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Princeton Enterprises Acquires Heritage On The River Apartments


Heritage on the River

Bloomfield Hills, Mich.,
April 25, 2012 — Princeton Enterprises, a privately held real estate investment company based in Bloomfield Hills, Mich. is pleased to announce the purchase of the Heritage on the River Apartments, a multifamily apartment community located in Jacksonville, Fla.

Princeton Enterprises closed on Heritage on the River Apartments, a 301 unit garden style property, on April 18, 2012. The community was bought at auction from LNR Partners, Inc., as special servicers, in conjunction with Auction.com. Matt Mitchell and George Vail of Holliday Fenogolio Fowler L.P. (HFF) brokered the transaction.

Heritage on the River Apartments is suitably named for its excellent location on the Cedar River. Heritage on the River offers a supurb location situated in the southwest suburbs of Jacksonville and just minutes from NAS JAX, Cecil Commerce Center, Downtown Jacksonville, Jennings State Forest Park, and Interstates 10, 95, 295.

The gated community offers a distinct colonial style architecture and is packed with features such as riverfront living, multiple swimming pools, lush courtyards, covered parking, patios or balconies, a fishing pier, community clubhouse, fitness center, and business center. Individual aparment homes consist of extraordinarily large layouts including one, two, and three bedroom apartments and two bedroom townhomes. Walk-through kitchens, walk-in closets, washer and dryer hookups, split bedrooms, unique floor plans, and 1, 2, and 2.5 bathrooms are just some of the great characteristics found at the property.

“The acquisition of Heritage on the River expands Princeton’s portfolio into its eighth state and a new arena. Jacksonville offers a great location with many opportunities for further expansion,” commented Matt Lester, Founder and Chief Executive Officer of Princeton Enterprises. “We are very excited to re-enter the Florida market and look forward to future possibilities.”

For additional information on this announcement or Princeton Enterprises, please contact Michele Dreer at (248) 683-2500 or mdreer@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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