CHICAGO (Oct. 4, 2017) — Evergreen Real Estate Group, a leader in the development, rehabilitation and management of both affordable and market-rate multifamily housing, today announced it has acquired Durand Plaza, a 72-unit affordable senior and disabled housing community in Racine, Wis. In conjunction with its acquisition of the community, which will undergo a $2 million renovation within the next six to nine months, Evergreen is currently 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,” said 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.”
Located at 3003 Durand Ave., 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.
“We are currently assessing the condition of each unit and discussing possible updates with residents based on their needs,” said Rappin. “About 10 of the units were rehabbed with new kitchens and baths in the last five years, so the remaining units will get much-needed makeovers in these areas that enhance the livability of each residence.”
Durand Plaza is located near shops, a grocery store, restaurants and services along Durand Avenue, and a bus line runs directly in front of the community, providing easy transportation to these destinations. The community is adjacent to the County Bike Trail and is in proximity to the Lake Michigan beachfront. Durand Plaza also is near shops, restaurants and destinations in downtown Racine, making it easy for residents to stay active within the surrounding community.
Additional Wisconsin projects in the Evergreen portfolio include construction of 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,” said Rappin.
To learn more about Durand Plaza, contact Polly Kuehl at [email protected].
About Evergreen Real Estate Group:
Founded in 1999, Chicago-based Evergreen Real Estate Group is a fully integrated multifamily company that develops, acquires and manages affordable and market-rate multifamily apartments for both seniors and families across eight states. Evergreen specializes in thoughtful, creative residential development solutions in communities around the Midwest. From adaptive reuse of historic buildings to new development in cities and towns facing a shortage of affordable housing, Evergreen offers an experienced team of attorneys, architects, and developers to municipalities seeking to create high-quality apartment communities. Evergreen currently owns and manages 7,000 units of multifamily housing.
