Chicago, IL, June 11, 2014 --(PR.com
)-- Pangea Properties is pleased to announce they are the recipient of the 2014 Good Neighbor Award in recognition for their efforts to improve the Chicago community. Presented by the Chicago Association of REALTORS®, the annual award acknowledges those who have demonstrated an extraordinary commitment to making the Chicago area a better place to work and live through rehabilitation and redevelopment efforts.
“We are honored to receive this award for the third year in a row,” says Steve Joung, CEO of Pangea Properties. “This award is a reflection of our continuous commitment to improving lives throughout the Chicago community through our rehabilitation efforts.”
Pangea’s Good Neighbor Award- winning building was 7706 S. Coles, a vacant 42-unit board-up located in South Shore. The building was the definition of distressed and attracted squatters and unlawful activity, presenting a challenge for the community and local authorities. Upon purchase, Pangea completed a full gut rehab with new plumbing, electric heaters and drywall throughout the building, as well as new kitchens, bathrooms and flooring within each unit. Pangea also partnered with the Alderman to help improve community safety. 7706 S. Coles is now over 90% occupied and one of over 60 Pangea buildings in the South Shore neighborhood that have helped progress the community as a whole.
By renovating buildings in small clusters, Pangea helps to provide neighborhood stability block by block, resulting in units the community can be proud of and creating a strong local presence. They’ve gone above and beyond establishing a link to their communities with programs to clean up empty lots, holding food drives and working with local government and non-profits to provide a better neighborhood outlook.
Over the past five years, Pangea has invested over $250 million into 10,000+ apartment units throughout Chicago, Indianapolis and Baltimore. As Pangea continues to expand its footprint in Chicago neighborhoods and throughout the country, the company hopes to invest time and money into properties that will become cornerstones of the community, continually going the extra mile to improve the neighborhoods for their residents and 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.