Baltimore, MD, June 10, 2013 --(PR.com
)-- Pangea Properties, the innovative real estate investment trust (REIT) that first opened in Chicago in 2008, has turned its efforts to Baltimore communities in need of rebuilding. The company is unique among real estate managers for its hyper-local focus on restoration, employment and community-building in the areas where it buys units.
Founder Al Goldstein explains that the Pangea model creates sustainable improvements in the neighborhoods they enter. “We reinvest in communities by fixing old or abandoned properties and offering them with quality service at prices lower middle income families can afford. We strive to give residents the space and opportunity to revitalize their neighborhoods.” Pangea currently owns and manages over 8,000 rental properties in Chicago, Indianapolis and Baltimore. Of those, more than 350 are in Baltimore, and the company plans to buy between 2,000 and 3,000 properties in neighborhoods such as Mount Pleasant, Walbrook and Mount Holly in the next few years.
Pangea effectively transforms its apartment buildings through drastic restorations and adds value through amenities and services not traditionally available at their affordable price point, including but not limited to: modern appliances, on-site laundry and industry leading resident benefits. Residents enjoy Pangea Loyalty Rewards, a free program that includes increased referral bonuses, on-time payment rewards, appliance upgrades and one-time gifts. They also benefit from the Refer-A-Resident program, online payments, 24/7 maintenance access and raffles and giveaways throughout the year.
Pangea has continued to add employees even in this slow economy, and makes a conscious effort to hire local. Maintenance, janitors, property managers and leasing agents live and work in the same areas as their residents. “Focusing on local employment is just one element of our push for neighborhood development,” says Goldstein. “We’re always seeking ways to get residents involved, as with our collaborative education and community beautification initiatives.” Pangea works closely with residents, local governments, and non-profit organizations to arrange food drives, educational enrichment opportunities, school supply giveaways and neighborhood clean-ups.
“Our goal is to make Pangea Properties the best possible places to live in Baltimore, and in our view that encompasses all aspects of community life—quality affordable housing, safe neighborhoods, and enthusiastic and involved residents,” continues Goldstein. “We’re thrilled to be working in Baltimore, and we are confident its residents will continue to join us in this mission.”
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 by Al Goldstein and Steve Joung with one mission: to bring service, value and care to its residents. The entrepreneurs saw an opportunity in the Chicago market to create a real estate firm that serves as both the property owner and building manager, utilizing a call center to support the high bar for service and scalability. Today, Pangea has invested over $250 million into 8,000+ 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 WGN TV, Chicago Magazine and the Baltimore Business Journal, among others. Pangea's Founder Al Goldstein has been named one of Crain's 2013 40 under 40 and is a finalist for Ernst and Young's Midwest Entrepreneur of the Year. For more information, visit Pangea online at www.pangeare.com, www.Facebook.com/PangeaRE or on Twitter @PangeaRE.