Republican Lawmakers Cornered in Road Funding Debate

March 10, 2019

Crain’s Detroit Business

By: Chad Livengood

Albert Berriz is taking his money elsewhere.

Or, put differently, the CEO of the Ann Arbor-based real estate investment giant McKinley Inc. is taking the firm’s founder Ron Weiser’s money to other states like Florida with pro-growth strategies on transportation investment.

“We’ve actually exited certain parts of Michigan,” Berriz said. “We don’t think people will continue to build there, because the roads just don’t support growth in those communities.”

On the day before Gov. Gretchen Whitmer rolled out an eye-opening $2.5 billion fuel tax increase proposal, Berriz tried to reframe the debate in Lansing to get beyond the dollar-amount focus that has consumed a generation of state leaders.

“All of you are talking about a number — whether you believe it’s $1 billion, $2 billion or $3 billion — I think it’s $4 billion, by the way,” Berriz told a room full of stakeholders at a Business Leaders for Michigan lunch last week.

“Your number only does this: It keeps a status quo population in Michigan of 10 million (people). As a real estate investor, if you told me the proposition is the job growth is going to be flat, the population is going to be flat — that’s not a Top 10 state.”

Berriz was frank in discussing how McKinley — which has a real estate portfolio valued at $4.6 billion, $1 billion of which is in the Ann Arbor area — is investing in new apartments in growing states like Florida instead of the state where Weiser started building a real estate empire a half-century ago.

“Quite frankly, there comes a point where what passes for roads is going to obstruct economic development,” Berriz said.

After years of debate, the Republican-controlled Legislature now finds itself boxed in on road funding.

They’re boxed in by the fact that they’ve been in control of the Legislature for eight consecutive years.

“If there’s a lot of (waste) there, I mean, why didn’t you go after it?” asked former GOP Senate Majority Leader Ken Sikkema, who is part of a bipartisan group pushing for a 47-cent fuel tax hike spread over nine years. “That’s a really tough narrative for Republicans to sort of advance.”

Republican legislators are boxed in by a Democratic governor calling for a 45-cent fuel tax hike who has the bully pulpit to publicly taunt lawmakers to “fix the damn roads” every day from now until the next election.

Unlike her predecessor, Whitmer is not likely to let legislators off the hook for passing a plan that takes a half-decade to ramp up and doesn’t change the pavement’s downward trajectory.

Senators are boxed in by their own Senate Fiscal Agency that says at least $2.7 billion more is needed annually to get 90 percent of roads in good condition. It’s not just the road construction industry with a vested interest tossing around big numbers anymore.

Senate Majority Leader Mike Shirkey and Appropriations Chairman Jim Stamas both acknowledged last week that $2.5 billion should be the target for increased annual spending on roads, though they want to count the $1.2 billion the Legislature budgeted in 2015 (a plan that’s currently $925 million funded and won’t be fully funded until 2021).

Lawmakers are boxed in by business groups like BLM, Michigan Chamber of Commerce and the Detroit Regional Chamber pressuring them to come to grips with the reality that money from their 2015 road-funding plan isn’t getting to the roads fast enough, especially in metro Detroit.

And now they’re boxed in by influential businessmen like Berriz — and, by extension, Weiser, one of the nation’s leading fundraisers and megadonors for Republican politicians who just ended his second term as chairman of the Michigan Republican Party.

Berriz declined in an interview with Crain’s to say where McKinley will no longer invest in apartment housing in Michigan.

But during the BLM forum, Berriz made it clear that much of Michigan is no longer an investment priority beyond the U.S. 23 corridor between Ann Arbor and Brighton.

The reason for investment along U.S. 23?

Berriz credited the recent $92 million project completed in 2017 that converted the left shoulder to a third “flex” lane for rush-hour traffic and included bridge replacements on an 11-mile stretch that carries 66,000 vehicles a day and was previously Michigan’s most congested corridor.

