UHY LLP CPAs Expand Michigan Footprint with Ann Arbor Office

UHY LLP, certified public accountants, with 380 employees in Oakland and Macomb counties, is opening its fourth Michigan office in Ann Arbor. UHY’s first Washtenaw County office will be open for business in a newly renovated suite on East Eisenhower Parkway just minutes away from University of Michigan’s main campus and the Big House.

“Being in Ann Arbor will help us recruit and retain top young talent which will ultimately lead to sustainable growth for our firm for years to come”, said Tom Callan CEO of UHY Advisors MI, Inc. and managing partner of UHY LLP. “The move comes three years after opening our Detroit office and on the heels of the Michigan practice’s 50th anniversary (in 2018), marking another milestone in the development of our firm”.

Jerry Grady, office managing partner of the new Ann Arbor office adds: “We’ve been wanting to do this for quite a while. The time is right, our location is ideal, and our whole team is excited for this new venture. Having a presence in Ann Arbor will allow us to enhance our service capabilities even further and better serve our clients in surrounding areas like Brighton, Chelsea, Dexter, Howell, Jackson, Kalamazoo, Lansing, Saline and Toledo.”

“Ann Arbor is a great choice for our firm,” said Tony Frabotta, CEO of UHY Advisors, Inc., the fourth largest firm in the Great Lakes region. “The opening of the Ann Arbor office carries the tradition of continued growth and will be the fourth office in the country opened this year.”


About UHY LLP
UHY LLP, a licensed CPA firm, provides audit and other attest services to publicly traded, privately owned and nonprofit organizations in a number of industry sectors. UHY Advisors provides tax and advisory services to entrepreneurial and other organizations, principally those enterprises in the dynamic middle market.

UHY LLP, operating in an alternative practice structure with UHY Advisors, forms one of the largest professional services firms in the US. While that scale might provide confidence for some clients, others tell us our greatest value is the way we bring these resources to bear to help address today’s evolving business challenges. It’s a philosophy we call “The Next Level of Service”. To learn more visit www.uhy-us.com.

All of the above entities are members of UHY International (“UHYI”), a worldwide network of independent professional services firms that provide audit, tax and advisory services around the globe. UHYI is ranked among the top international accountancy networks and a proud member in good standing of the Forum of Firms. Collectively, our US operating entities (UHY LLP and UHY Advisors) are the largest independent members of UHYI with significant participation, bringing the power of our international network to serve the individualized needs of our clients.

Forward Detroit Quarterly Results

April–June 2017

The Detroit Regional Chamber’s Forward Detroit strategy programs and initiatives reported the following results for the April to June 2017 quarter.

The Detroit Regional Chamber’s Business Attraction team worked with the Michigan Economic Development Corp., Oakland County and city of Troy to close a deal to bring the North American headquarters for Dutch automotive engineering service firm, VDL Steelweld to the region. The company leased a 50,000 square foot facility in Oakland County, investing $1.22 million in the region and adding 43 new jobs that pay an average of more than $100,000 annually.

Learn more about the Chamber’s Business Attraction efforts. 

 
MICHauto, an initiative of the Chamber, held a Legislative Supplier Fair and Reception and its annual Auto on the Island programming in May at the Mackinac Policy Conference. The fourth annual Supplier Fair and Reception connected more than a dozen suppliers with lawmakers to continue the discussion on the economic impact of suppliers across the state.

Continuing to bring the industry to the forefront of conversations, MICHauto hosted 35 industry CEOs on Mackinac Island for Auto on the Island. The challenges, opportunities, threats and weaknesses facing the automotive and mobility industry were discussed among the CEOs present as well as in a discussion with Gov. Rick Snyder and Mayor Mike Duggan. Automotive stakeholders also participated in an automotive roundtable discussion that focused on human capital in the digital age.

Learn more about MICHauto.

 In spring 2017, the Detroit Drives Degrees (D3) team launched two surveys to increase the Detroit region’s population by putting a greater focus on retaining existing residents and attracting new ones. The surveys resulted in 500 responses that will be used to further build out D3’s talent attraction and retention strategies.

