By Abigail Summerville

NEW YORK, June 1 (Reuters) - Private equity firm New Mountain Capital has agreed to buy residential property management firm Asset Living for over $2 billion, according to three sources familiar with the matter.

Asset Living's owner, Roark Capital, had been exploring a sale of the company with investment bank William Blair, the people said, requesting anonymity because the matter is confidential.

New Mountain has agreed to acquire Asset Living in partnership with CEO Ryan McGrath, who will remain involved in the business, one of the sources said. The deal includes the company's owned real estate portfolio and proprietary technology suite.

New Mountain declined to comment. Roark, William Blair and Asset Living did not immediately respond to comment requests.

The deal comes at a time when private equity firms have increasingly targeted residential property management businesses, attracted by recurring fees and exposure to rental housing demand without much direct real estate ownership.

Founded in 1986, Asset Living provides property management services for multifamily, student, and affordable housing communities on behalf of institutional and local real estate owners. The Houston, Texas-based company manages properties across more than 40 states.

New Mountain Capital has around $60 billion of assets under management.