492-Unit, Garden-Style Apartment Community Features Resort-Style Amenities
CHICAGO – May 4, 2021 – Golub & Company and Petiole
Asset Management have 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.”
About Golub & Company
Since
its in 1960, with three generations of professionals working in the business,
Golub & Company has built a strong reputation as a trusted co-investor and
developer with its many institutional and private capital partners. It’s a
reputation based on track record; Golub and its affiliates have owned, leased
or managed more than 50 million square feet of commercial, mixed-use and multifamily real
estate properties, including 45,000 residential units, valued in excess of $10
billion located across the United States and internationally. Access more
information by visiting www.golubandcompany.com.
About
Petiole Asset Management
Petiole
Asset Management, previously operating as The Family Office (TFO), is a
boutique asset manager that provides investors diversified investment programs
targeting direct and co-investment transactions with $2 billion in AUM. Our
clients benefit from tailored alternative solutions, a rigorous investment
process and a dedicated team specialized in private market investments.
Petiole USA Limited, operating out of the New York office, targets value-add
and core-plus real estate acquisition opportunities in addition to real estate
debt and structure equity opportunities. The team has acquired 12,000
multifamily units and 4.4 million square feet of U.S. real estate in the past
decade. Access more information by visiting www.petiole.com.