To further communicate D3’s work in talent to a broader audience, Sarah Craft, program manager, sat on a panel for the Detroit Regional Relocation Council Quarterly Business Meeting, where she informed 50 national relocation professionals on Detroit’s assets and appeal. Additional panelists included: University Moving Storage’s Ben Cross; Center City Properties’ Michael Martorelli; Quicken Loans’ Dan Ngoyi; and Hall & Hunter’s Amy Zimmer.

At the May D3 Leadership Council meeting, the team brought together education experts from Cleveland to talk to the Council’s representatives in higher education, business, government, philanthropy and the nonprofit sector about a national model proven to improve student success. The goal of the discussion was to understand how Cleveland has successfully increased its educational attainment rate and how a similar model can be implemented in Detroit.

Learn more about Detroit Drives Degrees.

Read more about what the Forward Detroit initiatives accomplished:

Michigan’s Mobility Assets Key Topic of Netherlands Delegation Visit to Detroit

Detroit’s Tech, Automotive Leadership Takes Spotlight During Israel Mission Trip

MICHauto Roundtable: Technology Innovation Will Augment Workforce Transformation

Economic Impact of State’s Auto Suppliers Key Topic at Annual MICHauto Legislative Reception

W.K. Kellogg Foundation Awards $3.5 Million Grant to Detroit Promise to Help Students Pursue Higher Education

Detroit Drives Degrees Gleans Lessons from Higher Education Compact of Greater Cleveland to Increase Local Graduation Rates

Help Detroit Drives Degrees Attract and Retain Talent in Southeast Michigan

MICHauto Supports Student Entrepreneurs in Lear Open Innovation Challenge

US Consumers Pay Customs Duties One Third of Global Average, Finds UHY Study

Consumers in the US benefit from customs duty rates of nearly a third lower than the global average, saving them significant amounts of money, according to a new study by UHY, the international accounting and consultancy network.

UHY found that customs duties in the US are, on average, just 1.3% of the total value of imported goods. The global average is 1.8 percent of the total value of imported goods*.

This means that consumers in the US typically pay comparatively lower prices for goods than consumers in many other parts of the world – including many emerging economies – where costs are pushed up by higher import taxes.

UHY studied customs duties levied by 22 major economies around the world as a percentage of the total value of their imports, as a simple indicator of the impact of a country’s trade barriers.

UHY points out that many regional trade blocs – and in particular NAFTA and the EU – help to keep import tariffs low. Other multi-lateral trade agreements are also under pressure.

For example, the US has signalled it wants to renegotiate the North American Free Trade Agreement (NAFTA) and has abandoned the Trans Pacific Partnership (TPP), throwing the future of both into doubt.

Eric Hananel, of UHY’s US member firm UHY Advisors, comments: “The US’s consumers are enjoying comparatively low goods costs thanks to a light customs duty burden – something the government should be keen to protect.”

“That can be increasingly challenging as globalization comes up against growing protectionism on the part of some other global economies.”

“Maintaining lower import tariffs could actually protect home-grown industries, by adding extra impetus to efforts to stimulate competitiveness and drive innovation. By contrast higher tariffs can significantly distort economies.”

Hananel adds: “Free Trade Agreements are becoming an increasing critical – as well as contentious – policy area.”

“As protectionist moves on the part of some governments are putting some Free Trade Agreements under review, other countries are embracing them with as much enthusiasm as ever, if not more.”

The US is party to 14 reciprocal free trade agreements with 20 countries including Australia, Israel, and South Korea. Additionally, the US has over 250 Foreign-Trade Zones (FTZ) which are equivalent to international free-trade zones, and they are located in all 50 states. Items transported to these zones are exempt from customs duties and can be stored, assembled, used in manufacturing or assembly.

In the US, where protectionism has been rising up the political agenda, raising the possibility that higher import duties may be levied, customs duties are currently worth just 1.3% of the value of imported goods. This compares to 1.8% in China.

