CHICAGO, IL – Golub & Company and Petiole Asset Management announced a joint venture acquisition of Lakehaven Apartments in Carol Stream, IL. This is the first residential real estate joint venture between the two companies and the third overall. The acquisition was completed on April 29, 2021. Golub & Company will offer real estate management and leasing services immediately.
The Lakehaven Apartments at 732 Bluff Street in Carol Stream, DuPage County, IL were built in 1984 and are the newest residential community in this mature suburban community. While the property is close to major employers and highways, it also benefits from its pastoral setting surrounded by 100 acres of parkland and lakes. The 492 condominiums are spread across 41 buildings and offer a mix of 1, 2, and 3 bedroom floor plans 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, exercise room, and an enclosed dog park.
At the head of the acquisition were Adam Short, Senior Vice President of Acquisitions; Ania Najder, Director of Acquisitions; and Kristin Nason, Regional Portfolio Manager, all of Golub & Company, and Chris Lord, Principal of Petiole Asset Management. The seller, Lakehaven Apartments LLC, was represented by Marty O'Connell, Danny Kaufman, Wick Kirby and Kevin Girard of JLL.
"Lakehaven recently went through a unit and amenities repositioning program but is offering new owners the opportunity to gradually improve the previously completed program to offer the highest quality amenities and finishes," said Short. "From a sub-market perspective, there was very limited new offering that we believe will be a good sign of occupancy in the long term," he added.
Golub & Company was founded in 1960 and is a cross-generational developer, operator and investor of commercial, residential and mixed-use properties. Current projects are in major US markets including Chicago, Minneapolis, Denver and South Florida. Petiole Asset Management AG (formerly The Family Office) is a Zurich-based asset management company with a track record of managing alternative investments valued at $ 2 billion.
"The added value and strong fundamentals of the market make this an attractive acquisition opportunity," said Michael Newman, President and CEO of Golub & Company. "After successfully completing office acquisitions at 111 W. Washington Street in the Central Loop and in the International Tower in O & # 39; Hare-Markt, we are delighted to be working with Petiole Asset Management again on this exciting project."