CHICAGO-Pangea Properties has bought a 122-unit rental apartment complex at 4901 S. Drexel Blvd. in Kenwood for $4.4 million. A trustee for CMBS investors filed an $8-million foreclosure suit against the courtyard apartment complex in 2008.
Centerline Capital Group Inc., a special servicer based in New York, directed the sale of the Kenwood rental building. The sale price equates to $36,000 per unit. Jon Morgan and David Goss of Chicago-based Interra Realty LLC handled the sale. For the full story, go to Crain's Chicago Business .
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