Eric Hananel continues: “President Trump is a strong advocate of protectionism and made international trade agreements an election campaign issue. He has softened his stance on NAFTA and has indicated that he will look to renegotiate the deal instead of outright withdrawal.”

In the UK, where Brexit is also creating uncertainty over the future of UK trade deals, customs duties are currently just 0.5% of the value of imports.

European countries generally impose comparatively low rates – the European average is 0.4% – so British consumers could be at a significant disadvantage if the UK fails to keep duties at a similar level on leaving the EU.

Bangladesh has the highest customs duties as a proportion of total imports of any country in the study at 12.1%.

Amount of customs duties collected as a percentage of the value of total imports

Country Customs duties
collected (USD billion) Value of
total imports
(USD billion) Customs duties
collected as %
of total imports
Bangladesh $5.48 $45.33 12.1%
Israel $0.79 $8.29 9.5%
Mexico $35.49 $427.63 8.3%
The Philippines $7.40 $90.12 8.2%
Brazil $18.59 $243.12 7.6%
Pakistan $3.33 $47.53 7.0%
India $32.58 $491.88 6.6%
Russia $8.48 $182.40** 4.7%
Argentina $2.67 $75.02 3.6%
BRICs $24.19 $740.51 3.3%
Nigeria $2.25 $73.46 3.1%
China $37.11 $2,044.65 1.8%
World $10.13 $562.97 1.8%
United States $34.98 $2,761.52 1.3%
Japan $9.50 $803.57 1.2%
G7 $8.92 $1,072.41 0.8%
Canada $4.11 $528.09 0.8%
Netherlands $3.39 $537.84 0.6%
Spain $1.92 $366.62 0.5%
Croatia $0.12 $23.00 0.5%
Italy $2.37 $491.40 0.5%
United Kingdom $3.86 $836.19 0.5%
Europe $2.50 $570.34 0.4%
Germany $5.47 $1,316.88 0.4%
Poland $0.73 $221.54 0.3%
France $2.13 $769.22 0.3%

*Based on World Bank data – 2015, most recent available year
**Russian Federation Federal Statistics Service, 2015

# # #
About UHY LLP
UHY LLP is a licensed independent CPA firm that performs attest services in an alternative practice structure with UHY Advisors, Inc. and its subsidiary entities. UHY Advisors, Inc. provides tax and business consulting services through wholly owned subsidiary entities that operate under the name of “UHY Advisors.” UHY Advisors, Inc. and its subsidiary entities are not licensed CPA firms. UHY LLP and UHY Advisors, Inc. are US members of Urbach Hacker Young International Limited, a UK company, and form part of the international UHY network of legally independent accounting and consulting firms. “UHY” is the brand name for the UHY international network. Any services described herein are provided by UHY LLP and/or UHY Advisors (as the case may be) and not by UHY or any other member firm of UHY. Neither UHY nor any member of UHY has any liability for services provided by other members.

About UHY, the network
Established in 1986 and based in London, UK, UHY is a network of independent audit, accounting, tax and consulting firms with offices in over 296 major business centers across more than 90 countries. Our staff members, over 7,660 strong, are proud to be part of the 16th largest international accounting and consultancy network. Each member of UHY is a legally separate and independent firm. For further information on UHY please go to www.uhy.com.

UHY press contact: Dominique Maeremans on +44 20 7767 2621 Email: d.maeremans@uhy.com.

UHY is a full member of the Forum of Firms, an association of international networks of accounting firms. For additional information on the Forum of Firms, visit www.forumoffirms.org.

UHY is an international association of independent accounting and consultancy firms, whose organizing body is Urbach Hacker Young International Limited, a UK company. Each member of UHY is a separate and independent firm. Services to clients are provided by the UHY member firms and not by Urbach Hacker Young International Limited. Neither Urbach Hacker Young International Limited nor any member of UHY has any liability for services provided by other members.

