CHICAGO, May 6, 2021 /PRNewswire/ — 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.
Vice President, Marketing & Communications
Golub & Company
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SOURCE Golub & Company