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Pangea Wraps Renovations on Two South Shore Properties from BHF Portfolio
Pangea Properties has completed renovations at 2050 E. 72nd Pl., an 18-unit apartment building, and 7800 S. South Shore Dr., a 31-unit apartment building. The properties, both located in Chicago’s South Shore neighborhood, are part of the portfolio that Pangea acquired from the Better Housing Foundation (BHF) in July 2020.
There were hundreds of code violations across the 281-unit BF portfolio when Pangea acquired the properties last summer. Only six units within 2050 E. 72nd were occupied at acquisition and all vacant units were updated without disturbing the existing tenants.
“When we took over this property, there were major deferred maintenance items and most of the vacant units were unrentable,” said Ryan Perk, acquisitions associate with Pangea. “We worked closely with the city to get the building, which had suffered years of neglect, back on line as safely and quickly as possible.”
- ◦Development
