A Chicago-based real estate investment trust that wants to rehab up to 3,000 apartments in Baltimore has made its first acquisitions in the city, the company said Wednesday.
Pangea Properties has purchased 42 rental units in three apartment buildings in the Walbrook neighborhood of West Baltimore, according to a statement.
The company declined to provide the purchase price or the buildings' addresses. Pangea would like to keep the locations of the properties confidential until they are ready to rent, said Lizzie Souza, a spokeswoman for the company.
Pangea owns and manages about 5,000 rental units in Chicago and Indianapolis. The Walbrook units are the trust's first properties on the East Coast.
The three-and-a-half-year-old company plans to invest between $50 million and $100 million in multifamily units in Baltimore in the next two years, the statement said.
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