Princeton Enterprises Acquires Chestnut Court Apartments

Bloomfield Hills, Mich., September 1, 2015 — Princeton Enterprises, a privately held real estate investment company based in Bloomfield Hills, Mich. is pleased to announce the purchase of Chestnut Court Apartments located in Wayne, Mich. in a transaction that closed on August 31, 2015.

The acquisition closed with the assistance of Gordan Navarre, Earl Elliot and Christopher Futo from the Detroit, Michigan office of Marcus & Millichap, whom brokered the transaction on behalf of the sellers Hayman Company Real Estate Investment Services.

Chestnut Court is an 82 unit multifamily residential apartment community built in 1999. The property offers 1 and 2 bedroom apartment homes with fully equipped kitchens, open floor plans, private entrances, and laundry rooms with full size washers and dryers. The community offers residents a pet friendly atmosphere with a state of the art fitness room, large sparkling swimming pool and an outdoor grill area. Residents will benefit from on-site management and 24 hour emergency maintenance service.

Chestnut Court is conveniently located close to Interstates 275 and 94 providing easy access to the Metro Detroit Area. The community is only minutes from Detroit Metro Airport, William Beaumont Wayne Hospital, many local parks and recreational facilities, across the street from Gateway Golf Club and shopping and dining.

“Chestnut Court has nicely designed architecture, has been well maintained, and is a great location,” commented Matthew B. Lester, Founder and Chief Executive Officer of Princeton Enterprises” The acquisition of Chestnut Court is a welcome addition to our portfolio of properties in Wayne County,”

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, manufactured housing, office, storage, and other commercial facilities. Founded in 1994 by Matthew B. Lester, the company has acquired more than 115 properties with an aggregate value of $1 Billion and has grown to nearly 600 employees and nearly 20,000 individual apartment units in Alabama, Florida, Georgia, Indiana, Kentucky, Michigan, Missouri, North Carolina, Ohio, and South Carolina.

 

PRINCETON ENTERPRISES ACQUIRES OAK TREE VILLAGE APARTMENTS

BLOOMFIELD HILLS, Mich., April 16, 2015 — Princeton Enterprises, a privately held real estate investment company based in Bloomfield Hills, Mich. is pleased to announce the purchase of Oak Tree Village Apartments located in Mt. Pleasant, Mich.

Princeton closed on the 72 unit multifamily apartment community on April 15, 2015 in a transaction brokered by Andy Daitch and Paul Davis from the Detroit, Michigan office of Marcus & Millichap on behalf of the sellers.

Oak Tree Village Apartments offers one and two bedroom garden style apartments and two bedroom townhomes featuring a variety of amenities that may include walk-through kitchens, washer and dryer connections, walk-in closets, additional storage space, private entrances, and basements in the townhomes. The property includes beautifully landscaped grounds, abundant parking, and laundry facilities.

The Oak Tree Village community is located within the borders of the Isabella Indian Reservation, one of the earliest and most historic reservations founded in Michigan. Situated just moments from downtown Mt. Pleasant, which features local dining and shopping destinations; Oak Tree Village is within walking distance of Central Michigan University and the GKB Riverwalk Trail that links five city parks along the Chippewa River. The community is also close to McLaren Health System, Central Michigan campus, Mt. Pleasant Municipal Airport, and US 127 for easy access to Intertate 75.

“Oak Tree Village is a well maintained property that enjoys a good location near downtown Mt. Pleasant,” commented Matt Lester, Founder and Chief Executive Officer of Princeton Enterprises, LLC. “The community is a nice addition to our portfolio and complements the other properties we have in the Mt. Pleasant area.”

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.

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.

Princeton Enterprises Acquires Cityside Apartments

Bloomfield Hills, Mich., February 10, 2015 — Princeton Enterprises, a privately held real estate investment company based in Bloomfield Hills, Mich., is pleased to announce the purchase of Cityside Apartments located in Detroit, Mich. in a transaction that closed on January 21, 2015.

The acquisition closed with the assistance of Andy Daitch and Paul Davis from the Detroit, Michigan office of Marcus & Millichap, whom brokered the transaction on behalf of the sellers.

