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Princeton Enterprises Acquires The Hamptons Of Brownstown Apartments

Hamptons of Brownstown

ORCHARD LAKE, Mich., Apr. 6, 2011 — Princeton Enterprises, a privately held real estate investment company based in Orchard Lake, Mich. is pleased to announce the purchase of The Hamptons of Brownstown Apartments, a 392 unit multifamily apartment community located in Brownstown, Mich.

Princeton acquired The Hamptons of Brownstown from GE Credit Equities, Inc. on March 24, 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.

The spacious two and three bedroom townhomes at The Hamptons of Brownstown provide a unique, competitive advantage in the downriver market. Each townhome features a private entrance, central heat and air conditioning, large kitchen with eat-in dining, and oversized storage area. The property offers a fitness center, on-site laundry facilities, basketball court, and play area, all situated throughout expansive grounds set against a tranquil wooded backdrop. Situated next to a quiet park, the excellent location of The Hamptons of Brownstown allows residents easy access to schools, shopping, and expressways.

“We are excited by this recent acquisition on very favorable terms due to our ability to provide the seller the necessary deal certainty and to close quickly. The compelling physical attributes of the townhome units, combined with our deep knowledge of the local market that has seen steady improvement over the past few months, will allow us to re-position the property and add significant value,” commented Matt Lester, Founder and Chief Executive Officer of Princeton Enterprises.

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 13,500 individual apartment units in Michigan, Ohio, Indiana, Georgia, North Carolina and South Carolina.

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