putting pressure on margins and, by extension, management contracts.

Proper launched with backing from TriSpan, a London-based and New York-based private equity firm that invests in lower-middle-market companies. TriSpan has also backed restaurant brands including Rosa Mexicano, Yardbird and Maman, and reports roughly $982.5 million in assets under management, according to regulatory filings tracked by AUM13F.

— Eric Weilbacher