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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.

And in Frederick, MD, the developer will invest $35 million to erect the 297-unit Summit Clearbrook property with a resort pool, clubhouse and exercise facility. Construction of Summit Largo II and Summit Clearbrook is expected to get underway later this year, while development of Summit Summerfield will begin in the first half of next year.

As per Delta Associates’ First Quarter 2004 Apartment & Condo Report, the vacancy rate at class A apartment properties is at a low 3.4%, but a rapidly growing pipeline of developments means the “supply is growing at a much higher rate than absorption prospects.” However, it is widely accepted in the industry that demand for such properties is expected to pick up over the next several years with the increase in renting by the Echo Boom generation and other growing populations.

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