US Powers Ahead in Capital Investment, Strengthening Future Growth Prospects

The US is powering ahead of the world average in terms of capital investment in its economy’s business resources and public infrastructure, strengthening its future growth prospects, reveals a new study by UHY, the international accounting and consultancy network.

According to UHY, the US has seen capital investment increase by 33% over the last five years* to $3.7 trillion in 2015 (latest figures available), which equates to 20% of its GDP in 2015. The US increase compares favorably against both the global average, which has risen by 21.1% over the same period, and the G7, which has seen a 11% increase.

UHY says higher capital investment levels are an indicator that businesses are positioning themselves to expand capacity, to improve productivity, or to move into new markets by opening new sites. They also reflect governments’ support for growth by improving the transport links, more efficient power generation capacity and other vital infrastructure that businesses rely on.

The UHY study looked at “gross capital formation” – or capital investment – in 41 major economies around the world, measuring trends over a five-year period, and comparing investment levels to a nation’s Gross Domestic Product (GDP).

Gross capital formation measures spending on assets such as IT systems, new equipment and machinery, and investments in infrastructure projects by governments. The UHY study compares it to GDP in order to put it into context against the size of a country’s economy.

UHY says that since the 2016 Presidential election, President Donald Trump has indicated he plans to allocate even more resources to improving the country’s infrastructure.

UHY says that maintaining a high level of investment in infrastructure is critical, as the US Department of Transportation estimates that more than two thirds of roads in the US are in “less than good condition,” and that nearly 150,000 bridges need repair.

By contrast, European countries on average have seen capital investment decrease by 5.5%.

The G7 is also seeing a slower rate of increase than the global average, raising capital investment by an average of 11.1% over a five-year period. However, the average amount invested by G7 economies is still substantial – at over $1 trillion in 2015 (or 20.7% of GDP).

At the top of the table, China has increased capital investment by 73% to $5 trillion – equivalent to 45% of its GDP. UHY says that China’s extremely high levels of investment in recent years have helped underpin its long run of robust growth, which remains comparatively high, at 6.9% in 2015**.

Alongside a wide range of major public infrastructure projects helping improve productivity and competitiveness, businesses in China have been rapidly expanding capacity and investing in innovation to strengthen their position in the global marketplace.

Comments Dennis Petri, Managing Director at UHY Advisors: “Capital investment is vital in paving the way for economic growth, and the US is actively taking steps to stay ahead.”

“The US is outpacing a range of both developed and emerging economies. While in many developed economies, businesses’ and governments’ ability to invest was hit by recession, activity in the US has remained far more robust.”

“Companies in the US have positioned themselves for growth by allocating more capital to investment projects as they sharpen their competitive edge.”

“It’s critical that the government continues to pro-actively support business investment, especially by enacting measures to help small businesses, such as grants for start-ups or tax breaks for R&D or capex.”

“The US Department of Transportation has had its own say on the state of American infrastructure, so it is important that the government maintains its commitment to spend on its infrastructure, while also providing incentives for businesses to do the same.”

