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Summit acquires another Dallas property

DALLAS -- An affiliate of Summit Asset Management recently acquired Center Ridge Apartments, a 224-unit multi-family apartment community in Dallas , Texas . The investment is Summit 's sixth acquisition in Texas .

The Montgomery, Ala.-based company also owns and operates four multifamily apartment communities in Houston and 8,800 units nationally. Summit operates communities in seven states: Georgia , Florida , Alabama , Tennessee , Mississippi , Louisiana , and Texas .

Summit will renovate Center Ridge to update interiors and exteriors as needed and add amenities that will benefit residents.

“Center Ridge is a significant addition to the Summit portfolio. It also affirms our commitment to the growing Dallas-Fort Worth economy, where new job growth last year ranked second in the nation,” said Blake Brazeal, president of Summit Asset Management. Brazeal said the Federal Reserve Board quarterly statistics released in September for the Dallas district show strong economic growth in energy, robust real estate activity, and a strong service sector.

Summit traditionally establishes community-building relationships with local schools, churches and organizations, encouraging a variety of activities that add to the quality of life for community residents and their children.

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