NEW YORK, Aug. 12, 2015 /PRNewswire/ -- Pangea Properties, a Chicago-based private REIT involved in the acquisition, rehabilitation and improvement of multi-family residential properties in several cities across the U.S., today announced its recognition as no. 1328 on the Inc. 5000 list for America's Fastest Growing Private Companies. This is Pangea Properties' third consecutive year making the list following rankings of 42 and 720 in 2013 and 2014 respectively.
The Inc. 5000 list, now in its 34th year, is a comprehensive catalog of America's fastest growing private companies. The list is ranked according to percentage of revenue growth over a three-year period. Additional criteria include being U.S.-based, privately held, and independent as of December 31st of the year prior to the list. Revenue for the company's initial year needs to have been at least $200,000, while revenue in the most recent year needs to have exceeded $2 million. Pangea Properties qualified for the list, posting a 314 percent increase over a three year period, netting nearly $69 million in revenue in 2014.
"We are very excited to have made it onto the Inc. 5000 list for the third year in row, which acknowledges our continued rapid growth and expansion in the industry," says Steve Joung, CEO of Pangea Properties. "Being included on such a prominent list of impressive companies is a testament to the unbelievable work of the whole team and is a real source of pride for us at Pangea Properties. We look forward to continuing this momentum through expansion into additional markets in the months ahead."
Since the company's founding in 2009, it has grown tremendously due to its unique and highly scalable business model which allows Pangea to provide quality, affordable homes for the low to middle income market. Pangea, which specifically focuses on scattered site, urban workforce housing, owns and manages over 11,000 units in Chicago, Indianapolis and Baltimore and provides an unparalleled level of personal service, care and attention to all of its residents. The company has tapped a segment of the market that's traditionally ignored by larger private institutions and public REITs and has turned it into a profitable and successful business that caters to the needs of the largest rental class in the U.S.
About Pangea Properties:
Pangea Properties is a private real estate investment trust (REIT) targeting the distressed residential multi-family real estate market. Pangea was founded in 2008 with the mission to bring service, value and care to its residents. The unique REIT serves as both the property owner and the building manager, utilizing a call center to support the high bar for service and scalability. Today, Pangea has invested over $250 million into 10,000+ apartment units throughout Chicago, Indianapolis and Baltimore, with the goal of continuing to expand within current markets as well as into new markets.
SOURCE Pangea Properties