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Princeton Enterprises Acquires Sedgefield Apartments

 

Sedgefield

ORCHARD LAKE, Mich., Feb. 18, 2011 — Princeton Enterprises, a privately held real estate investment company based in Orchard Lake, Mich. is pleased to announce the purchase of Sedgefield Apartments, a 280 unit multifamily apartment community located in Marietta, Ga. on December 29, 2010.

Princeton acquired the property from Capmark Affordable Properties, Inc. Johnny Easterling, from the Wiley Real Estate Group, brokered the transaction on behalf of the seller and UC Funding, a full-service structured finance firm, provided the acquisition financing to the buyer.

Situated on the outskirts of Atlanta, Sedgefield offers an amazing amenity package, including a soccer field, private balconies, two swimming pools, a playground and a community clubhouse. Individual apartment homes include private patio or balcony, air conditioning, washer/dryer connections, pantry closet in the kitchen, and spacious closets, among other amenities.

“We are very excited about the Sedgefield acquisition,” commented Matt Lester, Founder and Chief Executive Officer of Princeton Enterprises. “It is a very well built and well conceived apartment asset that struggled because of an unsustainable amount of debt and its tax credit status. Sedgefield is located in a very dynamic area of metropolitan Atlanta – Cobb County is northwest of downtown and the Marietta / Smyrna areas continue to grow at a healthy pace. We were able to negotiate a favorable price due to our expedited but diligent review of the asset and our ability to close quickly with the cooperation of our lender, UC Funding.”

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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