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Princeton Enterprises Acquires Parkview Tower Apartments

 

Parkview Tower

Bloomfield Hills, Mich., November 22, 2011 — Princeton Enterprises, a privately held real estate investment company based in Bloomfield Hills, Mich. is pleased to announce the purchase of the Parkview Tower Apartments, a multifamily apartment community located in Warren, Mich.

Princeton closed the transaction on the metropolitan Detroit apartment community on November 8, 2011. Kevin Dillon, from Hendricks & Partners, brokered the transaction on behalf of the seller and Bank of America provided the acquisition financing to the buyer.

Parkview Tower is a 157 unit multifamily property situated in Warren, the largest city in Macomb County and the third largest city in the state. Warren is home to a wide variety of businesses including General Motors, GM Tech Center, Chrysler, Campbell Ewald, US Army Detroit Arsenal, TACOM, TARDEC, Asset Acceptance Company, Big Boy Restaurant Headquarters, St. John Macomb Hospital, and Macomb Community College. The property is located only a half-mile from I-696, a major thoroughfare for connecting interstates and within minutes of local shopping, entertainment, and educational centers.

The premier ten story midrise features a pool-side community room, two raised tennis courts overlooking the pool, covered parking, and many other conveniences designed to provide a comfortable setting to its residents. Individual apartments offer one and two bedroom apartment homes with spacious living areas, central heat and air conditioning, large closets, a fully equipped kitchen with a unique breakfast bar, and a private patio or enclosed balcony.

“Parkview Tower, with its visible presence along the I-696, 12 Mile, and Dequindre corridor, is a very well located luxury midrise,” commented Matt Lester, Founder and Chief Executive Officer of Princeton Enterprises. “The building is uniquely suited to capture a diverse clientele that values premier midrise living in one of the strongest east-side markets.”

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 400 employees, overseeing nearly 75 properties and 14,000 individual apartment units in Michigan, Ohio, Indiana, Georgia, North Carolina and South Carolina.

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