Pangea Properties completes construction of two South Side apartment buildings
Chicago-based Pangea Properties (Pangea) today announced that it has completed renovations to 2050 E. 72nd Place, an 18-unit apartment building, and 7800 S. South Shore Dr., an apartment building. of 31 units. The properties, both located in Chicago’s South Shore neighborhood, are part of the portfolio that Pangea acquired from the Better Housing Foundation (BHF) in July 2020.
A real estate investment trust founded in 2008, Pangea acquires, rehabilitates and improves multi-family residential properties with the philosophy that the development and maintenance of these buildings will have a direct impact on the neighborhoods they serve. Over the past 12 years, the company has invested nearly $ 500 million to acquire and renovate nearly 13,000 units in Chicago, Indianapolis and Baltimore.
There were hundreds of code violations in the BHF 281 unit portfolio when Pangea acquired the properties last summer. Only six units in 2050 E. 72nd Place were occupied at the time of acquisition and all vacant units have been renovated without disturbing existing tenants.
“When we took over this property there were significant elements of deferred maintenance and most of the vacant units were not rental,” said Ryan Perk, Acquisitions Associate at Pangea Properties. “We worked closely with the city to bring the building, which had suffered years of neglect, back online as safely and quickly as possible.”
The renovations at 2050 E. 72nd Place included a complete overhaul of the common areas, including new paint, carpet, emergency lighting, intercoms, steel entry doors and the complete construction of a new laundry room. Pangea also completed exterior repairs to the grouting, gutters and lintels, as well as a new roof. The existing fence has been painted and fitted with locks for better tenant security.
In the two-bedroom, one-bath units, Pangea has replaced old carpeting with high-quality vinyl flooring in the living areas, kitchens and bathrooms. Kitchen and bathroom upgrades include modern cabinetry and vanities, granite countertops, stainless steel appliances, new sinks, oversized tiles in bathrooms, and new controls shower and tubs.
Prior to the takeover of Pangea, the 7800 S. South Shore Dr. was vandalized and completely barricaded. Renovation work on this site included new lintels and spot grouting, removing graffiti and installing a new barrier to secure the parking lot. Inside, an efficient electric baseboard system replaced the outdated boiler and radiators while the building’s electrical service and plumbing lines were upgraded.
Units at the 7800 S. South Shore Dr. received new doors, woodwork and vinyl plank floors throughout, as well as granite countertops, stainless steel appliances, modern cabinetry, and multi-functional faucets in the rooms. kitchens. The bathrooms have been completely renovated with large-format designer tiles, new toilets and new shaker vanities.
Located in Chicago’s South Rim neighborhood, the properties are close to CTA’s Jeffrey Jump and other bus lines, as well as the Metra Electric’s Bryn Mawr station. 2050 E. 72nd Place and 7800 S. South Shore Dr. are both within walking distance of the 71st Street shopping corridor, historic Jackson Park and Rainbow Beach.
“We continue to see an incredible demand for renovated, yet affordable, housing in Chicago,” said Perk. “While the market is strong for worker apartments on the south side, it is particularly strong in easily accessible neighborhoods like the South Shore. “
These are the second and third properties in the old BHF portfolio that Pangea has renovated this year. Work on 6904 S. Creiger Ave., a 26-unit apartment also on the South Shore, was completed in May. Most of the remaining portfolio is in various stages of permitting and renovations, with intestinal rehabilitations planned for several buildings.