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Summit Asset Management Acquires Third Memphis Community

MEMPHIS , Tenn. – Summit Asset Management has announced that it will own and operate a third multi-family apartment community in Memphis . An affiliate of Summit recently acquired the Aspenwood Square Apartments on Mendenhall Road.

Aspenwood Square will undergo renovations designed to update both exteriors and interiors and add features and amenities that will be beneficial to Aspenwood residents.

In September, Summit also acquired Prescott Place Apartments and Ivy Chase Apartments, both also in Memphis .

“The market fundamentals in the Memphis area are very positive. We will continue to look for greater opportunities in the city, where the economy is well positioned for growth and good quality of life,” said Blake Brazeal, president of Summit Asset Management.

Traditionally, Summit establishes community-building relationships with local schools, churches and Boys and Girls Clubs which provide a variety of activities for the children of residents of its apartment communities. It also has created neighborhood network centers that offer after-school tutoring, a computer center, and adult-education.

Summit Asset Management owns and operates multi-family apartment communities in seven states, including Georgia , Florida , Mississippi , South Carolina , Alabama , Texas and Tennessee .

Summit Asset Management is owned by Summit America LLC, a private equity company with interests that include housing, finance and manufacturing.