CHARLES, IL – Preservation Equity Fund Advisors (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-tale 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 vital 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. 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.

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MARIETTA, GA – Sagard Real Estate (SRE), a leading U.S.-based real estate investment advisor and subsidiary of Sagard, a global multi-strategy alternative asset management firm, announced the acquisition of Belmont Place, a 326-unit Class A garden-style multifamily community located at 2825 Windy Hill Road Southeast in Marietta, Georgia.
Located in Atlanta s Cumberland/Galleria submarket, the acquisition expands SRE s multifamily portfolio and reflects the firm s continued focus on well-located rental housing communities in established suburban markets with durable demand drivers, strong employment access and favorable long-term fundamentals.
Built in 2004, Belmont Place consists of 12 residential buildings across a low-density 25.75-acre site. The community includes 326 one-, two- and three-bedroom apartment homes averaging approximately 1,055 square feet, along with ample parking. The property is currently 94% occupied.
Residences feature 9-foot ceilings, full-size washers and dryers, plank flooring, granite countertops, stainless steel appliances and private balconies. Community amenities include a resort-style pool, clubhouse, fitness center, game center, remote work lounge, tennis courts, outdoor courtyards and a car wash. SRE plans to pursue a targeted capital improvement program focused on select unit renovations and amenity enhancements.
Belmont Place is located approximately one mile from the I-75/I-285 interchange, 10 miles northwest of downtown Atlanta and 21 miles north of Hartsfield-Jackson Atlanta International Airport. The location provides residents with convenient access to major employment centers across the Atlanta metropolitan area, including Cumberland/Galleria, Buckhead, Midtown, Downtown Atlanta and Central Perimeter.
The surrounding area is supported by strong household demographics and a broad retail and entertainment amenity set. Belmont Place is located within close proximity to Cumberland Mall and The Battery Atlanta, a mixed-use destination anchored by Truist Park, as well as national grocers and retailers including Target, Kroger, Publix, Walmart and Costco.
Belmont Place is a compelling addition to our multifamily portfolio, combining scale, institutional-quality construction and a low-density site in one of Atlanta s most desirable suburban markets, said Matt DiVito, Managing Director, Acquisitions at Sagard Real Estate. The Cumberland/Galleria corridor benefits from strong demographics, deep employment access and limited directly competitive new supply, all of which support our long-term conviction in the property. We believe targeted upgrades will further enhance the resident experience while positioning the community for durable performance.
The acquisition aligns with Sagard Real Estate s strategy of investing in multifamily communities that serve a broad workforce renter base and are positioned to benefit from population growth, employment access, relative affordability and disciplined active management. Belmont Place further expands SRE s residential footprint in the Southeast and reinforces the firm s conviction in high-quality suburban rental housing within large, diversified U.S. growth markets. The transaction was facilitated by CBRE. The investment was made in partnership with McCann Realty Partners and Pegasus Residential. This is the third property managed by Pegasus Residential on behalf of Sagard Real Estate.

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SAN ANTONIO, TX – Avia Equities announced that it has bought Blair at Bitters, a 190 unit garden style multifamily community located in San Antonio, Texas.
The acquisition of Blair at Bitters represents a strategic expansion of Avia s footprint in Central Texas and aligns with the firm s focus on well located, attainable housing in high growth markets. The business plot includes targeted interior and exterior renovations, and upgrades to common areas and amenities, with the goal of enhancing the current and future resident experience while participating in the continued improvement of the San Antonio real estate market.
San Antonio remains one of the country s most dynamic large metros, supported by steady population growth and a diversified employment base in sectors such as healthcare, defense, finance, cybersecurity, and hospitality. In recent years, the metro has added tens of thousands of new residents and maintained an unemployment rate below both the Texas and U.S. averages, reflecting resilient labor market conditions and sustained in migration.
We are excited to add Blair at Bitters to the Avia portfolio and to establish our presence in the San Antonio market, said Mike Mortazavi, Founder of Avia Equities. This community offers strong fundamentals, an brilliant infill location, and a clear value add path through thoughtful renovations and hands on management. We view this acquisition as the first of many investments in San Antonio and look forward to being a long term partner in the city s growth.
Blair at Bitters features a mix of one and two bedroom floor plans, onsite parking, and community amenities consistent with other high quality suburban multifamily properties in the market.
The acquisition was leveraged with Freddie Mac financing.

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