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Princeton Enterprises Acquire Eight CMI Apartment Communities

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Orchard Lake, Mich., October 9, 2008 — Princeton Enterprises is pleased to announce that it has completed the acquisition of the last eight individual apartment communities from Consolidated Management, Inc. (CMI).

On October 8, 2008, Princeton Enterprises closed on the final seven apartment communities of the CAP Portfolio (CAP), which consists of fifteen multifamily apartment properties with 2,555 units located in twelve Michigan communities in the tri-county metropolitan area of Detroit. To close the transaction, Princeton assumed in place loans held by Fannie Mae or Freddie Mac, working with a number of financial groups, including Great Lakes Financial Group, Grandbridge Real Estate and Red Capital Mortgage. Michael Barron, Paul Davis, and Andy Daitch of Marcus & Millichap Real Estate Investment Services’ Detroit office brokered the transaction.

“It is a rare and exciting opportunity to add fifteen properties of well managed, high quality apartments to our portfolio within a matter of months,” said Matt Lester, Founder and Chief Executive Officer of Princeton Enterprises. “The acquisition of these properties will solidify Princeton Enterprises as one of the premier real estate companies in the area.”

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

Princeton Enterprises, L.L.C. located in Orchard Lake, 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 nearly 300 employees, overseeing 60 properties and 11,000 individual apartment units in Michigan, Ohio, Indiana, Georgia, North Carolina and South Carolina.

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