Seniors Housing v Wisconsin

Evergreen Real Estate Group acquires 72-unit seniors community in Wisconsin

Evergreen Real Estate Group has acquired Durand Plaza, a 72-unit affordable senior and disabled housing community in Racine, Wisconsin.

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.

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.

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.