RACINE — A local apartment complex is about to undergo a significant makeover.
Evergreen Real Estate Group has acquired Durand Plaza and plans a $2 million renovation of the 72-unit affordable senior and disabled housing complex at 3003 Durand Ave. It’s located between Taylor and Drexel avenues.
Chicago-based Evergreen develops, rehabilitates and manages both affordable and market-rate multifamily housing. In conjunction with its acquisition of Durand Plaza, which is scheduled to undergo a $2 million renovation within the next six to nine months, Evergreen is 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 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 constructed in 1970. In addition to the resident units, the property includes a community room with television and common kitchen, and an on-site laundry room.
As part of its renovation, which will begin in early 2018 and be conducted in phases, Evergreen plans to 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,” Rappin said. “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.”
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,” Rappin said.
Evergreen currently owns and manages 7,000 units of multifamily housing.