Home Industries Real Estate Nebraska investor buys string of low-income Racine apartment buildings for $24.8 million

Nebraska investor buys string of low-income Racine apartment buildings for $24.8 million

Apartments were redeveloped about six years ago by Illinois real estate company 

By
Cara Spoto
-
A Nebraska investor has paid $24.8 million for a portfolio of 18 of low-income apartment complexes on Racine’s west side. (Photo courtesy of Google Street View)

A Nebraska investor has paid $24.8 million for a portfolio of 18 low-income apartment complexes on Racine’s west side. All of the buildings are located within steps from each other on three streets, with the bulk of the properties situated in the 2400, 2500, and 2600, and 2800 blocks of Anthony Lane. The other five

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Cara Spoto
Cara Spoto, former BizTimes Milwaukee reporter.

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A Nebraska investor has paid $24.8 million for a portfolio of 18 low-income apartment complexes on Racine’s west side. All of the buildings are located within steps from each other on three streets, with the bulk of the properties situated in the 2400, 2500, and 2600, and 2800 blocks of Anthony Lane. The other five buildings are located at 2101, 2201, 2225, and 2319 Layard Ave. and at 2222 Mount Pleasant St. Altogether the buildings contain 342 units, according to state property transfer records. The buildings, which had been blighted for much of the early 2010s, were part of a large-scale turnaround of Anthony Lane (formerly Jacato Drive) in 2015 and 2016 that was pursued by the city as well as Kinzie Realty Corp. The buildings were purchased this month by FAH Maples, LLC, an affiliate of FAH Tax Exempt Investors II, L.P., which is based out of Omaha. They were sold by Kinzie Racine Limited Partnership, an affiliate of Kinzie Realty Corp.

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