Pangea Properties Completes First Phase of Renovations at Apartment Community in Chicago’s South Shore Neighborhood

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