Chicago, IL, October 04, 2013 --(PR.com
)-- Since the housing market crash five years ago, analysts and experts have remained split as to whether it is the right time to get back in the game. According to Al Goldstein, CEO of Pangea Properties, a private Real Estate Investment Trust (REIT), the rule of thumb is to stay true to your purchasing threshold.
“We are still seeing a great amount of market volatility but despite the ebbs and flows, many buyers have continued to focus on acquiring and buying assets. Real estate is a cyclical market and the faster than expected recovery should not be taken lightly,” warns Goldstein.
Goldstein explains that Pangea has mitigated risk by purchasing in areas of need – rife with opportunity but not without challenges. “Many experienced real estate buyers have made their way to the sidelines altogether until they believe the storm passes,” says Goldstein. “We understand the market’s instability so rather than acquire large non clustered portfolios, we have focused on specific geographic regions that have typically been neglected. These areas harbor a high renter demand, allowing us to efficiently and effectively scale our property management.”
Goldstein explains that this formula is mainly comprised of renovating buildings that have a low value but a high upside. “We have been placed in a unique position as our current assets are stable. As we look forward to the next cycle and continue our growth, we want to add value for our residents as well by providing better service and a better product.”
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 the building manager, utilizing a call center to support the high bar for service and scalability. Today, Pangea has 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 recipient of the Ernst & Young Midwest Entrepreneur of the Year. For more information, visit Pangea online at www.pangeare.com
or on Twitter @PangeaRE.