CHICAGO, IL – Golub & Company and Petiole Asset Management announced a joint venture acquisition of Lakehaven Apartments in Carol Stream, IL, marking the first residential joint venture between the two firms and the third overall. The acquisition closed on April 29, 2021. Golub & Company will provide property management and leasing services effective immediately.
Lakehaven Apartments, located at 732 Bluff Street in Carol Stream, DuPage County, IL, was constructed in 1984 and is the newest apartment community in this mature suburban township. The property, while close to major employers and highways, also benefits from its pastoral setting surrounded by 100 acres of park land and lakes. The 492 apartment homes are spread across 41 buildings and feature a mix of 1-, 2-, and 3-bedroom layouts ranging in size from 700 to 1,100 square feet with an average unit size of 868 square feet. Amenities include a clubhouse, resort-style pool, fitness room and fenced dog park.
Leading the acquisition were Adam Short, Senior Vice President of Acquisitions; Ania Najder, Director of Acquisitions; and Kristin Nason, Regional Portfolio Manager, all from Golub & Company, and Chris Lord, Principal of Petiole Asset Management. The seller, Lakehaven Apartments LLC, was represented by JLL’s Marty O’Connell, Danny Kaufman, Wick Kirby and Kevin Girard.
“Lakehaven has recently undergone an in-unit and amenity repositioning program yet offers new ownership the ability to incrementally improve upon the previously completed program to offer top-quality amenities and unit finishes,” said Short. “From the perspective of the submarket there has been very limited new supply which we believe will bode well for occupancy over the long-term,” he added.
Founded in 1960, Golub & Company is a multi-generational developer, operator and investor of commercial, residential and mixed-use properties. Its current projects are located across core U.S. markets including Chicago, Minneapolis, Denver, and South Florida. Petiole Asset Management AG (formerly The Family Office) is a Zurich-based asset management firm with a track record of managing $2B in alternative investments.
“The value-add potential and strong market fundamentals make this an attractive acquisition opportunity,” said Michael Newman, President and CEO of Golub & Company. “After completing successful office acquisitions of 111 W. Washington Street in the Central Loop and International Tower in the O’Hare market, we are thrilled to partnering once again with Petiole Asset Management on this exciting project.”