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Princeton Enterprises Acquires Chestnut Court Apartments

September 3, 2015
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.