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PRINCETON ENTERPRISES ACQUIRES THE PALMS APARTMENTS

BLOOMFIELD HILLS, Mich., March 3, 2014 — Princeton Enterprises, a privately held real estate589px-The_Palms_Apartments_Detroit_MI investment company based in Bloomfield Hills, Mich. is pleased to announce the purchase of The Palms Apartments located in Detroit, Mich.

 

Princeton closed on The Palms Apartments, a 61 unit multifamily apartment community, on February 27, 2014 with the assistance of Charles Mady from Exclusive Realty who brokered the deal for a private seller.

 

The Palms Apartments offer fully restored studio, one, and two bedroom floorplans featuring unique layouts with the original detailing,  moldings, clawfoot bathtubs, fireplaces, and old intercom boxes. The Palms was registered as a historic building in 1980 and was one of the first buildings in the United States to use reinforced concreate as one of its major construction materials. The building features the original working mail chute, spectacular views of the Detroit River and skyline, modern conveniences,  intercom entry, and close proximity to freeways I-75, and I-375. The lobby boasts a beautiful, hand carved ceiling, marble staircase, terazzo tile, and leaded glass windows.

The community is located within minutes from Wayne State University, Detroit Medical Center, The Renaissance Center, University of Detroit Mercy School of Law, Comerica Park, and Ford Field. The surrounding neighborhood offers many outdoor recreational areas such as the Dequindre Cut Greenway Trail, Lafayette Central Park, and the famous Detroit Riverwalk.

 

“The Palms is a piece Detroit’s history and we are very excited to include it in our portfolio of downtown properties,” commented Matthew Lester, Founder and Chief Executive Officer of Princeton Enterprises, LLC. “Expanding Princeton’s presence in Detroit is an important goal for us and the acquisition of The Palms was a great next step.”

 

For additional information on this announcement or Princeton Enterprises, please contact Michele Dreer at (248) 683-2500 or m.dreer@prinmgmt.com.

 

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About Princeton Enterprises:

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 525 employees, overseeing 105 properties and 18,500 individual apartment units in Alabama, Florida, Georgia, Indiana, Kentucky, Michigan, Missouri, North Carolina, Ohio, and South Carolina.

 

Copyright ©2014 Princeton Enterprises unless otherwise noted.
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