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Summit Asset Management L.L.C. has acquired Picerne Development Corporation of Georgia

With the acquisition of Picerne, Summit assumed management of 21 additional multifamily apartment communities totaling about 1,600 apartments in three southeastern states.

Summit, based in Montgomery, Ala., also operates a new satellite office, located in Macon, Ga.

The portfolio of properties is located predominantly throughout the state of Georgia, with two in southern Florida, and one in South Carolina.

"Our enthusiasm for this acquisition is only equaled by that of the quality employees who have joined the Summit family," said Blake Brazeal, president of Summit Asset Management.

"These properties are largely within our current operational footprint and will provide increased efficiencies as our company continues to grow."

With this acquisition, Summit operates 55 multifamily communities in six southeastern and southwestern states ranging from South Carolina to Texas.

Summit Asset Management is a subsidiary of Summit America, a private equity firm also located in Montgomery, Ala.