Scoop: Pangea Equity Bets Housing Crisis Still Not Over
Pangea Equity Partners, the Illinois fund that has been acquiring distressed multi-family real estate in the Midwest, has packed another $80 million into its coffers as it prepares to look at additional investment opportunities, a source told peHUB. The latest REIT add-on comes as the U.S. economy faces unstable vital signs and as the American property market continues to tread water. Now, with its add-on REIT recently closed, the private REIT will begin buying up more distressed properties in the Chicago area, and may fan out even further than prior efforts have taken it. The investment firm operates Pangea Real Estate, a building manager. Pangea makes investments in the distressed residential multi-family real estate market, targeting affordable housing and bolstering operations with proprietary call center technology...