Table 1: Gross Capital Formation – change since 2010

Rank Country 2015 GCF
(USD billion) % change
since 2010
1 Bangladesh $56.4 86.2%
2 China $5,027.2 73.1%
3 Rep. of Ireland $61.4 60.4%
4 Pakistan $42.0 49.6%
5 Zambia $9.1 49.5%
6 Guatemala $8.6 48.7%
7 Philippines $60.1 46.6%
– BRIC average $1,574.0 42.9%
8 Israel $59.7 38.1%
9 Uruguay $10.6 35.5%
10 USA $3,670.0 33.3%
11 UAE $101.7 29.9%
12 Peru $45.4 29.6%
13 UK $502.7 29.5%
14 Vietnam $53.6 29.5%
15 Argentina $98.3 25.9%
16 Malaysia $74.3 24.6%
– ASEAN average $74.5 22.1%
– World average $364.2 21.1%
17 Indonesia $297.9 20.0%
18 Malta $2.4 17.5%
19 Singapore $77.0 16.8%
20 Nigeria $74.5 16.8%
21 Australia $356.0 13.1%
22 Mexico $260.0 12.1%
23 Egypt $47.5 11.4%
– G7 average $1,012.1 11.1%
24 Thailand $95.3 10.2%
25 Germany $599.8 3.3%
26 Romania $45.5 1.0%
27 India $678.2 0.7%
28 Denmark $57.8 -1.9%
29 Canada $366.4 -3.5%
30 Belgium $105.6 -3.7%
31 Poland $97.5 -4.5%
– Europe average $187.0 -5.5%
32 France $540.9 -6.7%
33 Czech Republic $50.7 -10.0%
34 Japan $1,047.9 -13.7%
35 Netherlands $144.6 -15.3%
36 Russia $276.1 -19.9%
37 Spain $247.7 -26.5%
38 Italy $309.5 -29.1%
39 Croatia $8.9 -30.1%
40 Brazil $314.3 -34.7%
41 Portugal $30.3 -39.8%

Table 2: Gross Capital Formation – as a percentage of Gross Domestic Product (GDP)

Rank Country 2015 GCF
(USD billion) % of GDP
1 China $5,027.2 45.0%
2 Zambia $9.1 41.3%
– BRIC average $1,574.0 38.5%
3 Indonesia $297.9 34.7%
4 India $678.2 32.7%
5 Australia $356.0 29.1%
– ASEAN average $74.5 28.3%
6 Vietnam $53.6 28.0%
7 UAE $101.7 27.5%
8 Czech Republic $50.7 27.4%
9 Bangladesh $56.4 27.3%
10 Singapore $77.0 26.3%
– World average $364.2 25.7%
11 Romania $45.5 25.6%
12 Japan $1,047.9 25.4%
13 Malaysia $74.3 25.1%
14 Malta $2.4 24.9%
15 Thailand $95.3 24.1%
16 Peru $45.4 23.6%
17 Canada $366.4 23.6%
18 Belgium $105.6 23.3%
19 Mexico $260.0 22.7%
20 France $540.9 22.4%
21 Rep. of Ireland $61.4 21.7%
22 Russia $276.1 20.8%
– G7 average $1,005.3 20.7%
23 Philippines $60.1 20.6%
24 Poland $97.5 20.5%
25 USA $3,670.0 20.3%
26 Israel $59.7 19.9%
27 Uruguay $10.6 19.9%
28 Denmark $57.8 19.6%
29 Netherlands $144.6 19.5%
– Europe average $187.0 19.3%
30 Germany $599.8 18.8%
31 Croatia $8.9 18.2%
32 Spain $247.7 17.9%
33 Brazil $314.3 17.7%
34 UK $502.7 17.6%
35 Italy $309.5 17.0%
36 Argentina $98.3 15.6%
37 Pakistan $42.0 15.5%
38 Portugal $30.3 15.2%
39 Nigeria $74.5 15.1%
40 Egypt $47.5 14.4%
41 Guatemala $8.6 13.4%

*2010-2015 Gross Capital Formation. Source: World Bank & German Statistical Office
**Source: World Bank

About UHY LLP

UHY LLP is a licensed independent CPA firm that performs attest services in an alternative practice structure with UHY Advisors, Inc. and its subsidiary entities. UHY Advisors, Inc. provides tax and business consulting services through wholly owned subsidiary entities that operate under the name of “UHY Advisors.” UHY Advisors, Inc. and its subsidiary entities are not licensed CPA firms. UHY LLP and UHY Advisors, Inc. are US members of Urbach Hacker Young International Limited, a UK company, and form part of the international UHY network of legally independent accounting and consulting firms. “UHY” is the brand name for the UHY international network. Any services described herein are provided by UHY LLP and/or UHY Advisors (as the case may be) and not by UHY or any other member firm of UHY. Neither UHY nor any member of UHY has any liability for services provided by other members.

