"Our strategy is to be the market leading developer and operatorof class A apartments in seven core markets," Summit president andCEO Steven LeBlanc says in statements during the company's thirdquarter conference call in October. Including the Texas locations,the company now has a 10-market portfolio, after abandoning theColumbus, OH, Richmond, VA, and Wilmington, DE markets this year."Since 1998, we pursued this strategy by selling our older, bottomquartile communities and non-core markets and redeployed thatcapital into new market leading developments and acquisitions inour core markets particularly Washington, South Florida andAtlanta." According to the National Association of Realtors twoMetropolitan Washington, DC markets were among the "hottestmultifamily markets in the third quarter." Rent growth in Baltimoreincreased by 3.7% and in Norfolk, VA rents increased by 6.5%.LeBlanc adds that Summit expects to wrap up the consolidation planby the end of 2003.

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