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PRINCETON ENTERPRISES ACQUIRES CASS PARK APARTMENTS

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BLOOMFIELD HILLS, Mich., September 25, 2014 — Princeton Enterprises, a privately held real estate investment company based in Bloomfield Hills, Mich. is pleased to announce the purchase of Cass Park Apartments located in Detroit, Mich.

Princeton acquired Cass Park Apartments on August 26, 2014 with the assistance of brokers Margaret Palmer from Renaissance Investment Co. Inc. on behalf of a private seller and Matthew Hayduke from Stokas Bieri Real Estate on behalf of Princeton.

Cass Park Apartments is a mid-rise, building consisting of 37 multifamily units including both studio and one bedroom apartments. The building features hardwood flooring, mosiac tile and clawfoot tubs in the bathrooms, on site laundry facilities, spacious balconies in select units, and a private lawn space at the rear of the property.

Bult in the early 1900’s, Cass Park Apartments is located in The Cass Park Historic District of Midtown Detroit and sits adjacent to historic Cass Park. Additionally, Cass Park Apartments is within walking distance to the Masonic Temple, Fox and Fillmore Theatres, The Metropolitan Center for High Technology, as well as many other local attractions.

The new Detroit Red Wings hockey arena is slated to be built just a couple blocks southeast of Cass Park Apartments, further enhancing the location of the property. The new arena is expected to bring a $200 million entertainment district featuring dozens of office spaces, retail shops, restaurants, residences, and other attractions to the 45 blocks surrounding it. This also includes a pedestrian bridge featuring retail space over Interstate 75 that will close the gap between downtown and midtown.  As the the new arena district is developed, the area consisting of Cass Park and Cass Park Apartments is thought to be renamed Cass Park Village.

“We are pleased to further our investment and commitment to the City of Detroit, in particular in an area of the city that is slated for such exciting redevelopment.” said Matthew B. 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 m.dreer@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 525 employees, overseeing 105 properties and 18,500 individual apartment units in Alabama, Florida, Georgia, Indiana, Kentucky, Michigan, Missouri, North Carolina, Ohio, and South Carolina.

 

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