Chicago-based Evergreen Real Estate Group has purchased Durand Plaza, a 72-unit affordable senior and disabled housing community in Racine, and is planning to spend $2 million over the next six to nine months to renovate the facility.
Evergreen is also pursuing a 20-year extension of the property’s Section 8 Housing Assistance Payment contract.
“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,” said Steve Rappin, president of Chicago-based Evergreen, which will also manage the property.
Durand Plaza, 3003 Durand Ave., includes four two-story buildings originally constructed in 1970.
The renovation will begin in early 2018 and will be conducted in phases.
Evergreen will make upgrades to the kitchen and bathrooms 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.
While this is Evergreen’s first project in Racine, the company’s portfolio includes the Legacy Lofts at the Blommer Ice Cream Factory, formerly known as 15th and North Apartments, in the Lindsay Heights neighborhood of Milwaukee.
“Evergreen looks forward to expanding its footprint of quality renovated apartments, new construction and adaptive reuse developments throughout Wisconsin,” Rappin said.
