Preservation Equity Fund Advisors (PEF Advisors), a real estate private equity firm focused on preserving existing affordable housing in high-cost markets, has acquired Carroll Tower, a 108-unit affordable senior housing community in St. Charles, Ill. This represents PEF Advisors’ third acquisition in the greater Chicago Metropolitan Statistical Area (MSA).
Originally developed in 1984 as a Project-Based Section 8 community, Carroll Tower provides affordable housing for residents 62 years of age or older. Located approximately one hour west of Chicago, in one of the region’s most desirable suburban markets, the property helps meet the growing demand for affordable senior housing in Kane County, where rising housing costs continue to outpace supply.
The property consists of a six-story residential building situated along the Fox River in the heart of historic downtown St. Charles, adjacent to the Hotel Baker. Carroll Tower features 108 one-bedroom units averagin
