Preservation Equity Fund Advisors (PEF Advisors) has taken over Carroll Tower, a six-story affordable senior housing building in downtown St. Charles. The 108-unit, mostly one-bedroom community along the Fox River is now part of a preservation-focused fund that says it will pour money into repairs and keep rents affordable for the long haul. The acquisition closed in July 2026, officials said.
Deal Details From PEF
In a release from PR Newswire, PEF Advisors said the purchase is the sixth acquisition for Preservation Equity Fund 3 and the third property it has picked up in the greater Chicago metro area. At closing, Carroll Tower was 98.1 percent occupied. The firm also confirmed it has extended the building’s affordability restrictions by another 20 years.
About Carroll Tower
Property listings show Carroll Tower was built in 1984 and rises six stories with 108 apartments reserved for residents age 62 and older. According to Apartment Finder, the building has long operated as a HUD-affordable seniors community in the heart of downtown St. Charles.
PEF Plans To Fix Deferred Maintenance
PEF says it is planning capital improvements to tackle deferred maintenance and beef up services for residents. “Our first course of business will be to restore services to the residents,” PEF President Ann Caruana said in the company’s announcement via PR Newswire. In other words, fixing what has piled up is at the top of the to-do list.
How This Fits PEF’s Playbook…