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Princeton Enterprises Acquires Lake Pointe And Trafalgar Square Apartments


BLOOMFIELD HILLS, Mich., Mar 7, 2012 — Princeton Enterprises, a privately held real estate investment company based in Bloomfield Hills, Mich. is pleased to announce the purchase of two multifamily apartment communities in the metropolitan Detroit area on February 22, 2012.

In a joint transaction, Princeton Enterprises acquired the Lake Pointe Apartments in Ypsilanti, Mich. and Trafalgar Square Apartments in Westland, Mich. on February 22, 2012. Princeton acquired the foreclosed properties from the Federal Home Loan Mortgage Corporation (“Freddie Mac”), with the cooperation of McKinley, the court appointed receiver and third party management agent. Al Beachum from Income Property Organization brokered the transaction.

Lake Pointe Apartments, a stately mid-rise apartment community, provides 141 units of quality lakefront living on the southern tip of Ford Lake in Ypsilanti, Mich. Individual apartment homes feature a variety of spacious one and two bedroom floorplans complete with walk in closets, kitchen pantries, private balconies, and enclosed parking. Surrounded by a lake and three city parks, every apartment includes a room with a view. Lake Pointe is located just one mile from I-94 and minutes from Detroit Metro Airport and southeast Michigan’s most well-known recreational spotlights.

Trafalgar Square Apartments, consisting of 132 one and two bedroom units, is a beautifully landscaped community featuring a host of amenities that encompass spacious floor plans, huge walk in closets, private balconies, covered parking, and a refreshing swimming pool with gazebo. Located within the city of Westland, Trafalgar Square is a short drive to I-275 and I-94, Detroit Metro Airport, Schoolcraft College, and less than five miles from Ford Road, a major throughway with the largest number of retail shopping centers in western Wayne County.

“Lake Pointe Apartments and Trafalgar Square Apartments are two well-conceived properties that we are pleased to add to our metropolitan Detroit multifamily portfolio,” commented Matt Lester, Founder and Chief Executive Officer of Princeton Enterprises. “We believe we can enhance the value of both assets through superior management and targeted improvements, two strengths of our company that have facilitated our recent growth.”

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 14,500 individual apartment units in Michigan, Ohio, Indiana, Kentucky, Georgia, North Carolina and South Carolina.

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