Greystone Affordable Development has closed on a $120.5 millionrecapitalization and renovation project in Texas.

The transaction, which is Greystone's first in the state, is incollaboration with Hamilton Valley Management out of Burnet, Texas.Greystone will utilize the Housing Credit to redevelop, modernizeand secure affordable rental homes for thousands of Texans, thecompany said in a prepared release. The Hamilton Valley's portfolioincludes 23 USDA Rural Development Section 515 properties, whichconsists of 802 apartment homes that serve low-incomehouseholds.

The construction process, which is said to be fast-paced, willbe complete within 16 months. No residents will be permanentlydisplaced, the company said. The renovations, which average at$37,200 per unit, will include updates to both interior andexterior parts of the unit.