PEF Advisors acquires Carroll Tower Apartments
The 108-unit Carroll Tower Apartments, a Project-Based Section 8 senior community developed in 1984, was at risk of losing affordability restrictions; the transaction extends those restrictions by 20 years.
Takeaways
- Carroll Tower Apartments is a 108-unit affordable senior housing community.
- PEF Advisors and Carroll Tower Apartments are classified as a platform transaction.
- The target serves affordable housing for seniors across St. Charles, IL.
Preservation Equity Fund Advisors has acquired Carroll Tower Apartments, a 108-unit affordable senior housing community in St. Charles, Illinois.
Originally developed in 1984 as a Project-Based Section 8 property, the community was 98.1% occupied at closing and features one-bedroom units averaging 680 square feet.
"This was an important opportunity to preserve affordable housing as it was at risk of losing its affordability restrictions," said Ann Caruana, President and Chief Investment Officer of PEF Advisors.
The firm restructured the transaction to extend affordability by an additional 20 years and plans capital improvements alongside restored resident services.
The acquisition is PEF Advisors' third in the Chicago MSA and the sixth for Preservation Equity Fund 3.
PEF Advisors, an affiliate of WNC & Associates, focuses on preserving existing affordable housing in supply-constrained, high-cost markets.
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