“The Livingston-Washtenaw connection is the fastest growing area in terms of total GDP,” Berriz said. “As a real estate investor, that’s where I want to be right now — and we are,” said Berriz, who has run McKinley day-to-day since 2001, when Weiser started venturing off into Republican politics. Weiser remains McKinley’s largest shareholder, but no longer sits on the board of the firm he founded in 1968.

Berriz, a civil engineer by training, hopes to reframe the policy goal for road funding from one of managed decline to a growth strategy for 10, 15 and 25 years into the future.

Capital goes where there’s a long-term strategy to grow; the current “paradigm” in Michigan caps growth, Berriz said.

“I’m just trying to change the thinking a little bit,” Berriz said.

Because Michigan’s current pothole-patching strategy is already scaring off investors, he said.

“All of your conversations are about just fixing roads,” Berriz told the roomful of Lansing lobbyists and insiders. “This has nothing to do with moving the business community forward. … At the end of the day, people will stop coming here.”

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Monica Labe and Katheryne Zelenock Named to Crain’s Detroit Business “Notable Women in Real Estate”

TROY, Mich., February 18, 2019 – Dickinson Wright PLLC is pleased to announce that Monica Labe and Katheryne Zelenock have been named to Crain’s Detroit Business “Notable Women in Real Estate”. They are featured in a special section that was published on February 18, 2019.

“We would like to congratulate Monica and Kathy on this well-deserved honor,” said Michael Lusardi, Practice Group Chair of Dickinson Wright’s Real Estate Group. “Throughout the course of their careers, they have helped businesses to strategize and manage national portfolios of real estate. Through their leadership and dedication, they have made a significant impact on Dickinson Wright and the Southeast Michigan community.”

Crain’s Detroit Business “Notable Women in Real Estate” features female professionals within Michigan’s real estate industry who are considered leaders in their workplaces and in the community. In addition, these honorees have helped to shape the real estate landscape in Southeast Michigan and beyond. To see the Crain’s Detroit Business “Notable Women in Real Estate,” please click here.

Monica Labe is a Member in the firm’s Troy office. For the past 8 years she has not only practiced law at the highest levels, but she has served as Deputy CEO for the Firm in charge of Practice Management and the firm’s Business Development and Marketing Departments and prior to that time she served as the Practice Department Manager for the firm’s Real Estate Practice Group. Ms. Labe has extensive experience representing multi-national corporations, developers, real estate private equity firms, lenders and real estate investment companies in the acquisition, development, leasing, financing, construction and disposition of industrial, office, commercial, mixed-use and entertainment projects throughout Michigan and the U.S. Ms. Labe is a Fellow of the American College of Real Estate Attorneys and was elected to the Midwest Real Estate News “Commercial Real Estate Hall of Fame” in 2018. Ms. Labe was named a “2017 Leader in the Law” and a “2012 Woman in the Law” by Michigan Lawyers Weekly and was included in Crain’s Detroit Business “50 Names to Know – Real Estate”. She is also recognized as a leader in her field by Chambers USA, Best Lawyers in America, and Michigan Super Lawyers (often being named one of the Top 100 Lawyers and Top 25 Women Business Lawyers in the State). Ms. Labe received her B.A. with distinction from the University of Michigan and her J.D. from Northwestern University School of Law.

Katheryne Zelenock is a Member and Chair of the firm’s Real Estate Finance practice. In her practice, she leads a team that closes commercial and multifamily mortgage loans across the country on behalf of leading national lenders as well as smaller regional and local banks, including multifamily and manufactured housing community loans originated for Fannie Mae and Freddie Mac. She is also experienced in matters related to troubled properties and owners, and the modification, restructuring and workout of financing arrangements, including related litigation and due diligence. Ms. Zelenock is a member of the American Bar Association, the Mortgage Bankers’ Association of America, Commercial Real Estate Finance Council, International Council of Shopping Centers, and the Oakland County Bar Association. She is an elected member of the American College of Mortgage Attorneys, and serves on the Board of Regents of that organization, and is recognized as a leader in her field by Best Lawyers in America, Chambers USA, Michigan Super Lawyers, and DBusiness magazine. She was recognized as a “Women Worth Watching” by Profiles in Diversity Journal in 2017, and received the Michigan Lawyers Weekly “Women in the Law” award in 2015. Ms. Zelenock received her B.A. from the University of Michigan and her J.D. from the University of Notre Dame Law School.

