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Princeton Enterprises Acquires Chelsea Courtyards Apartments

Chelsea Courtyards ApartmentsBloomfield Hills, Mich., August 6, 2013 — Princeton Enterprises, a privately held real estate investment company based in Bloomfield Hills, Mich. is pleased to announce the purchase of Chelsea Courtyards Apartments, a multifamily apartment community located in Jacksonville, Fla.

 Princeton Enterprises acquired the 138 unit garden style apartment community on July 30, 2013 from a private seller.  Erik Bjornson, Steve Lear, and Bart Wachle from the Jacksonville office of Walchle Lear Multifamily Advisors, brokered the transaction on behalf of the sellers.

Chelsea Courtyards features spacious 1, 2 and 3 bedroom apartment homes with 1 or 2 bathrooms, as well as very large townhomes with 1 bedroom and 1½ bathrooms. Each apartment and townhome offer uniquely designed floorplans, superior closet space, distinct interior updates, and screened in balconies and lanais. The community itself provides beautifully landscaped courtyards, multiple swimming pools, and a large laundry facility.

Located on the east side of Jacksonville, Chelsea Courtyards is a quiet community that is within minutes of Jacksonville University, Jacksonville Arboretum and Gardens, numerous parks, country clubs and downtown Jacksonville. The property is situated only one block from St. Johns River, Florida’s longest river and one of the few rivers that flow north in the United States.  

“Princeton is pleased to add Chelsea Courtyards to its growing portfolio of properties within the city of Jacksonville and the state of Florida. While the real estate market in the north has leveled out, we believe the opportunity remains to make strategic acquisitions in Florida,” commented Matt Lester, Founder and Chief Executive Officer of Princeton Enterprises. “As a real estate investor, we continue to target markets with underperforming assets that show growth potential, both now and in the years to come.”

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 500 employees, overseeing more than 90 properties and 18,000 individual apartment units in ten states, including Michigan, Ohio, Indiana, Kentucky, Alabama, Georgia, Florida, Missouri, North Carolina and South Carolina.

 

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