Ashland Greene Buys Two N. Texas Rental Communities
Ashland Greene, with the help of secured government-backed liquidity with fixed-rate financing, procured two North Texas apartment communities. The acquisitions marked the closing of its Value-Add Fund VI. This increases the current portfolio to more than 5,300 units across 19 properties. Ashland Greene has sold six properties since December 2021, saying it has delivered an actualized average annual return of 28 percent. The two properties had a combined investment value of $92 million.
The latest properties include Hunter’s Cove in Grand Prairie (rebranded to Ronan Apartment Homes). Multihousingnews.com reports the community was 92.1 percent occupied. Ashland Greene secured a $17.4 million Freddie Mac loan for the acquisition of Hunter’s Cove, which was sold by Western Wealth Capital.
The other property, Village on the Green is projected to become a showcase asset for Ashland Greene; it will undergo the firm’s first “restore-to-core” renovation, upgrading Cleo Luxury Apartments to compete with the surrounding Class A assets.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.