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Princeton Enterprises Acquires The Preserve At Cedar River Apartments And Courtyard On The Green Apartments

PACR-COTGBLOOMFIELD HILLS, Mich., Mar 5, 2013 — Princeton Enterprises, a privately held real estate investment company based in Bloomfield Hills, Mich. is pleased to announce the purchase of two multifamily apartment communities in Florida on March 1, 2013.

In a joint transaction, Princeton Enterprises acquired The Preserve at Cedar River Apartments in Jacksonville, Fla. and Courtyard on the Green Apartments in Melbourne, Fla. on March 1, 2013. Princeton acquired the properties from a private seller with the assistance of Matt Wilcox and Kevin Judd, brokers with the Central Florida office of ARA Real Estate Investment Services. Archetype Mortgage Capital provided the permanent financing for the two assets.

The Preserve at Cedar River Apartments is situated on the banks of the Cedar River in the southwest suburbs of Jacksonville.

The Preserve, a 464 unit property, is nestled among oak lined courtyards with waterfront views and features two swimming pools, sand volleyball courts, a waterfront boardwalk, boat docks, fitness center, and gated entrance. Individual apartments complement the lavish community with studio, one-, two-, and three-bedroom apartments complete with spacious floorplans, gourmet kitchens, and private patios and balconies. Unique to specific apartments are washer and dryer connections, wood burning fireplaces, sunken living rooms and lofts, walk in closets, and multiple bathrooms.

Courtyard on the Green Apartments is a beautifully landscaped property featuring unique apartment amenities such as washer and dryer in each apartment, cathedral ceiling, screened in patio or balcony, and two bathrooms in the two bedroom unit. The community, which consists of 166 one and two bedroom units, offers a private courtyard lake, swimming pool, tennis courts, fitness center, playground, and clubhouse. Located along the Space Coast, Courtyard on the Green adjoins the Harbor City Country Club and is just minutes from Cocoa Beach, Cape Canaveral, Melbourne International Airport, Interstate 95, and Highway A1A, which runs almost the entire length of Florida along the Atlantic Ocean.

“The Preserve at Cedar River and Courtyard on the Green Apartments are two stable properties that we are pleased to add to our growing Florida portfolio,” commented Matt Lester, Founder and Chief Executive Officer of Princeton Enterprises. “Both properties are beautifully landscaped and situated along waterways offering their residents an enjoyable and serene environment, similar to living in a private nature preserve.”

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 475 employees, overseeing nearly 90 properties and more than 16,000 individual apartment units in eight states including Florida, Michigan, Ohio, Indiana, Kentucky, Georgia, North Carolina and South Carolina.
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