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PRINCETON ENTERPRISES ACQUIRES CLARIDGE HOUSE APARTMENTS

BLOOMFIELD HILLS, Mich., June 17, 2012 — Princeton Enterprises, a privately held real estate investment companyPress Release
based
in Bloomfield Hills, Mich. is pleased to anno
unce the purchase of Claridge House Apartments located in Detroit, Mich.

 

The transaction closed on June 13, 2012, with Princeton acquiring the property through Sterling Bank, the court appointed receiver. Friedman Real Estate brokered the transaction. 

 

Claridge House Apartments is a 44 unit multifamily apartment community built in 1906, offering studio, one and two bedroom apartment homes and penthouses. Residents will enjoy completely rennovated units including oversized window seats, granite countertops, mosaic tile and hardwood plank flooring throughout, spacious closets, clean steel appliances, locked entry with intercom system, and on site laundry facilities. Claridge House is located in the heart of the entertainment district and is within walking distance to Comerica Park, Ford Field, Detroit Opera House, Fox Theater and Grand Circus Park.

 

“The opportunity to return to the city of Detroit and invest in a resurgent real estate market excites me on both a professional and personal level,” commented Matt Lester, Founder and Chief Executive Officer of Princeton Enterprises. “We think The Claridge has an excellent long term future as the city of Detroit rebounds and as Washington Boulevard is restored to its former glory.”

 

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 425 employees, overseeing nearly 80 properties and 15,000 individual apartment units in eight states, including Michigan, Ohio, Indiana, Kentucky, Georgia, Florida, North Carolina and South Carolina.

 

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