Princeton Enterprises Acquires Water’s Edge Apartments

Jan. 23, 2013 - PRLog -- Princeton Enterprises, a privately held real estate investment company based in Bloomfield Hills, Mich. is pleased to announce the purchase of the Water’s Edge Apartments, a multifamily apartment community located in Jacksonville, Fla.

Princeton Enterprises closed on Water’s Edge Apartments, a 404 unit apartment community on December 19, 2012. The seller was Midland Loan Services who foreclosed on the asset and hired McKinley Properties as a third party management company. Bart Wachle and Steve Lear of Walchle Lear Multifamily Advisors brokered the transaction.

Water’s Edge Apartments offers a wide range of spacious 1, 2 and 3 bedroom units that include unique amenities such as fireplaces, multiple bathrooms, walk in closets, washer and dryer connections, and screened in patios or balconies. The community itself features a resort style swimming pool, fitness center, community room, tennis, sand volleyball, and quick access to a public fishing pier and boat ramp.  Water’s Edge is located in the northern suburbs of Jacksonville, and is only minutes from the Jacksonville Zoo and Gardens, Fort George Island, Mayport Naval Station, and the Timucuan Ecological & Historic Preserve, which encompasses Fort Caroline and Kingsley Plantation.

“We are pleased with the purchase of Water’s Edge Apartments and believe this acquisition nicely complements our other holdings in the Jacksonville market,” commented Matt Lester, Founder and Chief Executive Officer of Princeton Enterprises. “We will continue to seek out viable assets that will expand our Florida presence and move Princeton into new territories."