Ashland Greene Faces Foreclosure on DFW Apartment Portfolio

Ashland Greene, once one of the state’s fastest-growing multifamily firms, is facing foreclosure on a four-property portfolio in Dallas-Fort Worth.

Shakti C’Ganti’s Dallas-based firm allegedly defaulted on a $177 million loan from Blackstone, according to Roddy’s Foreclosure Listing Service.

The debt is tied to Mateo Apartment Homes, at 2007 Springcrest Drive in Arlington; Birch Apartment Homes, at 12610 Jupiter Road in Dallas; Hawk Apartment Homes, at 4525 West Pioneer Drive in Irving; and Knowlton Apartment Homes at 5800 Northwest Drive in Mesquite. The portfolio totals 1,530 units.

Ashland used what’s known as the “traveling” housing finance corporation loophole to secure property tax exemptions for Birch, Hawk and Knowlton last spring. The firm sold the properties to Pecos Housing Finance Corporation, which is over 400 miles from Dallas, and leased the ground.

The program, which aimed to incentivize investors and developers to offer affordable apartments, became a popular cost-cutting tool for struggling syndicators, allowing them to wipe hundreds of millions of dollars worth of property off tax rolls without the knowledge of local taxing districts.

House Bill 21, which was signed in May 2025, closed the loophole and consequently set off a wave of distress when appraisal districts started revoking exemptions for operators who used it, but C’Ganti said the exemption for these three properties remains intact.

C’Ganti told The Real Deal that Ashland is in “constructive dialogue” with Blackstone, and efforts to modify the loan are ongoing. If the lender and borrower don’t work something out by Tuesday, the portfolio will hit the auction block.

Ashland purchased the four properties in January 2022 at the “top of the market,” C’Ganti said.

“It made all the sense in the world when we purchased it with floating-rate debt,” he said. “Obviouslty, like many others, we kind of got caught in the cycle.”

Anyone who bought Sun Belt apartment buildings constructed in the 1980s during the third and fourth quarters of 2021 or the first and second quarters of 2022 was buying when prices were at their peak and are now smarting from the rapid rise in interest rates, plus the glut of new supply that’s come online, C’Ganti said.

C’Ganti’s firm landed on the Inc. 5000 list of fastest-growing companies in the country in mid-2023. Ashland Greene made its first multifamily purchase in 2018 and, in the next five years, quickly assembled a portfolio of more than 6,000 units across North Texas.