PEF Advisors Acquires Carroll Tower Apartments in St. Charles, Ill.

The 108-unit property preserves affordable housing for seniors in Chicago, Ill. MSA

ST. CHARLES, Ill., July 14, 2026 /PRNewswire/ -- Preservation Equity Fund Advisors, LLC (PEF Advisors), a real estate private equity firm focused on preserving existing affordable housing in high-cost markets, today announced the acquisition of Carroll Tower, a 108-unit affordable senior housing community in St. Charles, Illinois. This represents PEF Advisors' third acquisition in the greater Chicago 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 scenic Fox River in the heart of historic downtown St. Charles, adjacent to the iconic Hotel Baker. Carroll Tower features 108 one-bedroom units averaging 680 square feet. The property boasts several amenities including a community room, food pantry, laundry facilities, outdoor parking and elevator access, while also benefiting from walking distance to grocery stores, restaurants, retail and healthcare services. As of closing, the property was 98.1% occupied.

PEF Advisors plans to invest in capital improvements that will enhance the property, address deferred maintenance, and preserve Carroll Tower as a high-quality affordable housing community for current and future residents.

"This was an important opportunity to preserve affordable housing as it was at risk of losing its affordability restrictions," said Ann Caruana, President and Chief Investment Officer of PEF Advisors. "By restructuring the transaction and applying for a mark-up-to-market on the Section 8 contract during escrow, we were able to extend the affordability an additional 20 years." 

Caruana continued, "Our first course of business will be to restore services to the residents."

Carroll Tower closed in July 2026 and represents PEF Advisors' sixth acquisition for Preservation Equity Fund 3, continuing the firm's strategy of acquiring and preserving existing affordable housing in supply-constrained, high-cost markets across the United States.

About Preservation Equity Fund Advisors, LLC
Since 2016, Preservation Equity Fund Advisors, LLC (PEF Advisors) has focused on acquiring and preserving existing affordable housing in high-cost markets through private equity funding. PEF Advisors is an affiliate of the WNC & Associates, Inc. (WNC) family of companies with access to WNC's more than 55 years of experience in acquiring more than 121,000 units representing $21.8 billion in affordable housing nationwide, primarily through tax credit and/or preservation equity strategies.

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SOURCE PEF Advisors