About UHY, the network

Established in 1986 and based in London, UK, UHY is a network of independent audit, accounting, tax and consulting firms with offices in over 296 major business centers across more than 90 countries. Our staff members, over 7,660 strong, are proud to be part of the 16th largest international accounting and consultancy network. Each member of UHY is a legally separate and independent firm. For further information on UHY please go to www.uhy.com.

UHY press contact: Dominique Maeremans on +44 20 7767 2621 Email: d.maeremans@uhy.com.

UHY is a full member of the Forum of Firms, an association of international networks of accounting firms. For additional information on the Forum of Firms, visit www.forumoffirms.org.

UHY is an international association of independent accounting and consultancy firms, whose organizing body is Urbach Hacker Young International Limited, a UK company. Each member of UHY is a separate and independent firm. Services to clients are provided by the UHY member firms and not by Urbach Hacker Young International Limited. Neither Urbach Hacker Young International Limited nor any member of UHY has any liability for services provided by other members.

Michigan Business Delegation Explores Israeli Startup Ecosystem, Cybersecurity Innovation

By Daniel Lai

The Detroit Regional Chamber recently joined 15 organizations across the state for a five-day fact-finding mission on Israel’s booming startup culture and cyber innovation hosted by Deloitte and the Jewish Federation of Metropolitan Detroit.

The mission is part of an ongoing effort to build relationships with key government leaders in the country while also connecting Michigan companies with startups and business accelerators in order to develop collaborative technology solutions to strengthen the state’s leadership in connectivity and next-generation mobility.

In addition to the Chamber, the delegation included representatives from AT&T, ChoiceTel, Consumer Energy, Cornerstone Schools, Crain’s Detroit Business, Downtown Detroit Partnership, General Motors Co., Henry Ford Health System, ITC Holdings Corp., Michigan State Police and The Right Place.

Highlights from the week included:

  • Attending the 2017 CyberTech Conference in Tel Aviv to hear from industry experts in cybersecurity
  • Touring AT&T’s latest innovation center in Raanana, GM’s Advanced Technical Center in Tel Aviv and Israel’s Startup Nation Central, a nonprofit focused on getting innovation in front of leading companies around the world
  • Meeting with Avi Hasson, Israel’s chief scientist
  • Hosting meetings with decision-makers from more than 12 technology companies

Israel has the highest density of tech startups in the world cultivated by highly trained graduates from the military establishment, robust government investment in innovation and STEM education. That public and private synergy is ripe for entrepreneurial growth.

“It is very clear that Israel is a market Michigan must have a close relationship with not only because of the volume, but also the quality of innovation taking place. They have a culture that asks partners, ‘bring us your problems’ – and there are no shortage of challenges in delivering autonomous driving to the world,” said Justin Robinson, the Chamber’s vice president of business attraction.

“The Chamber and MICHauto are committed to further enhancing the connections between our established automotive industry and venture capital community with the technology ecosystem in Israel. Doing so will be a win-win for both of our communities,” he added.

Daniel Lai is a communications specialist and copywriter at the Detroit Regional Chamber. 

Economic Developers Find Collaborative Solutions for Regional Investment at MEDA Conference

This past August, 160 economic developers from across the state came together to discuss key issues impacting business development at the Michigan Economic Developers Association (MEDA) annual conference in Detroit. The conference was chaired by Maureen Krauss, senior advisor of economic development for the Detroit Regional Chamber. Discussions revolved around aging infrastructure, repurposing real estate, the auto industry, and community development.

It’s at the conference where relationships among economic developers are often built and cultivated.

“When you can get a wide range of people with diverse projects and communities in one room sharing what works and what doesn’t work for potential investors looking to expand in Michigan, that knowledge is invaluable. Everyone wins,” Krauss said.

The Conference also offered the opportunity to showcase Detroit and the auto industry’s comeback, with tours of the city and keynote speeches by Mayor Mike Duggan and Detroit Economic Growth Corp. President Rodrick Miller.

