by Bob Wieland | Jan 7, 2025 | Area News

Construction is continuing – under new ownership – at the Princeton Luxury Apartments just east of Walmart on U.S. Highway 380. A court order blocked a foreclosure sale scheduled Nov. 5, allowing time for a private sale to Blóm Capital and JT Capital Group. The sale closed Dec. 20.
“This collaboration strengthens the project, ensuring that we bring the necessary resources, expertise, and commitment to provide high-quality, sustainable housing options for the community of Princeton,” Joseph Sebastien, Blóm Capital founder and chief executive officer, told The Princeton Herald.
Blóm Capital of Las Vegas was one of two companies that came forward at Last August’s public hearing by the Housing Standards Commission.
The commission – comprised of the mayor and Princeton City Council members – had issued an order for the project to be completed, with a schedule of benchmarks specific tasks.
Demolition of three substandard buildings was accomplished in September and Sebastien expects all 306 units in 12 apartment buildings and a clubhouse will be ready for occupancy in February of next year.
“While the acquisition of the asset took longer than originally anticipated, we have revised our project benchmarks accordingly,” Sebastien said. “These adjustments have not impacted our ability to stay on track for the planned completion date.”
The Housing Standards Commission is scheduled to meet Monday, Jan. 13, and Sebastien said he will be there to deliver a full report on the progress.
Among the updates, the project will be renamed “Ironwood Luxury Apartments,” Sebastien said.
“This new name reflects both the history and heritage of Princeton,” particularly the town’s link in 1881 to the Missouri, Kansas and Texas Railroad Company, he said. “We believe this name resonates with the community and will help the development feel like a true part of Princeton’s legacy, while offering residents a modern living experience connected to the town’s roots.”
Sebastien also said previous subcontractors, who had filed millions of dollars in liens against the previous owner, were in the process of being paid, with “all outstanding payments expected to be fulfilled within the next two to three months,” as the funding process progresses.
“We are deeply grateful for the ongoing support of the community and the city of Princeton, which helps to expedite the funding process and ensures that all subcontractors are made whole,” he said. “Blóm Capital remains committed to transparency and fairness in these matters, working diligently to complete this phase of the project as quickly as possible.”
Sebastien said the apartments will be completed as luxury assets, and the rent rates would reflect the market value for luxury apartments in the area.
“While the square footage will range from 600 to 700 square feet to 1,100 to 1,200 square feet, the pricing will be aligned with the current market for luxury rentals,” he said. “Our goal is to offer a high-end living experience that meets the needs of the local market, with rents that are competitive for premium apartments in the region.”
No decision had yet been made as to whether Blóm Capital will manage the apartments once completed, but Sebastien said plans were already underway to dedicate 4% of revenue for nonprofit reinvestment in the community.
“Our primary goal is to ensure the property contributes positively to the community, whether we retain ownership or pass it on to a new investor,” he said.