RACINE, Wis. — Evergreen Real Estate Group has acquired Durand Plaza, a 72-unit affordable housing community for seniors and the disabled, for an undisclosed price. The property is located in the Milwaukee suburb of Racine.
Evergreen plans to implement a $2 million renovation plan over the next six to nine months. The company is also pursuing a 20-year extension of the property’s Section 8 Housing Assistance Payment contract.
“This is Evergreen’s first project in Racine, and we are excited to enter this market and preserve this important affordable housing community,” says Steve Rappin, president of Chicago-based Evergreen, which will also manage the property. “We plan to carry out a much-needed rehabilitation of the property, making it possible for these seniors and disabled residents to remain in their homes and continue to live in the community they know.”
Durand Plaza comprises four two-story buildings originally constructed in 1970. In addition to the 72 resident units, the property includes a community room with television and common kitchen, as well as an on-site laundry room.
As part of its renovation, which will begin in early 2018 and be conducted in phases, Evergreen will make kitchen and bath upgrades in most units. In addition, all four buildings will receive new windows and roofs. Evergreen also will make mechanical improvements to the buildings and refresh corridors and common areas.
Evergreen is a multifamily owner-operator specializing in affordable and market-rate apartments. The company’s portfolio totals approximately 7,000 units.