Chicago-based Pangea Properties is pleased to announce it has been named the recipient of three Good Neighbor Awards from the Chicago Association of REALTORS®, which recognizes outstanding rehabilitation and redevelopment efforts that contribute to the economic vitality of neighborhoods throughout Chicago and the greater metropolitan area. This marks the fourth consecutive year Pangea has received the honor, reflecting the firm’s continued commitment to developing and preserving quality, workforce housing in some of Chicago’s most underserved communities.

“We believe that by investing in individual properties, many of which are board-ups, we can revitalize entire neighborhoods and make them a place Chicagoans are proud to call home,” said Steve Joung, CEO of Pangea Properties. “These awards are a testament to the tireless efforts of our team, which to date has rehabilitated more than 7,000 rental units throughout the Chicago area. They also prove that each project matters, regardless of scale. One of our winning communities has just 13 units, showing how important even the smallest buildings can be in turning around a neighborhood.”

A total of three Pangea communities won the 2015 Good Neighbor Award, while a fourth received an honorable mention:

3501 W. Adams / East Garfield Park – Winner
Located one block east of Garfield Park, the 38-unit building at 3501 W. Adams had been issued nearly 40 building code violations before Pangea acquired it in May 2013, working closely with Ald. Jason Ervin and the city’s Strategic Task Force to vacate the property, the site of frequent illegal activity.

Pangea invested nearly $1 million in the full renovation of the building, adding community amenities like an on-site laundry room and phone entry intercom system and making other improvements that helped transform the property into a staple in the community.

“Before being acquired by Pangea, 3501 W. Adams was occupied by tenants who hadn’t paid their rent in years,” said Ald. Ervin, whose ward includes the property. “Despite the challenge posed by this building, Pangea worked in collaboration with our office to turn it around. They managed to secure and vacate the property, garnering results in less than 60 days and becoming one of the most well-liked management companies in the community.”

801 E. Drexel Square / Hyde Park – Winner
The 40-unit building at 801 E. Drexel – adjacent to Washington Park – was only partially occupied when Pangea acquired it through a short sale in 2012. The property required a $1.5 million gut rehab that improved units, which helped Pangea increase the building’s occupancy to more than 90 percent.

1357 N. Homan Ave. / East Humboldt Park – Winner
A failed condo conversion, the 13-unit property at 1357 N. Homan was acquired by Pangea in 2013 and subsequently converted back to apartments with approval from the city. A number of structural issues, including fire damage discovered during an inspection, prompted a $500,000 gut rehab that included the addition of eat-in kitchens with granite countertops and modern appliances.

1860 S. Komensky Ave. / North Lawndale – Honorable Mention
After sitting empty for several years with approximately 50 building code violations, the 26-unit building at 1860 S. Komensky became the first rental property in Chicago to be rehabbed through the city’s Multi-Family Tax Increment Finance (TIF) Purchase-Rehab Program, which provides grants to developers who convert abandoned and foreclosed properties into affordable housing.

Pangea purchased the building in 2013 and, using $735,000 in TIF Purchase-Rehab assistance, commenced a nearly $1.5 million renovation program. Today, the property is fully leased, with half of the units reserved for households earning less than 50 percent of area median income.

“The success of 1860 S. Komensky helped pave the way for future TIF Purchase-Rehab projects in Chicago and furthered our mission of providing quality rental housing to all Chicagoans, including those with limited financial means,” said Joung. “It’s the perfect example of public officials, non-profit organizations and private developers working together to address the city’s affordable housing crisis.”

To learn more about Pangea and the company’s neighborhood revitalization efforts, visit www.pangeaproperties.com.

About Pangea Properties:
Pangea Properties is a Chicago-based private real estate investment trust (REIT) that acquires, renovates and repositions distressed multifamily properties in Illinois, Indiana and Maryland. Founded by Steve Joung and Al Goldstein in 2008 with a goal of providing safe, comfortable and affordable housing to its residents, Pangea is primarily focused on value-add, urban, scatter-site workforce housing. To date, the firm has spent more than $250 million investing in the nearly 11,000 rental units that comprise its current portfolio, with plans to make additional investments in new and existing markets. Pangea manages all of the properties it owns and utilizes an in-house contact center to deliver superior, centralized and reliable service to its residents. In addition to investing in the rehabilitation of its properties, Pangea makes significant contributions to the neighborhoods that house its communities through the firm’s “Pangea Cares” volunteer program and other community outreach efforts. The firm was named one of “America’s Most Promising Companies” by Forbes in 2015, and has also made the annual Inc. “500 | 5000” list in 2013 and 2014, ranking first overall for the Chicago market and second for the entire real estate industry in 2013.

Before: 801 E. Drexel

After: 801 E. Drexel