Princeton Enterprises Grabs More Housing in Metro Detroit

A privately-owned real estate investment company based in Bloomfield Hills, Mich. is the new owner of a multifamily community in Wayne County.

Princeton Enterprises expanded its portfolio of multifamily properties with Chestnut Court apartments, a 76,250-square-foot apartment community located at 31550 Van Born Road in Wayne.

Chestnut Court Apartments - Wayne. Mich.

Chestnut Court Apartments – Wayne. Mich.

The acquisition closed on August 31 with the assistance of Gordan Navarre, Earl Elliot and Christopher Futo of Marcus & Millichap’s Detroit office, who brokered the sale on behalf of the seller, Hayman Company Real Estate Services. Terms of the sale remained undisclosed.

Situated on more than four acres close to I-275 and I-94 and only minutes from Detroit Metro Airport, the 26-year-old community provides easy access to the Metro Detroit Area. Chestnut Court offers 82 rental apartments in a combination of one- and two-bedroom units.

According to Yardi Matrix, monthly rents at the community clock in at $740 for a 770-square-foot one-bedroom unit and $940 for a 1,000-square-foot two-bedroom apartment. The property, which is made up of five low-rise buildings, also offers 128 covered parking spaces, a fitness center, swimming pool and washer/dryer in all units. Pasteur Development is listed as property manager at Chestnut Court.

“Chestnut Court has nicely designed architecture, has been well maintained and is a great location,” Matthew B. Lester, founder & CFO of Princeton Enterprises, said. “The acquisition of Chestnut Court is a welcome addition to our portfolio of properties in Wayne County.”

Image via Yardi Matrix