Indianapolis, IN, April 06, 2014 --(PR.com
)-- Pangea Properties, a Private Real Estate Investment Trust (REIT), announced it has achieved over 90 percent occupancy for two more of its Indianapolis communities. Both Pangea Parkwest, located at 5816 W. 38th St., and Pangea Vistas, located at 1366 N. Arlington Ave., were below 60 percent occupation upon acquisition.
“We’re thrilled to reach this significant milestone for two more of our Indianapolis communities. Taking distressed communities and turning them into an appealing, affordable and livable property is no easy task,” says Pangea Properties CEO Steve Joung. “Our renovation process isn’t meant to be a quick fix as we focus on value, stability and long-term quality. With building improvements, unit rehabs and community updates, our rehabilitations focus on longevity and contribute to our goal of making Pangea’s communities ideal places to live.”
Pangea Parkwest was purchased in August 2011 at a less than desirable state for its 366 units. Major construction on site included full gut rehabilitations of half of the units with full kitchen and bathroom rehabs in the remaining units and new appliances in all of the units. In addition to the interior construction, the apartment community received a new parking lot, rehabbed pool area and new laundry room. Safety additions included new locked entry with an intercom system and upgrades to the exterior lighting system. The community has currently reached a 90.7 percent occupancy rate and Pangea expects that number to continue to grow.
In July 2012, Pangea acquired the Vistas community when occupancy was down to 55 percent for its 252 units. Since acquisition new bathrooms have been installed in all townhouses. Individual apartments were rehabbed with new bathrooms, kitchens, porches, windows and siding. New heating and cooling systems were also installed in each of the apartments on site. As of March 2014, the 252 unit community is 98 percent occupied with residents taking advantage of Pangea’s industry leading resident reward programs.
Including the completed Pangea Parkwest and Pangea Vistas communities, Pangea owns and manages more than 2,700 units in Indianapolis among ten communities.
About Pangea Properties:
Pangea Properties is a private real estate investment trust (REIT) targeting the distressed residential multi-family real estate market. Pangea was founded in 2008 with the mission to bring service, value and care to its residents. The unique REIT serves as both the property owner and the building manager, utilizing a call center to support the high bar for service and scalability. Today, Pangea has invested over $250 million into 10,000+ apartment units throughout Chicago, Indianapolis and Baltimore, with the goal of continuing to expand within current markets as well as into new markets. Pangea has been highlighted by several media outlets including The Steve Harvey Show, Forbes, CNBC, USA Today, WGN TV and Chicago Grid among many others. In 2013, Pangea debuted at number 42 overall on the annual Inc. 500 list, ranking first overall for the Chicago market and second for the entire real estate industry. Pangea’s founder Al Goldstein has been named one of Crain’s 2013 40 under 40 and is a recipient of the Ernst & Young Midwest Entrepreneur of the Year. For more information, visit Pangea online at www.pangeare.com
or on Twitter @PangeaRE.