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Princeton Enterprises Acquires Arlington South Apartments


Arlington South

ORCHARD LAKE, Mich., Mar. 23, 2011 — Princeton Enterprises, a privately held real estate investment company based in Orchard Lake, Mich. is pleased to announce the purchase of Arlington South Apartments, a 108 unit multifamily apartment community located in Toledo, Ohio.

The transaction closed on March 18, 2011, with Princeton acquiring the property through Towne Properties Asset Management Company, the court appointed receiver. CWCapital Asset Management was the special servicer and Debbie Corson, of Apartment Realty Advisors, brokered the transaction.

Arlington South is adjacent to the University of Toledo’s Health Science Campus and Medical Center, within walking distance to the TARTA bus route, and situated directly across from Swan Creek Preserve Metropark, a quiet oasis to birds, deer, fox and other wildlife, where residents enjoy a swinging bridge, scenic trails, playground, and pavilion rentals. The community features one and two bedroom units with spacious floor plans, large walk in closets, common hallways with laundry facilities, and ample parking.

“Arlington South is a well located property near one of the premier educational institutions in the area,” commented Matt Lester, Founder and Chief Executive Officer of Princeton Enterprises. “We feel we can add value through improvements to the property and a dedicated focus on an underserved need in the local market.”

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 400 employees, overseeing 70 properties and 13,000 individual apartment units in Michigan, Ohio, Indiana, Georgia, North Carolina and South Carolina.

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