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| 6904 South Creiger Avenue, a 26-unit apartment building in Chicago’s South Shore neighborhood |
CHICAGO, IL — Chicago-based Pangea Properties (Pangea) announced it completed the first round of renovations of 6904 S. Creiger Ave., a 26-unit apartment building in Chicago’s South Shore neighborhood and one of 13 properties Pangea acquired from the Better Housing Foundation (BHF) in July 2020.
Pangea is now leasing units with rents ranging from the
mid-$900s to $1,075 per month.
A real estate
investment trust founded in 2008, Pangea acquires, rehabilitates and
improves multifamily residential
properties with the philosophy that developing and maintaining these
buildings will have a direct impact on the neighborhoods they serve.
Over the past 12 years, the firm has invested almost $500
million to acquire and renovate almost 13,000 units in Chicago, Indianapolis
and Baltimore.
“Our business
is transforming forgotten properties into clean, safe and affordable workforce
housing, and 6904 S. Creiger is a great example of the quality we can deliver
to our residents and the community,” said Bryan Cullers, regional
manager at Pangea.
“I have to commend our team for making these units
livable again in such a short time and I’m really excited about the bold plans
we have for other properties in this portfolio.”
When Pangea acquired the 281-unit BHF portfolio last summer, the buildings had 1,792 code violations and required extensive repairs.
In particular, 6904 S. Creiger had boarded-up
ground-floor windows, broken downspouts, unsafe stairs, missing lighting and
uninhabitable units, with only 10 of 26 units rentable.
CONTACTS:
Matt
Baker, mbaker@taylorjohnson.com
(312) 267-4512
Gretchen
Muller, gmuller@taylorjohnson.com
(312) 267-4511
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