About Dickinson Wright PLLC
Dickinson Wright PLLC is a general practice business law firm with more than 475 attorneys among more than 40 practice areas and 16 industry groups. Headquartered in Detroit and founded in 1878, the firm has 19 offices, including six in Michigan (Detroit, Troy, Ann Arbor, Lansing, Grand Rapids, and Saginaw) and 12 other domestic offices in Austin and El Paso, Texas; Columbus, Ohio; Ft. Lauderdale, Fla.; Lexington, Ky.; Nashville and Music Row, Tenn.; Las Vegas and Reno, Nev.; Phoenix, Ariz.; Silicon Valley, Calif.; and Washington, D.C. The firm’s Canadian office is located in Toronto.

Dickinson Wright offers our clients a distinctive combination of superb client service, exceptional quality, value for fees, industry expertise and business acumen. As one of the few law firms with ISO/IEC 27001:2013 certification, Dickinson Wright has built state-of-the-art, independently-verified risk management controls and security processes for our commercial transactions. Dickinson Wright lawyers are known for delivering commercially-oriented advice on sophisticated transactions and have a remarkable record of wins in high-stakes litigation. Dickinson Wright lawyers are regularly cited for their expertise and experience by Chambers, Best Lawyers, Super Lawyers, and other leading independent law firm evaluating organizations.

Dickinson Wright Attorney Monica Labe Elected to the Midwest Real Estate News Commercial Real Estate Hall of Fame

Dickinson Wright PLLC is pleased to announce that Attorney Monica Labe has been elected to the Midwest Real Estate News “2017 Commercial Real Estate Hall of Fame”.

The Midwest Real Estate News “2017 Commercial Real Estate Hall of Fame” features more than 90 commercial real estate professionals from across the Midwest and represents the best that the industry has to offer. To view the complete list, please click here.

Ms. Labe is a senior Member in the firm’s Troy office and a member of the firm’s Management Group, with oversight responsibility for the firm’s Practice Departments and the firm’s Business Development and Marketing Department. Prior to holding this position, she was the Practice Department Manager for the Real Estate and Environmental practice groups for several years. She has extensive experience representing multi-national corporations, developers, real estate private equity firms, lenders and real estate investment companies in the acquisition, development, leasing, financing, construction and disposition of industrial, office, commercial, mixed-use and entertainment projects throughout Michigan and the U.S.

Ms. Labe is active in her community, serving on various boards and committees for both professional and community organization. She is a Fellow of the American College of Real Estate Attorneys and is a member of the Real Property Council of the State Bar of Michigan. In addition to being a member of the Michigan Bar, she is also a member of the California Bar. Ms. Labe also sits on the Board of Directors and has served as a mentor to high school students for Winning Futures.

Ms. Labe’s work in Southeast Michigan led Crain’s Detroit Business to name her one of the “50 Names to Know – Real Estate” and Michigan Lawyers Weekly named her a “2017 Leader in the Law” and a “2012 Woman in the Law”. She is also recognized as a leader in her field by Chambers USA, Best Lawyers in America, and Michigan Super Lawyers (often being named one of the Top 100 Lawyers and Top 25 Women Business Lawyers in the State). She received her B.A. with distinction from the University of Michigan and her J.D. from Northwestern University School of Law.


About Dickinson Wright PLLC
Dickinson Wright PLLC is a general practice business law firm with more than 450 attorneys among more than 40 practice areas and 16 industry groups. Headquartered in Detroit and founded in 1878, the firm has 18 offices, including six in Michigan (Detroit, Troy, Ann Arbor, Lansing, Grand Rapids, and Saginaw) and 11 other domestic offices in Austin and El Paso, Texas; Columbus, Ohio; Ft. Lauderdale, Fla.; Lexington, Ky.; Nashville and Music Row, Tenn.; Las Vegas and Reno, Nev.; Phoenix, Ariz.; and Washington, D.C. The firm’s Canadian office is located in Toronto.

