ORCHARD LAKE, Mich., Nov. 18, 2010 — Princeton Enterprises, an Orchard Lake, Mich.-based real estate investment and management firm, recently announced the purchase of The Chimney’s of Oak Creek Apartments in Kettering, Ohio for $9.7 million. Michele Dreer, Director of Communications for Princeton, made the announcement.
The transaction closed on October 15, 2010, with Princeton acquiring the property from Wells Fargo Bank as trustee for the note holders who took control of the asset through the foreclosure process and the court appointed receiver, Finsilver Friedman Management Corporation. The special servicer, Torchlight Investors (formerly ING Clarion Capital, Inc.), negotiated the sale on behalf of the seller.
The 388-unit property enjoys an excellent location in Kettering, Ohio, a suburb on the south side of Dayton that is just 30 minutes north of Cincinnati. The Chimney’s of Oak Creek features one, two and three-bedroom floor plans with a choice of one, one- and-a-half or two-and-a-half bathrooms. The community offers a tranquil residential environment with 27 acres of land, two wildlife ponds, a nature trail/bike path, two swimming pools, tennis and volleyball courts, a 24-hour fitness center and a pet play pen. The Chimney’s is just minutes away from the University of Dayton, Wright State University, Sinclair Community College, Wright-Patterson Air Force Base and The Greene.
“Adding The Chimney’s of Oak Creek Apartments to Princeton’s portfolio will expand our well-rounded and competitive presence in the city of Kettering,” said Princeton Founder and CEO Matthew B. Lester. “With an institutional quality asset located in a strong submarket and offering excellent accommodation to our residents, The Chimney’s has proven to be a sound acquisition and the latest addition to our growing portfolio of real estate.”
This acquisition is the second Kettering transaction for the company in the last year, the first being the recent refinancing of the Fox Hunt Apartments located on Whipp and Brainard on the southeast side of Kettering.
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.