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Princeton Enterprises Acquires Carlyle Towers Apartments

 

Carlyle Towers

Bloomfield Hills, Mich., August 16, 2011 — Princeton Enterprises, a privately held real estate investment company based in Bloomfield Hills, Mich. is pleased to announce the purchase of the Carlyle Towers Apartments, a multifamily apartment community located in Southfield, Mich.

On August 9, 2011 Princeton Enterprises closed on the acquisition of the ten story midrise tower located in southeastern Michigan with the assistance of Andrew Daitch of Marcus and Millichap, who brokered the transaction. Ocwen Financial Group sold the foreclosed property on behalf of Fannie Mae.

Carlyle Towers is a 175 unit multifamily property situated in Southfield, a thriving business community in the heart of metropolitan Detroit. The property is located within minutes of Providence Medical Center, ITT Technical Institute, and most major Detroit-area expressways. The ten story semi-luxury midrise features a doorman, underground parking, community room, swimming pool, and commercial spaces including a convenience store, hair salon, and medical offices. Individual apartments boast exceptionally large two and three bedroom homes with two full bathrooms, walk in closets, and balconies that offer breathtaking views of the city skyline.

“The Carlyle enjoys an excellent location in a metropolitan Detroit submarket that has been overlooked for a long time but has experienced a noticeable resurgence in recent years. This fact, coupled with an extensive renovation program that will allow us to re-open a newly restored parking structure and a general recovery in the apartment market, points to what I believe will be a successful and well-timed investment,” commented Matt Lester, Founder and Chief Executive Officer of Princeton Enterprises.

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 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 400 employees, overseeing nearly 75 properties and 14,000 individual apartment units in Michigan, Ohio, Indiana, Georgia, North Carolina and South Carolina.

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