Dickinson Wright offers our clients a distinctive combination of superb client service, exceptional quality, value for fees, industry expertise and business acumen. As one of the few law firms with ISO/IEC 27001:2013 certification, Dickinson Wright has built state-of-the-art, independently-verified risk management controls and security processes for our commercial transactions. Dickinson Wright lawyers are known for delivering commercially-oriented advice on sophisticated transactions and have a remarkable record of wins in high-stakes litigation. Dickinson Wright lawyers are regularly cited for their expertise and experience by Chambers, Best Lawyers, Super Lawyers, and other leading independent law firm evaluating organizations.

Four Real Estate Attorneys Join Dickinson Wright’s Troy Office

Dickinson Wright PLLC is pleased to announce that Attorneys Eric C. Bartley, Heather M. Olson, Brian P. Foley, and Chelsey L. Marsh have joined the firm’s Troy office.

Eric C. Bartley joins Dickinson Wright as a Member. He specializes in complex commercial real estate finance transactions for national bank and non-bank lenders on both portfolio investments as well as investments intended for securitization in the capital markets. He specifically has served as lead counsel for clients in commercial mortgage originations – both senior and subordinate lien positions, mezzanine financing, preferred equity investments, and the related negotiation of intercreditor and participation agreements on projects across the country. He also represents lenders on the sale and acquisition of whole loans and loan portfolios, and has handled the workout and restructuring of distressed commercial real estate investments in excess of $1 billion secured by a wide range of property types including multifamily, office, retail, industrial, manufactured housing, and hospitality.

Mr. Bartley is a member of the American Bar Association, the State Bars of Michigan and California, the Los Angeles County Bar Association, and the Oakland County Bar Association. He is recognized as a leader in his field by Michigan Super Lawyers Rising Star. Mr. Bartley received his B.S. from Illinois State University and his J.D., magna cum laude, from Michigan State University College of Law.

Heather M. Olson joins Dickinson Wright as a Member. She has extensive experience representing lenders, special servicers and receivers in commercial real estate loan workouts, foreclosures, receiverships, and real estate sales throughout Michigan, Ohio, Illinois, and Indiana. She handles all stages of multimillion-dollar commercial loan workout and foreclosure matters including both litigation and transactional matters, such as, judicial and non-judicial foreclosures, receiver appointments and sales, forbearance, deed-in-lieu, deed-in-escrow, note sale and loan modification agreements and other related issues. Her work experience includes all property types, including office, retail, shopping malls, industrial, multi-family, mobile home parks and hospitality.

Ms. Olson is a Fellow of the American College of Mortgage Attorneys and is a nationally recognized speaker on commercial mortgage workout and foreclosure strategies. She is co-author of the Lexis-Nexis Michigan Real Estate Litigation Practice Guide on Foreclosure of Mortgages and Land Contracts; Receiverships. She is a Lifetime Fellow of the Oakland County Bar Foundation and a member of the State Bar of Michigan’s Real Property Law Section, the Oakland County Bar Association, Commercial Real Estate Women (CREW) and the Commercial Real Estate Finance Council. She is also a member of the State Bars of New York, Ohio, and Illinois. She is recognized as a leader in her field by Michigan Super Lawyers Rising Star. Ms. Olson received her B.A. from Hamilton College and her J.D. from Wayne State University Law School.

Brian P. Foley joins Dickinson Wright as Of Counsel. His practice is concentrated in transactional commercial real estate matters, with a focus on representing lenders in all aspects of commercial real estate finance transactions. He has significant experience in commercial real estate workouts and foreclosures, loan sales (performing and distressed), purchases and sales and leasing transactions. He is a member of the State Bar of Michigan and the Indiana State Bar Association. Mr. Foley received his B.A. from Kalamazoo College, his M.S. from Michigan State University, and his J.D. from Wayne State University Law School.