“Whether you are from Troy or Marquette or Holland, inevitably you are asked about what’s happening in Detroit from investors and site selectors,” Krauss said.

As a regional convener, the conference is only one part of the Chamber’s collaborative work with developers, private and public partners, and government leaders. With the competition for talent, jobs and investment showing no signs of slowing, Krauss said the Chamber is often called upon to be the “go to” source for everything from labor statistics and graduation rates to available office and retail space. A large component of that collaboration also takes place at the local, state and federal level when key legislation impacts business development.

An example of this, Krauss said, was a recent advocacy effort between the Chamber, Grand Rapids-based The Right Place and the Michigan Economic Development Corp. (MEDC) that eventually led to the passage of a series of bills in the state Legislature that exempt data centers from sales and use taxes. The legislation helped pave the way for more high-tech job creation. Most notably, it was a key catalyst for Switch, a Las Vegas-based company, that announced plans to expand its operations in Michigan, adding $5 billion in investment and 1,000 new jobs.

“You are always impactful when you act with one voice,” Krauss said, adding that the Chamber is currently working with partners to address proposed changes governing state tax increment financing (TIF) regulations and brownfields across the state.

Another positive example is the collaboration with the MEDC and Gov. Rick Snyder on investment missions overseas. Krauss said the Chamber often serves as a lead partner due to the depth of knowledge and diversity of opportunity in Southeast Michigan. Last year alone, the Chamber and its partners helped attract over $80 million and over 500 jobs to the region. Notable projects included YFS Automotive Systems investment of $26.9 million in Wayne County.

For more information on Forward Detroit, contact Marnita Hamilton at 313.596.0310. To view a full list of investors and past Investor Exclusive content, visit our Investor Resources page. For more information on Business Attraction, contact Justin Robinson at 313.596.0352.

Princeton Enterprises Acquires Rivercrest Arms Apartments

Bloomfield Hills, Mich., April 15, 2015 — Princeton Enterprises, a privately held real estate investment company based in Bloomfield Hills, Mich. is pleased to announce the purchase of Rivercrest Arms Apartments located in Clinton Township, Mich.

In a transaction that closed on April 9, 2015, Princeton acquired the 200 unit garden style apartment community with the assistance of Peter Jankowski of CORE Partners, who brokered the transaction on behalf of a private seller.

Rivercrest Arms Apartments offers larger than average studio, one and two bedroom apartment homes featuring renovated and spacious kitchens with separate dining areas, wall-to-wall closets, additional storage, central heat and air conditioning, patio or balcony, window treatments, and more. The community amenities include an outdoor swimming pool, ample parking, locked building entrances, and laundry facilities in each building.

Located off Metropolitan Parkway, Rivercrest Arms is just minutes from Lake Saint Clair and Metro Beach Metropark which features numerous beaches, marinas, and boat launches; an 18-hole golf course; fitness trails; a nature study area and nature center; numerous parks and other activities; an Olympic-sized swimming pool with diving boards and water slides; and a paved walking, biking, and skating trail along picturesque Lake Saint Clair. Rivercrest Arms is only minutes from Selfridge Air National Guard Base, local golf courses, shopping, dining, and entertainment venues, as well as
Interstates 94, 75, 696, and M-59.

“The location of Rivercrest Arms, on Metropolitan Parkway between Gratiot and Harper, is in a very strong multifamily housing market and will be an excellent addition to our other eastside communities,” commented Matt Lester, Founder and Chief Executive Officer of Princeton Enterprises. “We are pleased to have acquired this well maintained asset from the family that originally owned and built the property.”

For additional information on this announcement or Princeton Enterprises, please contact Michele Dreer at (248) 683-2500 or m.dreer@prinmgmt.com.

About Princeton Enterprises:

Princeton Enterprises, L.L.C. located in Bloomfield Hills, Mich., is a premier real estate acquisition, development, and property management company that enjoys one of the finest reputations for successfully acquiring, repositioning and operating a diverse portfolio of real estate assets including multifamily housing, office, storage, and other commercial facilities. Founded in 1994 by Matthew B. Lester, the company has acquired 115 properties with an aggregate value of $1 Billion and has grown to more than 575 employees and nearly 20,000 individual apartment units in Alabama, Florida, Georgia, Indiana, Kentucky, Michigan, Missouri, North Carolina, Ohio, and South Carolina.

