A Home For The Holidays
Pangea Properties literally gave just that on Tuesday's The Steve Harvey Show, gifting the Woods family of Chicago a fully furnished two-bedroom apartment with free rent and utilities for an entire year (a total value of $25,000). President Steve Joung (left, with the family and Steve Harvey) says they live and work in the neighborhoods Pangea serves, hearing stories like Yolanda Woods and her sons' all too often. But he was touched by this family of four that was so close to getting on their feet (Yolanda's getting a degree in social work) and hopes the gift is "the extra little push she needs." Steve Harvey was equally moved, offering to pay another year of rent if the oldest son keeps a B average in school.
Pangea's generous gesture (above) matches its mission of acquiring multifamily that needs some extra TLC in working class neighborhoods, Steve says. (He's headed to Colorado today for a ski trip with friends.) Since its inception in 2009, the fast-growing company has now acquired close to 10,000 units in Chicago, Baltimore, and Indianapolis. "We operate in areas where the housing collapse took a harder toll," he tells us. "Supply is somewhat limited, but demand is stronger than ever." Increased competition is pushing prices on distressed assets, but there's always room for heavy value-add. Pangea matches a dollar in purchase price with a dollar in construction, investing in serious mechanical and structural work on all of its units.