Chelsey L. Marsh joins Dickinson Wright as an Associate. She focuses her practice on commercial real estate finance transactions, and represents national, regional and local financial institutions in commercial mortgage originations and construction financing across the country. She is a member of the State Bar of Michigan and the State Bar of California. Ms. Marsh received her B.A. with distinction from the University of Michigan and her J.D., magna cum laude, from Wayne State University Law School.


About Dickinson Wright PLLC
Dickinson Wright PLLC is a general practice business law firm with more than 450 attorneys among more than 40 practice areas and 16 industry groups. Headquartered in Detroit and founded in 1878, the firm has 18 offices, including six in Michigan (Detroit, Troy, Ann Arbor, Lansing, Grand Rapids, and Saginaw) and 11 other domestic offices in Austin and El Paso, Texas; Columbus, Ohio; Ft. Lauderdale, Fla.; Lexington, Ky.; Nashville and Music Row, Tenn.; Las Vegas and Reno, Nev.; Phoenix, Ariz.; and Washington, D.C. The firm’s Canadian office is located in Toronto.

Dickinson Wright offers our clients a distinctive combination of superb client service, exceptional quality, value for fees, industry expertise and business acumen. As one of the few law firms with ISO/IEC 27001:2013 certification, Dickinson Wright has built state-of-the-art, independently-verified risk management controls and security processes for our commercial transactions. Dickinson Wright lawyers are known for delivering commercially-oriented advice on sophisticated transactions and have a remarkable record of wins in high-stakes litigation. Dickinson Wright lawyers are regularly cited for their expertise and experience by Chambers, Best Lawyers, Super Lawyers, and other leading independent law firm evaluating organizations.

Dickinson Wright’s Real Estate Practice Ranked as #3 in the “2017 Best of the Best”

Dickinson Wright PLLC is pleased to announce that the firm’s real estate practice has been ranked as the #3 law practice in the “2017 Best of the Best” published by Midwest Real Estate News.

Over 60 commercial real estate law practices in the Midwest participated in the rankings. Rankings were calculated based on the total dollar volume of transactions completed in 2016, according to Midwest Real Estate News. Dickinson Wright has been ranked in the top three for the past three years.

“We are honored to be named the number three law firm practice in this year’s Midwest Real Estate News 2017 Best of the Best,” says Harlan W. Robins, practice department manager for real estate, environmental, and energy & sustainability. “For three years in a row, we’ve been among the top three law firms and that is a testament to our outstanding team of real estate attorneys that work alongside our clients, day in and day out, to provide them with superior client service and expertise.”

Dickinson Wright’s real estate practice is sophisticated and varied. More than 60 lawyers are actively involved in real estate matters, regularly representing a wide variety of clients in all aspects of real estate investment and development. Many of our clients have portfolios that span North America, and they rely on our significant experience in nearly every U.S. state and Canadian province to help them maximize value and increase management efficiency. With offices in Michigan, Ohio, Arizona, Florida, Kentucky, Nevada, Tennessee, Texas, Washington, D.C., and Toronto, Ontario, we serve clients wherever they need us.

To learn more about Dickinson Wright’s real estate practice, please click here.

To see the complete list of the “2017 Best of the Best” according to Midwest Real Estate News, please click here.


About Dickinson Wright PLLC
Dickinson Wright PLLC is a general practice business law firm with more than 450 attorneys among more than 40 practice areas and 16 industry groups. Headquartered in Detroit and founded in 1878, the firm has 18 offices, including six in Michigan (Detroit, Troy, Ann Arbor, Lansing, Grand Rapids, and Saginaw) and 11 other domestic offices in Austin and El Paso, Texas; Columbus, Ohio; Ft. Lauderdale, Fla.; Lexington, Ky.; Nashville and Music Row, Tenn.; Las Vegas and Reno, Nev.; Phoenix, Ariz.; and Washington, D.C. The firm’s Canadian office is located in Toronto.

