Orchard Lake, Mich., Feb. 20, 2008 – Professional Receiver Services, LLC, an affiliate of Princeton Enterprises was appointed receiver by the Oakland County Circuit Court on behalf of a local borrower and Fifth Third Bank, an Ohio banking corporation.
The assignment is located in Rochester Hills, Michigan and involves a 214 unit fractured condominium conversion project.
Professional Receiver Services is an affiliate of Princeton Enterprises, a full service real estate firm that currently operates more than 50 properties including multifamily complexes with nearly 8,500 apartment units located in Michigan, Ohio, Indiana, Georgia, North Carolina and South Carolina. Princeton has one of the finest reputations for successfully repositioning under-value or poorly managed assets.
Professional Receiver Services is owned by Matthew B. Lester and is a court appointed receiver with an expertise in receivership, property management, expert testimony and asset valuation. Mr. Lester is a licensed attorney in the Sate of Michigan and began his career as an attorney in the Southfield office of Jaffe, Raitt, Heuer & Weiss, P.C.
Princeton Enterprises is a Michigan based real estate acquisition, development and management company that specializes in the acquisition of income producing commercial and multifamily properties. Established in 1994, Princeton Enterprises employees over 250 people and has developed expertise in real estate acquisitions, accounting, finance, valuation, development, construction, property management and maintenance. Princeton Enterprises has earned a reputation as a premier management organization and is one of the fastest growing real estate firms in Michigan.