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Article: Summit Properties Announces Sale Of Charlotte Property
- Article from:
- PR Newswire
- Article date:
- May 14, 1997
CopyrightCOPYRIGHT 1997 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CHARLOTTE, N.C., May 14 /PRNewswire/ -- Summit Properties Inc. (NYSE: SMT) today announced it has sold Summit Charleston, an apartment community located in Charlotte, North Carolina for $9,475,000. The property was completed in 1986 and contains 214 apartment units. In connection with the sale, Summit will record a non-recurring gain of approximately $4.3 million in the second quarter of 1997. Proceeds from the sale will be utilized for reinvestment in new acquisitions and development communities.
"We believe this sale will afford Summit the opportunity to reinvest these sale proceeds in a new development or acquisition community with greater growth ...