Dickinson Wright offers our clients a distinctive combination of superb client service, exceptional quality, value for fees, industry expertise and business acumen. As one of the few law firms with ISO/IEC 27001:2013 certification, Dickinson Wright has built state-of-the-art, independently-verified risk management controls and security processes for our commercial transactions. Dickinson Wright lawyers are known for delivering commercially-oriented advice on sophisticated transactions and have a remarkable record of wins in high-stakes litigation. Dickinson Wright lawyers are regularly cited for their expertise and experience by Chambers, Best Lawyers, Super Lawyers, and other leading independent law firm evaluating organizations.

Orlans PC Expands Across Midwest, Mid Atlantic, Northeast

The mother-daughter team of Linda and Alison Orlans launched Orlans PC today, the second largest Women’s Business Enterprise National Council (WBENC) certified women-owned law firm in the United States. Linda Orlans will serve as Executive Chair, and Alison Orlans will assume the role of President and Chief Executive Officer.

Orlans PC is the result of a merger of Orlans Associates P.C. (Troy, Mich.), Orlans Moran PLLC (Waltham, Mass.) and Atlantic Law Group LLC (Leesburg, Va.).

Combining teams and resources allows Orlans PC to enhance client service by refining processes, leveraging shared technology and increasing collaboration. Clients now have the benefit of national firm capabilities and resources with localized, face-to-face service. The merger also allows the firm to maintain top compliance standards to meet the growing needs of existing clients, while leveraging a broader range of capabilities to attract new clients.

“The future goes to those prepared to change ahead of the times,” Linda Orlans said. “The legal world is changing and our mission is to be on the forefront and help affect that change for the better. This unified law firm represents a dramatic step forward in creating a more capable, more responsive and more efficient entity to serve a growing client base.”

Orlans PC provides legal services to local and national banks, credit unions, consumer loan finance companies, loan servicers, investors, government agencies, landlords, municipalities, utilities, title insurance companies and private individuals. It operates in eight jurisdictions including Washington DC, Delaware, Massachusetts, Maryland, Michigan, New Hampshire, Rhode Island, Virginia, and is headquartered in Troy, Mich. The firm is certified by (WBENC), as women owned and operated.

Linda Orlans launched Orlans PC in the Detroit area in 1998, and has expanded over the years to serve hundreds of clients in the Northeast, Mid-Atlantic and Midwest. Over the past decade, the number of women-owned law firms has grown five times faster than the national average, and Linda has been at the forefront of a new wave of woman-owned law firms opening across the country.

“Legal expertise fused with lean six sigma principles has allowed us to build a different kind of firm, where our attorneys can perfect legal processes, collaborate, and focus on results,” said Alison Orlans. “This merger allows us to think more creatively – and more entrepreneurially – about the services, support and process we put in place for our clients.”

About Orlans PC

Established in 1998 by Linda Orlans, Orlans PC is a Michigan-based law firm that serves the real estate and financial services industry. Decades of extensive experience includes: representing investors, lenders, banks and servicers in loan transactions, default, bankruptcy proceedings, land contract disputes and default, title issues, secured and unsecured asset recovery and real estate transactions.

Dickinson Wright’s Real Estate Practice Listed as #2 in the “2015 Best of the Best” by Midwest Real Estate News

DETROIT, Mich., August 26, 2015 – Dickinson Wright PLLC is pleased to announce that the firm’s Real Estate Practice has been listed as the #2 law practice by Midwest Real Estate News for their “2015 Best of the Best” issue. Over 60 Midwest commercial real estate law firms were submitted and rankings were calculated based on the total dollar volume of transactions completed in 2014, according to Midwest Real Estate News.

“We are honored to be named the #2 practice in this year’s 2015 Best of the Best of Midwest Real Estate Law Firms by Midwest Real Estate News,” says Harlan W. Robins, practice department manager for real estate, environmental, and energy & sustainability. “Our outstanding team of real estate attorneys strives to provide our clients with the expertise and unwavering dedication that they have come to expect from Dickinson Wright since 1878. Our deal volume reflects their hard work, shoulder to shoulder with our clients.”

