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CBRE has arranged the sale of Riverbend Lofts, an adaptive reuse multifamily community in downtown Racine, Wisconsin. Riverbend Lofts Holdings, LLC acquired the property from Riverbend Condominiums LLC in a $5.25 million transaction, marking a notable condominium rental trade in the Racine marketplace.
The CBRE team of Matson Holbrook, Gretchen Richards, Sean Beuche, and Patrick Gallagher represented the seller in the sale. Their assignment focused on marketing the property’s combination of historic character and modern apartment finishes to investors seeking stabilized multifamily assets in smaller urban cores.
Riverbend Lofts is a four-story building that was originally constructed in 1912 and later transformed into a multifamily property through a comprehensive redevelopment completed in 2007. The building exemplifies adaptive reuse, retaining its historic brick architecture while incorporating contemporary residential features designed to appeal to today’s renters.
Residential units at Riverbend Lofts offer a mix of historic and modern attributes, including high ceilings with exposed timber beams, private balconies, and condominium-grade interior finishes. In-unit washers and dryers and spacious layouts support modern living standards while preserving the property’s warehouse-style aesthetic.
The transaction involved the sale of 40 rental condominium units within the larger 58-unit property. While the remaining units were not part of this sale, the deal demonstrates investor interest in condominium-format multifamily assets that operate as rental housing in established downtown settings.
Commenting on the sale, Holbrook noted that the transaction underscores buyer confidence in the long-term fundamentals of the Racine market. He cited the region’s benefit from significant corporate investment and sustained renter demand as key drivers supporting investor appetite for well-located, historically influenced multifamily assets.
The Riverbend Lofts deal highlights ongoing capital flows into secondary downtown locations where historic building stock has been repositioned for residential use. For investors, the transaction provides a reference point for pricing and demand for adaptive reuse multifamily properties in Racine’s urban core.
Separately, CBRE’s client community and market participants are being invited to industry events such as the Connect Midwest Multifamily Trends conference, scheduled for the afternoon of Tuesday, June 2, 2026, at Joe’s Live in Rosemont, Illinois, which will focus on regional multifamily dynamics.
The post CBRE Arranges $5.25M Sale of Riverbend Lofts Condominiums in Downtown Racine, Wisconsin appeared first on CRE Market Beat.
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