Extensive renovations on two South Shore Apartment Buildings by Pangea Properties in Chicago have been completed. Both apartment buildings are located in Chicago’s South Shore neighborhood and were acquired by Pangea from the Better Housing Foundation (BHF) in July 2020. These properties consist of an 18-unit apartment building positioned at 2050 E 72nd Place and another 31-unit apartment building at 7800 S South Shore Dr.
A complete overhaul of the two South Shore Apartment Buildings
When the 281-unit BHF portfolio was first acquired by Pangea last summer, there were hundreds of code violations and only six units within the 2050 E 72nd Place were occupied. But after the acquisition and the renovations on the Two South Shore Apartment Buildings began, all the existing vacant units were upgraded without affecting the existing tenants. The renovations for the 18- unit apartment building at 2050 E 72nd Place required total rebuilding and replacement of several features such as the shared spaces, newly painted walls, carpet, emergency lighting, intercoms, steel entrance doors and the full buildout of a new laundry facility. Several repairs were also completed on exterior features of the 18- unit apartment building which include new brick mortar work, gutters and lintels, as well as a new roof.
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Among the Two South Shore Apartment Buildings by Pangea, the 31-unit apartment building, was the building in the worst condition before Pangea’s acquisition. It had been vandalized and completely boarded up and required thorough renovations to become habitable. The exterior renovations for this property included new lintels and spot tuckpointing, graffiti removal and installation of a new gate to secure the parking lot. On the inside of the building, the renovations included the replacement of the outdated boiler and radiators, with a more efficient electric baseboard system; and upgrading of the building’s electrical service and plumbing lines. All units at the 7800 S South Shore Dr. property were upgraded with new doors and vinyl plank flooring was used throughout. They were also furnished with high end finishes which include granite countertops, stainless steel appliances, modern cabinetry and multifunctional faucets in the kitchens. The bathrooms were completely remodeled and refitted as well to include designer large-format tiles, new toilets and new shaker vanities.
An Acquisitions team member at Pangea Properties, Ryan Perk shed more insight on the development of the Two South Shore Apartment Buildings. He explained that when the firm initially took over the property there were major deferred maintenance items and most of the vacant units had been rendered unrentable. Perk said, “We worked closely with the city to get the building, which had suffered years of neglect, back online as safely and quickly as possible.”