Dickinson Wright’s real estate practice is comprised of over 95 lawyers who are actively involved in diverse real estate matters and regularly represent a wide variety of clients including property owners, developers, managers, contractors, lenders, investors, corporations, nonprofits, and governments, among others, in all aspects of real estate. With offices across Michigan and in Ohio, Kentucky, Tennessee, Nevada, Arizona, Washington, D.C., and Toronto, along with significant experience in real estate transactions in nearly all 50 states and throughout Canada, we serve our clients wherever they need us.

About Dickinson Wright PLLC
Dickinson Wright PLLC is a general practice business law firm with more than 400 attorneys among more than 40 practice areas. Headquartered in Detroit and founded in 1878, the firm has fifteen offices, including six in Michigan (Detroit, Troy, Ann Arbor, Lansing, Grand Rapids, and Saginaw) and eight other domestic offices in Columbus, Ohio; Lexington, Ky.; Nashville, Tenn. (2); Las Vegas, Nev.; Phoenix, Ariz.; Reno, Nev.; and Washington, D.C. The firm’s Canada office is located in Toronto.

The firm offers clients a distinctive combination of superb client service and exceptional quality. Dickinson Wright lawyers are known for delivering commercially-oriented advice on sophisticated transactions and have a remarkable record of wins in high-stakes litigation. Dickinson Wright lawyers are regularly cited by Chambers, Best Lawyers, Super Lawyers, and other leading independent law firm evaluating organizations.

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.

Steve Berlage Appointed President & COO of Sachse Construction

DETROIT, Feb. 20, 2013 – Sachse Construction, a Detroit-based premium commercial construction company, announced today it has hired Steven R. Berlage as president and chief operating officer. Todd Sachse, previously president, will remain the active owner and CEO.

“Steve is a dynamic leader and a construction industry veteran with a proven track record of growing profitable company divisions and expanding into new markets and regions,” said Todd Sachse, CEO, Sachse Construction. “We’ve had record-breaking business volumes over the past few years because of our dedication to project excellence. Our expanded leadership team is necessary not just to help manage our current projects, but to allow us to take another big step forward with added resources and expertise.”

With more than 30 years of experience, Berlage joined Turner Construction Company in 1982 and was most recently vice president and general manager of the company’s Michigan and Toronto offices. He joined the Michigan office in 2002, where he has since managed more than $2 billion in construction volume in the healthcare, higher education, commercial and public market segments. He also established the company’s Toronto office in 2009.

Before leading the Michigan office, Berlage was vice president and operations manager in Chicago where he managed the construction operations and oversaw a professional staff of more than 200. Most notably, he grew the company’s Special Projects Division with a focus on commercial and interiors projects.

Berlage is a member of the Construction Association of Michigan, Associated General Contractors, and the Historic Christ Church of Detroit Building and Grounds Committee. Previously, he held board positions with Detroit Downtown, Inc., Detroit Downtown Partnership and Oakland County Business Roundtable. He earned a bachelor’s degree in civil engineering from University of Michigan.

Sachse Construction continues to report growth with 2012 revenue at $115.4 million. Recent notable projects include renovations to historic downtown Detroit buildings with client Bedrock/Rock Ventures, the new Whole Foods in Detroit, tenant coordination and landlord construction activities at City Creek Center in downtown Salt Lake City, Utah, and the completion of LEED-certified Nike stores across the country.

ABOUT SACHSE CONSTRUCTION

Sachse Construction is headquartered in Detroit, and provides premium commercial construction services throughout North America from design-build, construction management and general contracting to tenant coordination, ground-up construction, program management and several LEED initiatives.

Todd Sachse formed Sachse Construction in 1991 on the foundation of a systematic approach to project management and the principals of doing the right thing and striving for excellence by constantly raising the bar. The result is more than 20 years of successfully completing millions of square feet of customer projects in health care, education, airport concessions, office, retail, fitness, restaurant and multi-family.