ORCHARD LAKE, Mich., Jun. 24, 2008 — Princeton Enterprises is pleased to announce the acquisition of eight individual apartment communities in the metropolitan Detroit area from Consolidated Management, Inc. (CMI).
Princeton agreed to acquire sixteen apartment communities from the CMI’s Michigan multifamily portfolio and closed on the first eight properties on June 20, 2008. Acquisition financing was provided by Bank of America and Fifth Third Bank. The transaction was brokered by Michael Barron, Paul Davis, and Andy Daitch of the Cleveland and Detroit Offices of Marcus & Millichap Real Estate Investment Services.
The CMI portfolio consists of one, two, and three bedroom garden style apartments totaling 2,555 units, either built or owned for a long period by CMI. The properties are a perfect blend of A, B, and C grade properties that are well situated and considered best-in-class in their local markets.
“The most compelling rationale for this transaction is a fundamental belief in the long term prospects for the Michigan economy and the real estate market in Metropolitan Detroit,” said Matt Lester, Founder and Chief Executive Officer of Princeton Enterprises. “One of the key attractions to the acquisition of this portfolio is the high quality condition of each asset and the fact that very little in the way of capital improvements will be required over the next three to five years.”
For additional information on this announcement or Princeton Enterprises, please contact Ashley Oleshansky at (248) 683-2500.
Princeton Enterprises, L.L.C. located in Orchard Lake, 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 nearly 300 employees, overseeing 55 properties and 9,500 individual apartment units in Michigan, Ohio, Indiana, Georgia, North Carolina and South Carolina.