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Princeton Enterprises Acquires Tuscan Shores Apartments

 

Tuscan Shores

Bloomfield Hills, Mich., July 20, 2011 — Princeton Enterprises, a privately held real estate investment company based in Bloomfield Hills, Mich. is pleased to announce the purchase of Tuscan Shores Apartments, a multifamily apartment property located in Roseville, Mich. on July 13, 2011.

Princeton closed the transaction on the 170 unit metropolitan Detroit apartment community in less than 35 days with the assistance of Andrew Daitch of Marcus and Millichap, who brokered the transaction. Capmark Finance had foreclosed on the former borrower and McKinley Properties served as their third party receiver and management company. Bank of America provided the acquisition financing for Princeton.

Tuscan Shores Apartments is located in a strong metropolitan Detroit suburb with excellent proximity to employment, education, and recreational centers. The property offers a community clubhouse, outdoor swimming pool, and covered parking for its residents. Individual apartment homes include typical amenities along with open and spacious living areas, plenty of closet space, and huge in-home storage units.

“We feel the Tuscan Shores investment presents a tremendous opportunity to expand our metropolitan Detroit holdings in the stable and mature eastside community of Roseville,” commented Matt Lester, Founder and Chief Executive Officer of Princeton Enterprises. “The distressed nature of the lender sale presents an excellent upside for the buyer as the economy in southeastern Michigan continues to rebound.”

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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