Home News Pangea Properties selling Chicago apartment portfolio to Emerald Empire

Pangea Properties selling Chicago apartment portfolio to Emerald Empire

by admin
0 comment

The deal will bring significant benefits to Pangea and its investors, allowing them to benefit from the portfolio that the company led by founder Al Goldstein began amassing during the darkest days of the Great Recession. Pangea acquired low-cost housing in low-income areas, mainly in the south and west. It eventually expanded beyond Chicago to Indianapolis and Baltimore.

Pangea’s property holdings include a 172-unit property at 5501 W. Washington Blvd., a 154-unit building at 13330 S. Indiana Ave., and a 25-unit building at 5300 S. Michigan Ave.

“Emerald has been impressed with Pangea’s operations and long-term strategy for some time,” Emerald principal Moshe Wexler said in an email. Emerald said in May that he agreed to purchase Pangea’s Chicago property, according to an email. The transaction has not yet been completed.

Real Deal Chicago was the first to report news of the sale.

Pangea is part of an immigrant success story featuring Goldstein. Born in Uzbekistan, Goldstein moved with his family to the United States when he was eight and settled in Skokie. After graduating from his University of Illinois at Urbana-Champaign and working in investment banking, in 2006 he launched his Payday online loan company CashNet USA, which he sold for $265 million.

Given CashNet’s customer base, it was only natural for Goldstein and his partners to branch out into low-income housing.

“That was the draw” Goldstein told Crain’s in 2012. “We understood the demographics, so we believed we could create value there.”

Goldstein then founded Avant, an online lender and credit card company. Recently Raised $250 Million with debt and preferred stock. In 2019, it also established an investor group that included Goldstein New Lake Capital Partners, Cannabis-oriented real estate company.

Pangea says it is improving some of the city’s poorest neighborhoods by fixing housing stock, but the company has faced criticism from housing advocates.and litigation-for that reason eviction practices and violating building codes.

“Pangea was founded in 2009 and has since built a company that employs nearly 500 people and works tirelessly to improve the lives of millions of people in the communities we serve. Pangea CEO Peter Marty said in an email.

Based in Chestnut Ridge, New York, Emerald already has a small presence in Chicago. This includes a 69-unit building at 5036 N. Sheridan Road and a 37-unit property at 1716 W. North Shore Ave.

You may also like