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Princeton Enterprises Acquires Pine Lake Apartments

Pine Lake

Bloomfield Hills, Mich., December 6, 2011 — Princeton Enterprises, a privately held real estate investment company based in Bloomfield Hills, Mich. is pleased to announce the purchase of the Pine Lake Apartments, a multifamily apartment community located in Waterford, Mich.

On November 4, 2011 Princeton Enterprises closed on the acquisition of the 95 unit property located in Waterford Township in just under forty-five days with the assistance of Greg Coulter, Al Beachum, and JJ Zwada from the Income Property Organization, who brokered the transaction.

Pine Lake is centrally located in Oakland County and surrounded by numerous lakes, wetlands, and nature centers. Located within minutes of I-75 and M-59, Pine Lake is a short drive to Great Lakes Crossing outlet mall, Canterbury Village, Alpine Valley Ski Resort, DTE Music Theatre, and The Palace of Auburn Hills, home of the Detroit Pistons. The property features a scenic pond and wetland area, covered parking, and playground. Individual one and two bedroom apartments feature spacious living areas, all appliances, large walk in closets, and a patio or balcony.

“While Pine Lake is smaller than most of our typical acquisitions, the property fits well into our portfolio and will benefit from the strength of our property management operation,” commented Matt Lester, Founder and Chief Executive Officer of Princeton Enterprises. “The location of the property is strong and I believe it will be a very good long term investment.”

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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