Ashland Greene Closes Sixth Multifamily Value-Add Fund

Ashland Greene, a multifamily real estate investment firm based in Dallas, has closed its Value-Add Fund VI, consisting of two properties with a combined value of approximately $92 million, including projected capital expenditures.

This increases the fund’s portfolio to more than 5,300 units across 19 properties. The firm has sold six properties since December 2021, generating an actualized average annual return of 28%.

The firm secured government-backed liquidity with fixed-rate financing for both properties – Village on the Green in Dallas (rebranded to Cleo Luxury Apartments) and Hunter’s Cove in Grand Prairie (rebranded to Ronan Apartment Homes).

AG Living will manage both properties, and Ashland Greene Construction Management will oversee and implement all renovation work.

“Multifamily demand remains high, in large part due to high interest rates impacting the ability to buy a home,” said Shakti C’Ganti, founder and CEO of Ashland Greene, citing data from Redfin indicating elevated mortgage rates have pushed the income necessary to buy the typical U.S. starter home up 13% over the last year.

Founded in 2017, Ashland Greene has transacted on 6,700 units and delivered $57 million to investors valued at $1.1 billion.