Summit Grandview Named National Association of Homebuilders 'Best Mid or High Rise Apartment Community'

Apr 02, 2001, 01:00 ET from Summit Properties Inc.

    CHARLOTTE, N.C., April 2 /PRNewswire/ -- Summit Properties Inc.
 (NYSE:   SMT) announced today that Summit Grandview, a new mid-rise development
 located in Charlotte, N.C., has received the National Association of Home
 Builders' Pillars of the Industry Award for the nation's "Best Mid-or-High-
 Rise Apartment Community."
     "We are honored by this NAHB recognition," said Robert Kilroy, Summit's
 Executive Vice President of Development.  "Our development, construction, and
 property management teams have all excelled in delivering and managing this
 outstanding residential property."
     Summit Grandview provides luxury apartment living while embracing the
 principles of smart growth.  Located adjacent to Charlotte's central business
 district, the community is within easy walking distance of downtown and is the
 location of a stop for Charlotte's expanding trolley service.
     Summit Grandview, named for its spectacular views of the city skyline, is
 the first mid-rise, mixed-use project of its kind in Charlotte.  The property
 consists of nine stories above three levels of enclosed parking.  The first
 two levels include 75,000 square feet of Class A office and retail space.  The
 top six levels feature 266 apartment homes ranging from the 771 square foot
 one-bedroom plan to the 1,860 square foot three-bedroom plan.  Currently, the
 office/retail space is 65.8% leased and the apartments are 72.2% leased.
     Summit Grandview's amenities include an English garden courtyard, a pool
 and pool deck with built-in gas grills and an outdoor fireplace, two fitness
 centers, a DVD theater with stadium seating, resident conference and business
 centers, private secured parking, a climate controlled wine cellar, a poolside
 community room, a billiards parlor, and a massage therapy room.
     A 24-hour concierge service caters to the needs of Summit Grandview's
 residents, assisting with reservations and providing a valet dry-cleaning and
 laundry service, package acceptance and delivery, and a 24-hour guest
 announcement service.
     Summit Properties Inc. is a leader in the operation, development, and
 acquisition of luxury apartment communities.  It has received numerous
 national awards including "Management Company of the Year" from the National
 Association of Home Builders and the "National Award for Service Excellence"
 from CEL & Associates for three years in a row.  The company currently owns or
 holds an ownership interest in 64 communities comprised of 18,706 apartment
 homes with an additional 2,471 apartment homes under construction in seven new
 communities.
     For additional information contact Summit at 704-334-3000, email the
 company at email@summitproperties.com, or visit the company's web site at
 http://www.summitproperties.com.
 
     NOTE:  This announcement contains forward-looking statements within the
 meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
 Securities Exchange Act of 1934.  The words "expect," "anticipate,"
 "estimate," "projected," "budgeted," "should," and other similar expressions
 which are predictions of or indicate future events and trends and which do not
 relate solely to historical matters identify forward-looking statements.
 Reliance should not be placed on forward-looking statements because they
 involve known and unknown risks, uncertainties and other factors, which are in
 some cases beyond the control of the Company and may cause the actual results,
 performance or achievements of the Company to differ materially from
 anticipated future results.  Factors that impact the Company's ability to meet
 these forward-looking statements include, but are not limited to, the
 uncertainties associated with real estate development, changes in construction
 costs, the failure of acquisitions to yield anticipated results, the failure
 to sell apartment communities marketed for sale in a timely manner, on
 favorable terms or at all, the demand for apartment homes, local economic and
 market conditions, the cost and availability of financing, competition, the
 effects of the Company's accounting policies and other factors discussed
 periodically in the Company's reports filed with the Securities and Exchange
 Commission.
 
 

SOURCE Summit Properties Inc.
    CHARLOTTE, N.C., April 2 /PRNewswire/ -- Summit Properties Inc.
 (NYSE:   SMT) announced today that Summit Grandview, a new mid-rise development
 located in Charlotte, N.C., has received the National Association of Home
 Builders' Pillars of the Industry Award for the nation's "Best Mid-or-High-
 Rise Apartment Community."
     "We are honored by this NAHB recognition," said Robert Kilroy, Summit's
 Executive Vice President of Development.  "Our development, construction, and
 property management teams have all excelled in delivering and managing this
 outstanding residential property."
     Summit Grandview provides luxury apartment living while embracing the
 principles of smart growth.  Located adjacent to Charlotte's central business
 district, the community is within easy walking distance of downtown and is the
 location of a stop for Charlotte's expanding trolley service.
     Summit Grandview, named for its spectacular views of the city skyline, is
 the first mid-rise, mixed-use project of its kind in Charlotte.  The property
 consists of nine stories above three levels of enclosed parking.  The first
 two levels include 75,000 square feet of Class A office and retail space.  The
 top six levels feature 266 apartment homes ranging from the 771 square foot
 one-bedroom plan to the 1,860 square foot three-bedroom plan.  Currently, the
 office/retail space is 65.8% leased and the apartments are 72.2% leased.
     Summit Grandview's amenities include an English garden courtyard, a pool
 and pool deck with built-in gas grills and an outdoor fireplace, two fitness
 centers, a DVD theater with stadium seating, resident conference and business
 centers, private secured parking, a climate controlled wine cellar, a poolside
 community room, a billiards parlor, and a massage therapy room.
     A 24-hour concierge service caters to the needs of Summit Grandview's
 residents, assisting with reservations and providing a valet dry-cleaning and
 laundry service, package acceptance and delivery, and a 24-hour guest
 announcement service.
     Summit Properties Inc. is a leader in the operation, development, and
 acquisition of luxury apartment communities.  It has received numerous
 national awards including "Management Company of the Year" from the National
 Association of Home Builders and the "National Award for Service Excellence"
 from CEL & Associates for three years in a row.  The company currently owns or
 holds an ownership interest in 64 communities comprised of 18,706 apartment
 homes with an additional 2,471 apartment homes under construction in seven new
 communities.
     For additional information contact Summit at 704-334-3000, email the
 company at email@summitproperties.com, or visit the company's web site at
 http://www.summitproperties.com.
 
     NOTE:  This announcement contains forward-looking statements within the
 meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
 Securities Exchange Act of 1934.  The words "expect," "anticipate,"
 "estimate," "projected," "budgeted," "should," and other similar expressions
 which are predictions of or indicate future events and trends and which do not
 relate solely to historical matters identify forward-looking statements.
 Reliance should not be placed on forward-looking statements because they
 involve known and unknown risks, uncertainties and other factors, which are in
 some cases beyond the control of the Company and may cause the actual results,
 performance or achievements of the Company to differ materially from
 anticipated future results.  Factors that impact the Company's ability to meet
 these forward-looking statements include, but are not limited to, the
 uncertainties associated with real estate development, changes in construction
 costs, the failure of acquisitions to yield anticipated results, the failure
 to sell apartment communities marketed for sale in a timely manner, on
 favorable terms or at all, the demand for apartment homes, local economic and
 market conditions, the cost and availability of financing, competition, the
 effects of the Company's accounting policies and other factors discussed
 periodically in the Company's reports filed with the Securities and Exchange
 Commission.
 
 SOURCE  Summit Properties Inc.

RELATED LINKS

http://www.summitproperties.com