Pangea Properties completes construction of two apartment buildings on the South Side
based in Chicago Pangea characteristics (Pangea) announced today that the renovations will begin on 2050 E. 72. The properties, both in Chicago’s South Shore neighborhood, are part of the portfolio Pangea acquired from the Better Housing Foundation (BHF) in July 2020.
As a real estate investment trust founded in 2008, Pangea acquires, renovates and improves multi-family residential properties with the philosophy that the development and maintenance of these buildings has a direct impact on the districts 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 across BHF’s 281-unit portfolio when Pangea acquired the properties last summer. Only six units in 2050 E. 72nd place were occupied upon acquisition and all vacant units were updated without disturbing the existing tenants.
“When we acquired this property, there were major maintenance delays and most of the vacant units were not rentable,” said Ryan Perk, acquisition partner at Pangea Properties. “We worked closely with the city to bring the building, which had been neglected for years, back into operation as safely and quickly as possible.”
The renovation work in 2050 E. 72nd place included a complete overhaul of the common areas, including repainting, carpeting, emergency lighting, intercoms, steel entrance doors and the complete extension of a new laundry. Pangea also carried out exterior repairs to roof edges, gutters and lintels, as well as a new roof. To improve tenant security, the existing fence was painted and fitted with locks.
In the units with two bedrooms and one bathroom, Pangea replaced old carpeting in the living areas, kitchens and bathrooms with high-quality vinyl floorboards. The kitchen and bathroom upgrades include modern cabinets and vanities, granite countertops, stainless steel appliances, new sinks, large-format tiles in the bathrooms, and new shower controls and bathtubs.
Prior to the acquisition of Pangea, 7800 S. South Shore was named Dr. devastated and boarded up completely. Renovation work on this site included new falls and staining, graffiti removal and the installation of a new gate to secure the parking lot. Inside, an efficient electrical baseboard system replaced the outdated boilers and radiators, while the building’s electrical and plumbing lines were modernized.
The units at 7800 S. South Shore Dr. received new doors and decorative elements and vinyl floorboards as well as granite worktops, stainless steel appliances, modern cupboards and multifunctional taps in the kitchens. The bathrooms have been completely redesigned with designer, large format tiles, new toilets and new shaker vanities.
The properties are located in the South Shore neighborhood of Chicago, near the CTA’s Jeffrey Jump and other bus routes, and Metra Electric’s Bryn Mawr station. Both the 2050 E. 72nd Place and the 7800 S. South Shore Dr. are within walking distance of 71st Street shopping corridor, historic Jackson Park and Rainbow Beach.
“We continue to see incredible demand for refreshed, yet affordable housing in Chicago,” said Perk. “While the market for workers’ housing is strong on the South Side, it is particularly resilient in easily accessible neighborhoods like South Shore.”
These are the second and third properties in the former BHF portfolio that Pangea renovated this year. Work on 6904 S. Creiger Ave., a 26-unit apartment also on the South Shore, was completed in May. The majority of the remaining portfolio is in various approval and renovation stages, and intestinal renovations are planned for several buildings.