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Princeton Enterprises Acquires Eastdale Apartments

Eastdale Apartments
Bloomfield Hills, Mich.,
May 21, 2013 — Princeton Enterprises, a privately held real estate investment company based in Bloomfield Hills, Mich. is pleased to announce the purchase of Eastdale Apartments in Montgomery, Ala.

Princeton closed on the Montgomery acquisition on May 15, 2013 from the previous owner, the Michaels Organization based in Marlton, Jersey.  Andy Daitch and Paul Davis from the Detroit, Michigan office of Marcus & Millichap brokered the transaction on behalf of the sellers.

The 312 unit, garden style apartment community features 1, 2 and 3 Bedroom apartment homes with spacious floorplans, 1 – 2 bathrooms, washer and dryer connections, woodburning fireplaces, dishwashers, and patios and balconies. The community itself provides its residents with two swimming pools, tennis courts, multiple laundry facilities, and a community clubhouse.

Located on the eastside of Montgomery, Eastdale Apartments is in the heart of the educational district and only minutes from Faulkner University, Auburn University Montgomery Campus, Virginia College and Fortis College.  Eastdale is also located near Maxwell & Gunter Air Force Base, numerous country clubs, parks, and shopping centers.

“With the acquisition of Eastdale Apartments, Princeton has expanded its real estate business into Alabama and is excited about the prospect of venturing into the Montgomery rental market,” commented Matt Lester, Founder and Chief Executive Officer of Princeton Enterprises. “We are currently looking at other investments in Montgomery, Birmingham, and the surrounding area, and expect to operate any assets in Alabama through our regional office in Atlanta, Georgia.” Mr. Lester also added, “We feel particularly fortunate about Eastdale because it appears to be one of the last great buys in what has become a seller’s market. We feel particularly fortunate about Eastdale because it is a superior property in a strong location that will position us well as the Montgomery market continues to improve.”

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 450 employees, overseeing nearly 90 properties and 17,000 individual apartment units in nine states, including Michigan, Ohio, Indiana, Kentucky, Alabama, Georgia, Florida, North Carolina and South Carolina.

 

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2550 Telegraph Road, Suite 200 | Bloomfield Hills, MI 48302 | PH: 248.683.2500 | communications@prinmgmt.com