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Princeton Enterprises Acquires Wickshire Apartments


Bloomfield Hills, Mich., February 12, 2013 — Princeton Enterprises, a privately held real estate investment company based in Bloomfield Hills, Mich. is pleased to announce the purchase of the Wickshire Apartments, a multifamily apartment community located in Jacksonville, Fla.

Princeton closed the transaction on February 7, 2013 with the assistance of brokers Bart Wachle and Steve Lear of Walchle Lear Multifamily Advisors. Midland Loan Services and Trigild, as the court-appointed receiver, were the sellers of the asset.

Wickshire Apartments, a 123 unit apartment community located on the west side of Jacksonville, is minutes from Orange Park Mall, Jacksonville International Airport, JAXPORT, and NASJAX, with easy access to interstates I-10, I-95, and I-295. The property offers nine floor plans of recently renovated 1, 2 and 3 bedroom apartments and 2 bedroom townhomes with amenities that include walk-in closets, private patios or balconies in select apartments, a swimming pool, playground, and picnic area.

“The previous borrower renovated Wickshire with the intention of converting the community into condominiums,” commented Matt Lester, Founder and Chief Executive Officer of Princeton Enterprises. “Although the previous borrower’s strategy was unsuccessful, the property itself has benefited from the renovation and will offer attractive housing in a growing rental market.”

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 more than 85 properties and nearly 16,000 individual apartment units in eight states, including Michigan, Ohio, Indiana, Kentucky, Georgia, Florida, North Carolina and South Carolina.

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