Cityside Apartments offers 1 and 2 bedroom apartment homes and 2, 3 and 4 bedroom townhomes. Individual apartments feature central heat and air conditioning, spacious kitchens with all appliances, abundant closets, individual monitoring systems, window treatments, and laundry facilities in each building. Townhomes include private entrances, full basements with washer and dryer hook ups, large and open floorplans, 1.5 or 2 bathrooms, central heat and air conditioning, spacious kitchens with all appliances, abundant closets, individual monitoring systems, and window treatments. The property provides its residents with a community clubhouse, parking permits, and an outdoor swimming pool.

Located on the northeast corner of Chene and East Lafayette Streets in the Lafayette Park Neighborhood, Cityside is aptly named for its close proximity to all that downtown Detroit has to offer from shopping and dining districts to sport, entertainment and music venues. Adjacent to Campau Park, Cityside is within walking distance to University of Detroit Mercy School of Law, Elmwood Central Park, William G. Milliken State Park and Harbor, the Dequindre Cut Greenway Trail, the Detroit Riverwalk, and just a short drive from Belle Isle and the Detroit Windsor Tunnel for easy access to Canada.

“Cityside Apartments is a well located housing option for residents of the City of Detroit,” commented Matt Lester, Founder and Chief Executive Officer of Princeton Enterprises. “We are pleased to expand our holdings downtown with this latest acquisition and believe it places us at the forefront of quality housing providers in our great city.”

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.

PRINCETON ENTERPRISES ACQUIRES LANSING TOWER APARTMENTS

BLOOMFIELD HILLS, Mich., October 14, 2014 — Princeton Enterprises[1], a privately held real estate investment company based in Bloomfield Hills, Mich. is pleased to announce the purchase of Lansing Tower Apartments located in Lansing, Mich.

Princeton closed on Lansing Tower Apartments, a 140 unit multifamily apartment community on October 8, 2014 with the assistance of Cary Belovicz from Commercial Property Advisors[2] who brokered the deal on behalf of a private seller.

Built in 1968, Lansing Tower Apartments offers studio, one, two, and three bedroom apartment homes in a metropolitan high rise setting. Significant renovation work is expected to include cosmetic upgrades to the exterior of the building, plumbing improvements, a new swimming pool deck and fitness center, a resident lounge and renovated lobby with a new wifi beverage café. In addition to the above, the building offers a covered parking garage, on-site laundry facilities, and additional storage rooms. Individual apartments feature unique and spacious layouts, oversized windows, spectacular views of downtown Lansing, multiple bathrooms, walk in closets, and select units include dressing rooms and breakfast nooks.

Lansing Tower has spectacular views of the Capitol Building and surrounding area and is within walking distance to Cooley Law School, Lansing Community College, restaurants, shopping and entertainment venues. Located in the heart of downtown Lansing, the property is just a short commute to MSU, the Capital Region International Airport, and numerous parks and nature reserves.

“There are few opportunities in this business to buy a building as well conceived and as well located as Lansing Tower,” commented Matt Lester, Founder and Chief Executive Officer of Princeton Enterprises, LLC. “We are very excited by the resurgent Lansing market and believe that Lansing Tower will once again become a housing destination of choice for people who live and work in the area.”

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. Founded in 1994 by Matthew B. Lester, the company has acquired over 100 properties with an aggregate value of $1 Billion and has grown to more than 525 employees, and nearly 20,000 individual apartment units in Alabama, Florida, Georgia, Indiana, Kentucky, Michigan, Missouri, North Carolina, Ohio, and South Carolina.

About Commercial Property Advisors:
Commercial Property Advisors is your nationally connected, local leader in providing commercial real estate services. We have a network of affiliates to create a unique firm that understands the challenges of our new real estate economy. Our affiliates have helped individual investors and institutions alike in managing their real estate goals and helping them build their wealth.

Princeton Enterprises Sponsors Assemble@Mackinac(ish)

BLOOMFIELD HILLS, Mich., June 3, 2014 — Princeton Enterprises, a privately held real estate investment company based in Bloomfield Hills, Mich. provided the venue on Lake Charlevoix for 50 young Detroit activists to hold a conference as an alternative to the Mackinac Policy Conference which occurred May 27 – 30 on Mackinac Island.

