Blackstone has moved to foreclose on a four-property apartment package owned by Dallas-based Ashland Greene, putting roughly 1,530 units across the Dallas–Fort Worth area at risk of sale. The move stems from an alleged default on a roughly $177 million loan tied to the group of properties. Company leaders say talks with the lender are ongoing, but the prospect of a trustee sale has quickly sharpened local focus on tax rules, market pressures and what all of this could mean for renters and officials.
As reported by The Real Deal, the debt is tied to Mateo Apartment Homes (2007 Springcrest Drive, Arlington), Birch Apartment Homes (12610 Jupiter Road, Dallas), Hawk Apartment Homes (4525 West Pioneer Drive, Irving) and Knowlton Apartment Homes (5800 Northwest Drive, Mesquite), a four-property package that totals about 1,530 units and was flagged in a foreclosure listing. The Real Deal notes that the notice links the loan to Blackstone and to Roddy’s Foreclosure Listing Service.
Ashland Greene, led by founder and CEO Shakti C’Ganti, has been one of the fastest-growing local multifamily players in recent years. The firm says it began buying apartments in 2018 and has transacted thousands of units across North Texas as it scaled both its portfolio and in-house property operations. The company’s own site and filings highlight a value-add strategy and rapid expansion in the region.
Loan terms, negotiations and an auction date
C’Ganti told The Real Deal that Ashland is in “constructive dialogue” with Blackstone and that efforts to modify the loan are underway. He also acknowledged the tight timing, noting that the assets were bought in January 2022 at market peak and financed with floating-rate debt, a structure that has squeezed many owners as interest rates climbed. According to The Real Deal, the listing could move to auction if a deal is not reached within the lender’s timetable.
Taxes and HB21’s role in the fallout
Three of the properties in the package reportedly used a so-called “traveling” housing finance corporation arrangement to claim property tax exemptions, a strategy state lawmakers later moved to curb. Local coverage of the legislative response and industry analysis noted that House Bill 21 rewrote HFC rules and was signed into law by Gov. Greg Abbott on May 28, 2025, limiting out-of-jurisdiction HFC deals and tightening affordability requirements, a change that has prompted appraisal districts and servicers to re-examine prior exemptions. FOX 4 and state press materials document the bill and the reasoning behind the chain of enforcement actions that followed.
How a Texas foreclosure sale would work
In Texas the nonjudicial deed-of-trust foreclosure process requires public notice and a trustee sale. The Property Code specifies notice and timing rules, including a minimum notice period before a sale and the customary courthouse auction schedule. If a trustee sale is held, title typically transfers to the highest bidder at public auction unless the borrower cures the default or the parties reach an agreement beforehand. See Texas Property Code §51.002 for the statutory notice and sale framework. The Texas Property Code outlines those procedures.
Market context: why this is not isolated
The trouble at these assets fits a wider stress pattern in the apartment market. Borrowers who bought at peak pricing in 2021 to 2022 with floating or short-term financing have been squeezed by higher interest rates and an influx of new supply. Fannie Mae’s first-quarter 2026 report shows rising multifamily serious delinquencies and weaker valuations on some problem loans, reflecting broader balance-sheet pressure for both owners and lenders. Fannie Mae provides the latest sector metrics.
What to watch next
For local readers, the key items to monitor are any updated filings with county clerks and trustee notices for the four properties, along with any public statements from Blackstone or Ashland Greene about a loan workout. If negotiations fall short and a sale proceeds, an auction could change ownership quickly, although in many cases day-to-day property operations and resident leases continue under new or interim managers. We will track filings and statements and update this post as the situation develops.
