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Summit Sells Cincinnati Apartment Homes for $46.5 Mil

CINCINNATI -Transaction brings company up to $147 million properties sold in 2001

By Robert Carr | Updated on October 18, 2001

CINCINNATI-Summit Properties Inc. of Charlotte, N.C. has sold a community in Cincinnati, Ohio, formerly known as Summit Deerfield, for approximately $46.5 million. The community was completed this month and is currently 65 percent leased. The community includes 498 apartment homes, translating into an average sales price of $93,400 per home. Proceeds from the sale will be used to fund the company’s ongoing development efforts.

“With this transaction, we have sold $147 million in properties in 2001, nearly 10 percent of our total assets,” said Doug Brout, executive vice president. “The sale of this Midwest community continues our strategic consolidation into seven core markets.”

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