Chicago-based Pangea Properties (Pangea) has announced the completion of the first round of renovations of 6904 S. Creiger Avenue, 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.
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. Pangea began renovations on 6904 S. Creiger upon acquisition last October and the first residents have already moved into completed units.
Located in the Jackson Park Highlands section of the South Shore neighborhood, the property is close to several bus lines and within walking distance to the Bryn Mawr station of the Metra Electric, as well as Walgreens, Starbucks, historic Jackson Park and Lake Michigan’s South Shore beach.
Most of the remaining BHF portfolio is in various stages of permitting and renovations, with gut rehabs planned for several buildings. Pangea will bring more units online in the coming months.
