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Summit to Increase Southeast Florida Presence

MIAMI-The national luxury apartment company is planning to focus significantly more on that market. Summit plans to spend $175 million to $195 million in Southeast Florida, as well as Washington, DC.

By Melissa Bogdany | Updated on December 20, 2002

MIAMI-Summit Properties Inc., a national company that operates, develops and acquires luxury apartment communities, is planning to invest millions of dollars in the Southeast Florida apartment market.

The company plans to increase its presence in this area using the proceeds from the sale of its Texas apartment communities. Those sales proceeds, estimated based on current market conditions, are expected to be $175 million to $195 million. These proceeds also will be used to increase the company’s presence in Washington, DC.

Company officials say they think these two markets “are among the best long-term apartment markets in the country,” according to a recent statement. As of Sept. 30, the two markets accounted for nearly 40% of Summit’s total property operating income. The company plans to increase that share of the total portfolio to 50%.

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