Indianapolis, IN, October 26, 2013 --(PR.com
)-- Pangea Properties
, a Private Real Estate Investment Trust (REIT), announced it has achieved 90 percent occupancy for two of its Indianapolis communities. Pangea Courts located at 4417 Linwood Court in Indianapolis reached the significant milestone after being 15 percent occupied upon acquisition. Similarly, Pangea Riverside located at 2638 Cold Spring Manor Drive is currently 93 percent occupied after being only 31 percent occupied shortly after acquisition.
“These are two huge accomplishments for our Indianapolis communities. Taking nearly vacant communities and turning them into an appealing, affordable and livable property in a short amount of time is no easy task,” says Pangea COO & Co-Founder Steve Joung. “With building improvements, both functionally and aesthetically, our rehabilitations aren’t quick fixes, but focus on longevity and contribute to our goal of making Pangea’s communities ideal places to live.”
Pangea Riverside was purchased in May 2012 at a truly distressed state with occupancy dropping down to only 31 percent for its 109 units. Through a full rehabilitation of the complex, including a new parking lot, rehabbed pool area and new laundry room, the apartment community is visually and logistically appealing to current and potential residents. In addition to community improvements, Pangea completed major construction updates to each individual unit’s deck and the building windows.
Four months after the Pangea Riverside acquisition, Pangea purchased Pangea Courts in September when it was just 15 percent occupied. Over the course of a year, Pangea completed a full rehabilitation of the community and updated the kitchens, baths and common areas. Exterior improvements were also made including replacing the windows, roof and parking lot enhancements, laundry facility and new leasing office. As of September 2013, the 120 unit community is 90 percent occupied with residents taking advantage of Pangea’s industry leading resident reward programs.
Including the completed Pangea Courts and Pangea Riverside complexes, Pangea owns and manages more than 2,700 units in Indianapolis among nine communities.
“Our goal is to make Pangea Properties the best possible places to live in Indianapolis by providing quality affordable housing, safe neighborhoods and enthusiastic, involved residents,” continues Joung. “We’re thrilled to have a presence in Indianapolis and are looking forward to continuing our efforts to rehabilitate apartment complexes.”
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 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 USA Today, WGN TV, Chicago Magazine and the Baltimore Business Journal, among 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, www.Facebook.com/PangeaRE, www.linkedin.com/company/pangea-properties or on Twitter @PangeaRE.