Welcome to Detroit

Business Attraction welcomes Midwest German American Chamber to Detroit
Page 54
The Detroit Regional Chamber’s Business Attraction team officially welcomed the German American Chamber of Commerce of the Midwest (GACC Midwest) as it opened a new office in Detroit in early September. The Business Attraction team worked closely with GACC Midwest in bringing them to Detroit as they pursued an additional office in the region in response to strong investment and increased interest by German-American companies, particularly in the automotive industry.

“We’re thrilled to welcome our friends at GACC Midwest to Detroit,” said Maureen Krauss, the Detroit Regional Chamber’s vice president of economic development-business attraction. “The Detroit region has everything global companies need to grow and expand. With the synergies between the economies of Germany and Michigan, particularly in the auto industry, this partnership will increase business and investment by German companies in our region.”

The new office will be located within the Chamber’s facilities at One Woodward, and will provide services to companies that are in the process of expanding their transatlantic trade and investment in Michigan and the region. The Detroiter caught up with Simone Pohl, president and CEO of GACC Midwest, to discuss the opening of the new office.

Why did you select Detroit for your new office?
The state has long been a target for German investment – more than 360 German companies already have operations in the state – and German companies are highly interested in doing business here, especially with the resurgent U.S. automotive industry. There is increasing investment by German-American companies in the Michigan area, and we have received an increasing number of inquiries from German companies interested in the U.S. and Midwest in general, and also in Michigan.

All the recent news, for example, Michigan topping the list of states that are creating the most manufacturing jobs according to the Bureau of Labor Statistics, just reinforces that we are doing the right thing to expand now and expand here. We are thrilled to become even more active in Michigan. Sharing the new office space with the Detroit Regional Chamber is a great opportunity, as there are a number of synergies between our respective missions. We look forward to fostering growth in Michigan and the entire region.

How will your office in Detroit be utilized?
The primary role of the new office will be to provide services to companies that are in the process of expanding their transatlantic trade and investment in Michigan and the region. This includes market research, business partner identification, providing virtual offices in early stages of market entry, site selection for production facilities, and other services that have been traditionally supported from our
headquarters in Chicago.

What type of industries in Germany are expressing interest in doing business here in Michigan and the U.S.?
We see a lot of inquiries from companies from all industries. As our German American Business Outlook 2013 identified, German companies are very optimistic when it comes to investing further. We receive many inquiries in the areas that are traditionally strong in the Midwest, such as machinery and automation, automotive, and food companies as well as food processing technology. Many of our inquiries and projects in Michigan are auto-related; however, we have the privilege of working with companies in a wide range of industries. For example, we’re proud to have worked with Hark Orchids on their search for their new orchid-propagation facility in Kalamazoo.

What perception do investors and site selectors in Germany have of Detroit?
There’s still a lot of work to be done, but the good news is that companies involved in automotive engineering, research and development often already know about the region’s importance and its recovery over the past years. The headlines in the U.S. are slowly starting to catch up with all the great things happening in Southeast Michigan, and now we’re working on the German headlines as well.

Did Detroit’s bankruptcy impact your view of the opportunities here in Michigan and the Midwest?
We are really looking at the big picture and all the great things happening in Michigan and throughout the Midwest. The entire region has really seen a resurgence in the past few years – four of the top five states creating new manufacturing jobs are located in the region. That really speaks to the strength of our region and makes it even more attractive for German companies that traditionally invest in regions with strong manufacturing fundamentals. In short, our assumption is that the outcome will be a more dynamic, vibrant region, which attracts even more international companies.

For more information on the German American Chamber of Commerce Midwest Detroit office, contact Dieter Lehnert 313.596.0399.