Greystone & Co. will work with federal and state agencies to renovate 1,130 low-income apartments in Georgia, according to the Wall Street Journal.
The $168.6 million initiative involves preserving and recapitalizing 26 properties in 17 counties that were built in the 1970s and 1980s by Atlanta-based Hallmark Cos, an owner and manager of about 11,000 affordable housing units, primarily in the Southeast. The Georgia properties were developed under the Section 515 rural-housing program, which was created to provide low-rent housing for people over 62 years old.
Tenants at these complexes, which are sorely in need of repairs, pay about $400 to $500 a month in rent, according to WSJ.
The "recapitalization" provided an average of $37,000 per unit for improvements such as new appliances, cabinets and electronics. The deal also involved the sale of properties and refinancing of debt on the portfolio.
New York-based Greystone, a real estate lending, investment and advisory company, hopes to help address Georgia’s affordable and low-income housing shortage with the project.
More at the Wall Street Journal here.