What Ashton Gray does

Ashton Gray LLC is a vertically integrated medical retail (medtail) real estate developer and investment manager headquartered in Oklahoma City, Oklahoma, founded in 2018 by CEO Denver Green alongside President Jason Nowell. The company operates a full-lifecycle platform spanning site selection, development, construction, leasing, legal, finance, property management, and asset management for medically-anchored retail properties — including medical office buildings, retail healthcare facilities, and mixed-use medical retail assets — with offices also referenced in Dallas, TX, and nationwide service coverage.

The platform targets five tenant segments: national franchises, quick-service restaurants, banking institutions, medical groups and healthcare operators, and regional/local users. Tenant mix is curated through in-house leasing teams supplemented by broker outreach and an interactive property map, with standard lease terms of 10-15+ years producing a 100% reported occupancy across 100+ active properties and 208k+ SF of medically-anchored retail space.

Ashton Gray generates revenue through development and construction fees on its 150+ completed projects ($1B+ collective execution, $400M+ total development value), recurring leasing commissions and asset management fees on its active portfolio, and management fees on private placement vehicles marketed to accredited investors under the AG Capital brand. The firm has executed 50+ property exits at a sub-7% average disposition CAP rate, providing a capital-recycling mechanism to fund ongoing pipeline development. Technology, pricing, and per-tenant economics are not publicly disclosed.

Name

Ashton Gray

Legal name

Ashton Gray LLC

Website

https://ashtongray.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

101–250 employees

Short description

Ashton Gray is a vertically integrated medical retail real estate developer and investment manager that develops, leases, and manages medically-anchored properties for national franchises, healthcare operators, QSR, banking, and regional tenants, with an affiliated private placement investment platform for accredited investors.

Ownership category

akta.pro rank

Product category

Medical Retail Real Estate Development

NAICS

Offices of Real Estate Agents and Brokers (53121), Real Estate Property Managers (53131), Other Activities Related to Real Estate (531390), Offices of Real Estate Agents and Brokers (531210)

SIC

Real Estate Agents & Managers (For Others) (6531), Real Estate (6500), Land Subdividers & Developers (No Cemeteries) (6552), Investment Advice (6282), Investors, Nec (6799)

akta.pro primary industry

Real Estate Investment Advisory (Acquisitions/Dispositions, Capital Allocation) (BPAJANAA)

akta.pro secondary industry

Land & Development Site Brokerage (BPAJABAG)

Keywords

• Medical retail development
• Healthcare real estate
• Site selection services
• Asset management services
• Construction management

Headquarters

HQ city

Oklahoma City

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Marketing or Sales, Infrastructure, Others

Revenue model

1. Development Services: Full-service development from site selection, design, engineering, construction to final delivery with precision, speed, and budget control.
2. Leasing Services: Leasing approach combining real estate expertise, targeted marketing, and broker outreach to connect locations with national brands, healthcare operators, and local users.
3. Asset Management: Asset management specialists optimize returns, decrease expenses, minimize risk of market fluctuations to increase asset value and overall success.
4. Private Placement Investments: Investment vehicles available to accredited investors through private placements with private funds focused on real estate, generating long-term returns from medtail properties.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Ashton Gray is a vertically integrated medical retail (medtail) real estate developer that manages the full property lifecycle from site selection, design, engineering, and construction through leasing, property management, legal coordination, finance structuring, and long-term asset management. The company develops medically-anchored retail properties across the United States and offers private placement investment vehicles to accredited investors through AG Capital funds.

Product overview

Ashton Gray is a vertically integrated medical retail development company offering a comprehensive suite of services for medically-anchored retail real estate. The portfolio consists of eight interconnected service lines: Leasing, Development, Construction, Site Selection, Property Management, Legal, Finance, and Asset Management. These services work together as an integrated platform to manage the full lifecycle of medical retail properties—from site selection and development through construction, leasing, and long-term asset management. Additionally, the company offers AG Capital investment opportunities for accredited investors seeking to participate in healthcare real estate through private placement funds. The company operates nationwide with a focus on medical office buildings, retail healthcare facilities, and mixed-use medical retail properties with long-term leases.

Differentiator

Problem solved

Functional benefit

Products and services

• Development Services

Quantifiable outcome

• 100% current occupancy rate across portfolio
• +3 more outcomes

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators13 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Anchor Health Properties: Vertically integrated developer focused exclusively on medical office and healthcare facilities across the U.S., offering development, leasing, property management, and investment management — directly comparable to Ashton Gray's vertically integrated medtail platform.
• Flagship Healthcare Properties: Specialized healthcare real estate developer and manager that develops, leases, and manages medical office buildings and outpatient facilities, overlapping with Ashton Gray's medtail development and asset management services.
• NexCore Group: Healthcare-only real estate developer delivering purpose-built MOBs, ambulatory care, and outpatient facilities through a vertically integrated development model — competing with Ashton Gray in the same medtail niche.
• Montecito Medical Real Estate: Medical office building investor and developer focused exclusively on healthcare facilities, working with physicians and health systems — comparable to Ashton Gray's healthcare-anchored development and private investor model.

Broad incumbents

• Healthpeak Properties: Large S&P 500 healthcare REIT with significant outpatient medical office and lab properties. Although broader and more diversified than Ashton Gray, it is a key benchmark competitor for tenant relationships and investor capital in the medtail sub-segment.
• Welltower: Major healthcare REIT (post-Ventas senior housing combination) with growing outpatient medical exposure. Welltower represents the institutional-scale competitor against which Ashton Gray's AG Capital vehicles must compete for investor dollars.
• Ventas: Diversified healthcare REIT with an outpatient medical platform and a real estate development arm that overlaps with Ashton Gray's healthcare site development services.
• Medical Properties Trust: Healthcare REIT primarily focused on hospitals but with growing outpatient exposure. Represents the capital-markets benchmark for healthcare real estate investors evaluating Ashton Gray's private placement funds.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ashton Gray