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
PEF Advisors has been quietly assembling a portfolio of preserved affordable senior housing. The firm bought Freedom Village in Homewood in 2023, a similar affordability-focused deal reported by REBusinessOnline. The St. Charles purchase keeps that preservation strategy rolling and is intended to prevent older subsidized properties from drifting out of the affordable housing pool.
PEF Advisors is an affiliate of WNC & Associates and, since 2016, has focused on acquiring and preserving existing affordable housing in high-cost markets, according to an advisory-board announcement posted on PublicNow. The firm did not spell out a specific construction schedule for the upgrades at Carroll Tower, but reiterated that restoring services and tackling deferred maintenance are its first priorities.
