Indianapolis, IN, June 16, 2013 --(PR.com
)-- Pangea Properties
, a unique real estate investment trust, is taking on Indianapolis communities through the rehab and restoration of vacant or distressed properties. First opened in Chicago in 2008, the company provides a hyper-local focus that aims to rebuild the communities in the areas it enters, property by property.
The Pangea model creates sustainable improvements in the areas where they purchase units, explains founder Al Goldstein. “We reinvest in communities by fixing old, abandoned or neglected 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 owns and manages 2,100 units in Indianapolis and plans to continue buying properties in Indianapolis’s east and west sides over the next few years.
Buildings purchased by Pangea go through a complete transformation process, including drastic restorations and additions to amenities and services that are not typically available at their affordable price point. Resident perks include 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.
Despite a slow economy, Pangea continues to hire new employees and makes a conscious effort to bring on local workers. 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 local governments, residents and non-profit organizations to arrange food drives, educational enrichment opportunities, school supply giveaways and neighborhood clean-ups.
“We strive to make our properties the best possible places to live in Indianapolis, and in our view that encompasses all aspects of community life—quality affordable housing, safe neighborhoods, and enthusiastic and involved residents,” continues Goldstein. “We love working in Indianapolis, and we hope its residents will enjoy the increased neighborhood stability our properties bring to the table.”
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.