Chicago, IL November 03, 2021 --(PR.com)-- Chicago-based Pangea Properties (Pangea) today announced it completed renovations at 2050 E 72nd Place, an 18-unit apartment building, and 7800 S South Shore Dr., a 31-unit apartment building. The properties, both located in Chicago’s South Shore neighborhood are part of the portfolio that Pangea acquired from the Better Housing Foundation (BHF) in July 2020.
A real estate investment trust founded in 2008, Pangea acquires, rehabilitates and improves multifamily residential properties with the philosophy that developing and maintaining these buildings will have a direct impact on the neighborhoods they serve. Over the past 12 years, the firm has invested almost $500 million to acquire and renovate almost 13,000 units in Chicago, Indianapolis and Baltimore.
There were hundreds of code violations across the 281-unit BHF portfolio when Pangea acquired the properties last summer. Only six units within 2050 E 72nd Place were occupied at acquisition and all vacant units were updated without disturbing the existing tenants.
“When we took over this property, there were major deferred maintenance items and most of the vacant units were unrentable,” said Ryan Perk, of the Acquisitions team at Pangea Properties. “We worked closely with the city to get the building, which had suffered years of neglect, back online as safely and quickly as possible.”
Renovation work at 2050 E 72nd Place included a complete overhaul of the common areas, including new paint, carpet, emergency lighting, intercoms, steel entrance doors and the full buildout of a new laundry facility. Pangea also completed exterior repairs to tuckpointing, gutters and lintels, as well as a new roof. The existing fence was painted and fitted with locks for improved tenant safety.
Within the two-bedroom, one-bathroom units, Pangea replaced old carpeting with high-quality vinyl plank flooring in the living areas, kitchens and bathrooms. Kitchen and bathroom upgrades include modern cabinets and vanities, granite countertops, stainless-steel appliances, new sinks, large-format tile in the bathrooms and new shower controls and tubs.
Prior to Pangea’s takeover, 7800 S South Shore Dr. was vandalized and completely boarded up. Renovation work at this site included new lintels and spot tuckpointing, graffiti removal and installation of a new gate to secure the parking lot. On the inside, an efficient electric baseboard system replaced the outdated boiler and radiators while the building’s electrical service and plumbing lines were upgraded.
The units at 7800 S South Shore Dr. received new doors and trim and vinyl plank flooring throughout, as well as granite countertops, stainless steel appliances, modern cabinetry and multifunctional faucets in the kitchens. Bathrooms were completely remodeled with designer, large-format tile, new toilets and new shaker vanities.
Located in Chicago’s South Shore neighborhood, the properties are close to the CTA’s Jeffrey Jump and other bus routes, as well as the Bryn Mawr station of the Metra Electric. Both 2050 E 72nd Place and 7800 S South Shore Dr. are within walking distance of the 71st Street retail corridor, historic Jackson Park and Rainbow Beach.
“We continue to see incredible demand for refreshed, yet affordable, housing in Chicago,” Perk said. “While the market is strong for workforce apartments across the South Side, it’s particularly robust in easily accessible neighborhoods like South Shore.”
These are the second and third properties in the former BHF portfolio that Pangea has renovated this year. Work on 6904 S. Creiger Ave., a 26-unit apartment also in South Shore, was completed in May. Most of the remaining portfolio is in various stages of permitting and renovations, with gut rehabs planned for several buildings.
About Pangea Properties:
Pangea Properties is a Chicago-based private real estate investment trust founded in 2008 by Al Goldstein to provide quality, affordable housing. Pangea Properties acquires value-add apartment buildings and renovates them as workforce housing, investing almost $500 million in 12 years to acquire and rehabilitate almost 13,000 units in Chicago, Indianapolis and Baltimore. By doing so, Pangea Properties helps to improve neighborhoods block by block and catalyze nearby development. At a time when most U.S. cities face a workforce housing shortage, Pangea Properties has committed to this housing sector, holding assets for the long term and working to be a positive force in residents’ lives and in the neighborhoods it serves.
Contact Information:
Taylor Johnson
Matt Baker
(312) 267-4512
Contact via Email
Read the full story here: https://www.pr.com/press-release/848203
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