ORCHARD LAKE, Mich., Oct. 13, 2010 — Princeton Enterprises, an Orchard Lake, Mich.-based real estate investment and management firm, recently announced the purchase of Briar Cliff Woods and Cambridge Woods Apartments in Toledo, Ohio. Michele Dreer, Director of Communications for Princeton Enterprises, made the announcement.
Princeton acquired the note from CW Capital and foreclosed on the borrowing entity to acquire 240 units in a stable apartment market.
Both Briar Cliff Woods and Cambridge Woods Apartments are located near the University of Toledo and the University Medical Center and are adjacent to the TARTA bus route. The properties offer one- and two-bedroom apartments, stocked with complimentary amenities, including a clubhouse, swimming pool, lighted parking and security systems.
“We were engaged as the court appointed receiver for these properties and in the process of managing the assets, determined that a note purchase was a deal we couldn’t pass up,” said Matthew B. Lester, Founder and CEO of Princeton. “These properties have a great deal of potential and this was a prime opportunity to add to our multi-family portfolio.”
About Princeton Enterprises
Princeton Enterprises, L.L.C. is a premier real estate investment and management firm based in Orchard Lake, Mich. that specializes in real estate acquisition, development, construction, finance, court-appointed receivership and property management. Founded in 1994 by West Bloomfield, Mich. attorney Matthew B. Lester, the company has grown to nearly 400 employees, overseeing more than 65 properties and over 12,500 individual apartment units in Michigan, Ohio, Indiana, Georgia, North Carolina and South Carolina.