Greystone Affordable Development has closed on a $120.5 million recapitalization and renovation project in Texas.
The transaction, which is Greystone's first in the state, is in collaboration with Hamilton Valley Management out of Burnet, Texas. Greystone will utilize the Housing Credit to redevelop, modernize and secure affordable rental homes for thousands of Texans, the company said in a prepared release. The Hamilton Valley's portfolio includes 23 USDA Rural Development Section 515 properties, which consists of 802 apartment homes that serve low-income households.
The construction process, which is said to be fast-paced, will be complete within 16 months. No residents will be permanently displaced, the company said. The renovations, which average at $37,200 per unit, will include updates to both interior and exterior parts of the unit.
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