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Princeton Enterprises Acquires Summit Apartments

 

Summit

Bloomfield Hills, Mich., December 20, 2011 — Princeton Enterprises, a privately held real estate investment company based in Bloomfield Hills, Mich. is pleased to announce the purchase of the Summit Apartments, a 168 multifamily apartment community located in Louisville, Ky.

On December 14, 2011 Princeton Enterprises bought the note at auction from Berkadia Commercial Mortgage LLC and received a deed in lieu of foreclosure from a private party borrower in a simultaneous transaction. Princeton was able to close the property in less than thirty days due to its ability to close the transaction on an all cash basis.

Situated in the Shively/Cloverleaf neighborhood of Louisville, the aptly named Summit Apartments, is nestled along winding, tree-lined roads high upon a hilltop with views of downtown Louisville and the Ohio River. Just minutes from the city center, the campus of University of Louisville, and Churchhill Downs, the Summit Apartments combines the convenience of the nearby city with the natural beauty of the surrounding countryside.

Spaciously designed one, two, and three bedroom apartments feature a wide variety of amenities to choose from including 1, 1.5, and 2 bathrooms, vaulted ceilings, washer/dryer hookups, ample closet space, a walk-through kitchen, and a patio or balcony. The community provides a sparkling swimming pool and a match-ready tennis court, along with a full service laundry service and a view that is second to none.

“The opportunity to acquire the Summit Apartments provides Princeton with a good asset at a great price along with the ability to expand in a strong Midwest market,” commented Matt Lester, Founder and Chief Executive Officer of Princeton Enterprises. “While the Summit Apartments is our first acquisition in Louisville, it will not be our last.”

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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