Golub, Petiole Acquire Illinois Community

The joint venture will carry out cosmetic improvements to the 492-unit property in Carol Stream.
Lakehaven Apartments. Image courtesy of Golub & Co.

Golub & Co. and Petiole Asset Management have partnered for a third time, acquiring a 492-unit community in Carol Stream, Ill. The joint venture purchased the property from Lakehaven Apartments LLC for an undisclosed price.

Located at 732 Bluff St., Lakehaven Apartments is more than 95 percent occupied, Adam Short, Golub & Co.’s senior vice president of acquisitions told Multi-Housing News. The units are spread across 41 buildings and come in one-, two- and three-bedroom floorplans that range in size from 700 to 1,110 square feet with an average of 868 square feet. The community’s amenities include a clubhouse, pool, fitness room and dog park.

The joint venture was represented in-house by Golub & Co.’s Short, Ania Najder and Kristin Nason alongside Petiole’s Chris Lord. The seller was represented by JLL’s Marty O’Connell, Danny Kaufman, Wick Kirby and Kevin Girard.

With new ownership, Golub & Co. has also taken over property management and leasing at Lakehaven, which was built in 1984. Short said in prepared remarks that the community recently underwent a repositioning program for its units and amenities. Short also told MHN that the community will also undergo cosmetic improvements to modernize the units.

PARTNERING UP FOR PROJECTS

Michael Newman, president & CEO of Golub & Co., said in prepared remarks that the Lakehaven community had value-add potential and was located in a market with strong fundamentals. The acquisition was the first residential joint venture between Golub & Co. and Petiole, but the companies have partnered for two other acquisitions of office properties.

On its own, Golub & Co.’s portfolio includes commercial, residential and mixed-use projects in Chicago, Minneapolis, Denver and South Florida. With a majority of its portfolio in Illinois, Golub & Co. previously partnered with other companies to acquire Chicago communities, including the 280-unit Chestnut Place and the 306-unit One East Delaware