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.
The firm was founded by Albert Goldstein in October 2008. Goldstein also founded CashNetUSA, where he worked for four years. He began his career as an analyst with Deutsche Bank’s leveraged finance and industrial practices.
Pangea did not comment for this story. E.L.K Capital Advisors acted as a financial advisor to the capital raise.
Pangea and its team of more than 50 professionals have already put to work much of its initial $60 million it raised, investing in and managing more than 3,000 units in recent years.
Another source that spoke with peHUB said multiple funds that focus on distressed real estate investments are being prepared by GPs to take advantage of what could become a glut of illiquid and/or bankrupt properties.