Meet Ashley Stockton-Massie, director of affordable acquisitions and development at The Clear Blue Co. (CBC).
The Nashville, Tennessee-based firm specializes in the preservation and development of affordable and workforce housing. Established in 2011, the company has grown to more than $850 million in assets and 6,000 units throughout the Southeast.
Stockton-Massie joined the growing firm in 2024, bringing more than 12 years of experience to her role.
She has been involved in a number of industry organizations, including the Women’s Affordable Housing Network, Urban Land Institute, and NH&RA Tennessee Developers Council.
Tell us a little about your role at CBC:
As director of affordable acquisitions and development, I oversee The Clear Blue Co.’s affordable housing vertical, focusing on our two core business strategies—the preservation and rehabilitation of existing housing through general partner interest, Housing Assistance Payment, and low-income housing tax credit (LIHTC) acquisition-rehabilitations and the development of new communities—to further the firm’s mission of solving the national affordable housing crisis. Through strategic acquisitions and ground-up development initiatives, I collaborate closely with my team and external project and financial partners to ensure each project moves seamlessly from deal origination to delivering the final result to residents, all with the goal of providing quality housing with intentionality that truly addresses the needs of each community.
What are you working on this year?
Affordable housing remains a pressing need for our country, and, in Nashville specifically, it is reported that 55,000 new units of housing are required by 2030 to address the increasing demand across our rapidly growing city. At CBC, we see the preservation of existing housing and new ground-up development as the two key avenues to filling this void, and my focus this year will continue to zero in on securing and nurturing the capital and providing support across our stakeholder community that assists us in bringing these units to fruition. In addition, our firm is deeply cognizant that the affordability crisis spans across the entirety of our country, so we are continuing to home in and expand our presence across the Southeast and Midwest markets that are in large need for new and revitalized housing offerings.
What was a pivotal moment in your career?
A defining moment in my career was receiving the certificate of occupancy for the first ground-up construction project I worked on. Witnessing families moving into their new homes that I helped bring to life was incredibly rewarding and reinforced the impact my work was making. To this day, I still appreciate passing by the property and seeing residents outside and enjoying the spaces we created for them. Additionally, stepping into the affordable housing development vertical specifically has offered me a profound sense of purpose and presented an opportunity to play a role and contribute to a mission that is much greater than myself.
What skills have helped you most in your career?
Having a strong grasp on ever-evolving market trends, coupled with the ability to process and analyze data, have been invaluable tools that helped me, from entering into the real estate industry to where I am today. Growing up in a military family, I often joke that the experience I gained from moving around the world so often gave me a crash course in market economics, which has been at the core of every project and initiative I have since undertaken. My time working at the CoStar Group was also incredibly instrumental in shaping my understanding of the real estate and economic landscapes as I grew from a senior market research analyst to later leading the Southeast Institutional Sales Comparable team. Having a research-oriented background has been key when evaluating each preservation and development opportunity at CBC and contributes in large part to how I manage the firm’s strategic investment and preservation business model.
Who inspires you and why?
Throughout my time working in the affordable housing sector of the industry, I have worked with a number of inspiring individuals who have served as valued mentors and contributed to my growth and success. The first two that immediately come to mind are Joe Torrence and Robbie King, partners at Highmark Holdings, a Nashville-based affordable housing development firm, as well as Glynda Shamwell, partner at Enfield Management Co. Joe, Robbie, and Glynda are my biggest inspirations in affordable housing and three people that I have worked closely with over the last seven years. Joe is the grandfather of affordable housing in Tennessee, having served as the first executive director of Tennessee Housing Development Agency, and working with him offered me so much perspective on how impactful the LIHTC has been to Tennessee and beyond. Robbie King is one of the most humble and empathetic people I know and has taught me how to humanize my approach, guiding my perspective that what I do every day can impact thousands of people. Glynda Shamwell grew up in the industry and is an expert in affordable housing—her grit, work ethic, and ability to rally others for a good cause will inspire me for the rest of my career.
What’s your hidden talent or something people might not know about you?
I grew up as a military brat and moved around every few years, even living in Germany and Saudi Arabia.
What building, book, movie, or song would you include in a course about affordable housing?
“Evicted: Poverty and Profit in the American City” by Matthew Desmond is a must-read book that I would recommend including in every course about affordable housing. I found it to be incredibly eye-opening as it speaks to the human perspective behind the affordable housing crisis.
What’s a goal you would like to achieve over the next year or two?
My overarching career goal is to reduce housing insecurity both in my Nashville community and on a national scale. Ultimately, I want to feel good and leave a strong legacy on the affordable housing industry. The work we are doing at CBC is making a tangible difference in increasing the country’s affordable and workforce housing supply, which will continue to position us at the forefront of solving for the affordable housing crisis across our country over the coming years. I am particularly focused on scaling our affordable housing practice while simultaneously ensuring we have the necessary organizational infrastructure in place to continue to make meaningful progress in Nashville and nationally.
In this spirit, we recently broke ground on the Northview Housing Development in North Nashville, a 254-unit workforce housing community for working and active seniors being developed on an unused parcel of land owned by Born Again Church, and are nearing completion on Highland East, East Nashville’s first trail-oriented affordable residential offering. Both projects are poised to have a profound effect on Nashville’s housing supply. I am looking forward to bringing these developments to life alongside my team and fellow partners and witnessing the meaningful impact they will have on residents and households of all backgrounds.
Advice for someone who’s starting a job in affordable housing:
I have found throughout my career that building a diverse network within both my own firm and external professional organizations and local groups have provided me with fresh perspectives and trusted relationships that I otherwise may not have found. These connections have offered me indispensable insights and supportive partnerships that have been the backbone of my professional growth, and I encourage anyone getting their start in the industry to get involved as much as possible and not just get involved—show up and ask questions, and opportunity will follow.