The alternative conference, called Assemble@Mackinac(ish), was structured similar to, and ran concurrent with the Mackinac Policy Conference (MPC), allowed the activists a place to watch the MPC via live stream and discuss issues, ideas, and policies. The assemble was held on the property of Matt Lester, Founder and CEO of Princeton Enterprises, LLC., and provided open land for camping along with a barn outfitted with a TV screen, projector, Internet connection, tables, chairs, and a support staff.

“Assemble@Mackinac(ish) represents a new model for engagements between the grass roots and institutions in Detroit and we think it can instill a new way to rebuild the city together,” Chad Rochkind, co-organizer of ASSEMBLE, said in a statement.

The young activists share many of the same principles as Princeton on how fresh perspectives, ideas, and energy can bring about positive change in the urban center of Detroit. Mackinac(ish) was a way for Princeton to participate and support the young individuals who deserve a voice in the matters that impact the future of the city. The fundamental goal of Assemble@Mackinac(ish) was to connect and unite the existing businesses and community leaders of Detroit with the future leaders of tomorrow. Cross-generational participation is one of the most important ingredients to solving deep problems in our communities and across the city.

“Princeton recognizes there is a generational gap in Detroit and believes that, for the city to become globally competitive, all peer groups must unite and work toward a common goal where people living in Detroit can build their careers, raise a family, and enjoy an unsurpassed quality of life,” commented Matt Lester.

Princeton has a major stake in the future of Detroit. The company owns and manages a number of commercial and residential entities within the city. One of its more recent investments, The Ashley, formerly known as the Milner Hotel, is a mid-rise apartment building in downtown’s Harmonie Park that is scheduled to open by the end of the year.

The creative ideas and decisions made at this conference affects people from every walk of life and every industry, whether it involves urban farming, retail, property management, sporting, financing and so much more. The end result of Assemble@Mackinac(ish) was a successful event in which several new initiatives were formed to increase the on-the-ground energy in Detroit.

Assemble@Mackinac(ish) caught the attention of several media sources, and was noticed by state Senator Carl Levin. Levin made a special appearance to offer his support and encouragement to the young activists. This year’s assemble was limited to 50 participants; however, they hope to increase that number in coming years.

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

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. Founded in 1994 by Matthew B. Lester, the company has grown to more than 525 employees, overseeing 105 properties and 18,500 individual apartment units in Alabama, Florida, Georgia, Indiana, Kentucky, Michigan, Missouri, North Carolina, Ohio, and South Carolina.

 

Princeton Enterprises Acquires Park Terrance Apartments

Bloomfield Hills, Mich., October 10, 2013 —Princeton Enterprises, a privately held real estate investment company based in Bloomfield Hills, Mich. is pleased to announce the purchase of Park Terrace Apartments in Toledo, Ohio.

Princeton purchased the 208 unit garden-style apartment community on September 17, 2013 from Tritex Park Terrace of Atlanta. Tony Plath, from the Toledo offices of Reichle Klein Group, handled the sale on behalf of the sellers.

Park Terrace Apartments provides its residents with superior accommodations that include a clubhouse, fitness center, swimming pool, tennis courts, playground, and laundry facilities. Individual apartment homes feature one or two bedrooms, unique floorplans with island kitchens, oversized closets, and private entries.

Located in south Toledo, Park Terrace is situated along the Tarta bus line and within minutes of Interstates I-80/90, I-475, I-23, numerous country clubs, local shopping, dining, and entertainment venues. Park Terrace is just a short drive to the Swan Creek Preserve Metropark, the Maumee River and the Audubine Islands Nature Preserve, the University of Toledo Medical Center and the University of Toledo Health Campus, the Glass Bowl Stadium, and Fallen Timbers Battlefield.

“We are pleased to add Park Terrace Apartments to our growing Toledo portfolio. The community is very well located and simply put … a pleasant place to live,” commented Matt Lester, Founder and Chief Executive Officer of Princeton Enterprises. “The Toledo apartment market has rebounded nicely through 2013 and all indicators suggest the market will continue to grow, strengthen, and improve throughout the year.”

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

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. Founded in 1994 by Matthew B. Lester, the company has grown to more than 500 employees, overseeing nearly 10 properties and 18,000 individual apartment units in ten states, including Michigan, Ohio, Indiana, Kentucky, Alabama, Georgia, Florida, Missouri, North Carolina and South Carolina.