Pangea Achieves 90% Occupancy in Record Time for Two Turn Around Properties
- Nov 09, 2013
by Adriana Pop, Associate Editor
Pangea Properties, a private real estate investment trust based in Chicago, has announced that, after having made significant property improvements, it has achieved 90 percent occupancy for two of its recently acquired Indianapolis communities. The company purchased both 109-unit Pangea Courts and 120-unit Pangea Riverside in 2012.
Upon acquisition last May, Pangea Courts at 4417 Linwood Court was only 15 percent leased, while Pangea Riverside at 2638 Cold Spring Manor Drive had an occupancy rate of 31 percent shortly after being purchased in September.
Over the course of a year, Pangea completed the full rehabilitation of the complexes, which offer residents a variety of amenities at affordable rates.
Upgrades for Pangea Riverside included a new parking lot, an improved pool area, a new laundry room, major construction updates to each individual unit’s deck, as well as new windows. The renovation of Pangea Courts brought updated kitchens, baths and common areas, new windows, parking lot enhancements, an improved roof and laundry facility, as well as a new leasing office.
“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 contribute to our goal of making Pangea’s communities ideal places to live.”
With a focus upon the distressed residential multi-family real estate market, Pangea Properties serves as both property owner and building manager, utilizing a call center to support the high bar for service and scalability. The company was founded in 2008 and has over $250 million into 8,000+ apartment units throughout Chicago, Indianapolis and Baltimore.
Including the completed Pangea Courts and Pangea Riverside complexes, the REIT owns nine communities in Indianapolis totaling 2,700 units.
In 2013, the company 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.
Photo credits: Pangea Properties