Ashland Greene Acquires 2 in Texas

Located in Dallas and Grand Prairie, the communities total upward of 400 units.

Western Wealth Capital, which sold the Hunter’s Cove property to Ashland Greene, recently acquired the Embry Apartment Homes in Carrollton, Texas. Image courtesy of Yardi Matrix

Ashland Greene has expanded its presence in two Texas cities after acquiring a pair of communities for an undisclosed price. The Dallas-based firm acquired Village on the Green in Dallas, along with Hunter’s Cove in Grand Prairie, Texas, as part of its Value-Add Fund VI. According to Ashland Greene, the firm was able to land government-backed liquidity with fixed-rate financing for both acquisitions.

The two communities total 442 units and have a total combined investment value of approximately $92 million, according to Ashland Greene. The 202-unit Village on the Green offers studio, one-, two- and three-bedroom floorplans ranging from 562 to 1,796 square feet. Located at 5301 Alpha Road in Dallas, the community will be rebranded as “Cleo Luxury Apartments”.

In Grand Prairie, Ashland Greene acquired the 240-unit Hunter’s Cove that offers one-, two- and three-bedroom units ranging from 540 to 1,250 square feet. Located at 3056 Commodore Drive in Grand Prairie, the firm will rebrand it into Ronan Apartment Homes. The community was 92.1 percent occupied, according to Yardi Matrix data. Ashland Greene secured a $17.4 million Freddie Mac loan for the acquisition of Hunter’s Cove, which was sold by Western Wealth Capital, according to Yardi Matrix data.

Major renovations planned

Ashland Greene is planning to undertake renovations at both communities and wants to make Cleo Luxury Apartments into its showcase asset. For the Dallas community, the firm is planning to do a “restore-to-core” renovation, followed by upgrades that would allow it to compete against surrounding Class A communities.

Along with the renovations, the vertically-integrated firm will also bring in its affiliates, AG Living and Ashland Greene Construction Management, to improve the communities. AG Living will be tasked with managing both properties, while Ashland Greene Construction Management will oversee and implement the renovation work.

For Ashland Greene, the two communities add to its current portfolio of more than 5,300 units across 19 properties. The Dallas-based firm has also already sold six properties since December 2021. More recently, Ashland Greene has been working on raising funds for its latest investment opportunity, Ashland Greene at Valley Ranch, an off-market property in the Dallas-Fort Worth metro.

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