For the fourth consecutive year, Pangea Properties is recognized for its attempts to rehabilitate rental communities in Chicago’s South and West Sides with the 2015 Good Neighbor Awards.
This award is given by the Chicago Association of REALTORS®, which recognizes outstanding rehabilitation efforts that contribute to the economic vitality of neighborhoods throughout Chicago and the surrounding metropolitan area. When asked about receiving this recognition, CEO of Pangea Properties, Steve Joung, commented on the firm’s commitment to revitalizing Chicagoland neighborhoods.
“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,” Joung said.
The following list includes the three Pangea Properties communities that won the 2015 Good Neighbor Award and a fourth community that received an honorable mention:
- 3501 W. Adams / East Garfield Park – Winner of Good Neighbor Award
Located one block east of Garfield Park, this 38-unit building was issued nearly 40 building code violations before Pangea Properties acquired it in May 2013. Investing nearly $1 million, Pangea Properties completed a full renovation of the building, adding community amenities such as an on-site laundry room and a phone entry intercom system.
- 801 E. Drexel Square / Hyde Park – Winner of Good Neighbor Award
Adjacent to Washington Park on East Drexel, this 40-unit building was only partially occupied when Pangea Properties acquired it through a short sale in 2012. Pangea increased the building’s occupancy to more than 90 percent after completing a $1.5 million rehabilitation to the units.
- 1357 N. Homan Ave. / East Humboldt Park – Winner of Good Neighbor Award
A failed condo conversion, this 13-unit property on North Homan was purchased by Pangea Properties in 2013. With approval from the city, Pangea converted this property back into apartments. Due to many structural issues such as fire damage, Pangea invested $500,000 in order to completely rehab and renovate the property
- 1860 S. Komensky Ave. / North Lawndale – Honorable Mention
After being vacant for several years, this 26-unit building became the first rental property in Chicago to be rehabbed through the city’s Multi-Family Tax Increment Finance (TIF) Purchase-Rehab Program. This program provides grant money to developers who convert abandoned and foreclosed properties into livable and affordable housing. In 2013, Pangea Properties purchased this building with TIF Purchase- Rehab assistance and completed a nearly $1.5 million renovation program.