Developer Schedules $122M Worth of Apartments

LARGO, MD-Charlotte, NC-headquartered developer Summit Properties Inc. has jumped on the apartment building bandwagon in the Maryland suburbs of Washington, DC with plans for three new luxury multifamily communities. Spending $122 million to develop Summit Summerfield at Morgan Station, Summit Largo II, and Summit Clearbrook, the company will add about 800 new units to the local market. “Washington, DC currently represents over one-third of our total operating income and we plan to continue to grow our presence here,” Summit CEO Steve LeBlanc attests.

Both Summit Summerfield at Morgan Station and Summit Largo II will be located in Largo, MD. At a cost of $83 million, Summit Summerfield will feature 478 upscale residences, a clubhouse and fitness facility, as well as a desirable location across from a Metro station. Summit Largo II is the second phase of Summit Largo I, which contains 219 units constructed in 2000. The second phase will add 26 additional units at a cost of $4 million.