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Princeton Enterprises Acquires Pointe West Apartments

 

Pointe West

ORCHARD LAKE, Mich., Dec. 18, 2010 — Princeton Enterprises, a privately held real estate investment company based in Orchard Lake, Mich. is pleased to announce the purchase of Pointe West Apartments, a 240 unit multifamily apartment community located in Westland, Mich.

Princeton Enterprises acquired Pointe West Apartments on December 15, 2010 from Freddie Mac Federal Home Loan Mortgage Corporation (Freddie Mac) with the cooperation of McKinley, the court appointed receiver and third party management agent. Todd Szymczak, broker for NAI Farbman Group, handled the transaction.

Pointe West is located in the quiet suburb of Westland, across the street from a city park and just minutes from I-275 and I-96, Detroit Metropolitan Airport, Ford Motor Company and Westland Mall. The community features mature landscaping with wide open areas, ample parking and a community clubhouse. Individual one and two bedroom apartment homes include private entry with patio or balcony, washer/ dryer connections, in-unit storage, and central air conditioning, among other unique features.

“The acquisition of Pointe West allowed us to expand in a stable metropolitan Detroit market,” commented Matt Lester, Founder and Chief Executive Officer of Princeton Enterprises. “We are very excited by the transaction due to the good location of the property and our ability to enhance the performance of a well built asset.”

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 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 400 employees, overseeing 70 properties and 13,000 individual apartment units in Michigan, Ohio, Indiana, Georgia, North Carolina and South Carolina.

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