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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.”

Summit Properties is involved in the operation, development and acquisition of luxury apartment communities, and currently owns or holds an ownership interest in 57 communities comprised of 17,165 apartment homes with an additional 2,521 apartment homes under construction in eight new communities.

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