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Summit Asset Management to Manage Texas Property

MONTGOMERY, Ala. -- An affiliate of Montgomery-based Summit Asset Management L.L.C. has acquired the Fawn Ridge apartment homes located in The Woodlands, an upscale planned community north of Houston, Texas.

A Texas limited partnership sold the apartment community this week for an undisclosed purchase price.

Summit will manage and oversee the renovation of the 6.52-acre, 120-unit community.

Summit Asset Management builds, renovates, and manages multifamily apartments in the southeastern and southwestern United States Alabama, Georgia, Texas, Florida and Mississippi.

Fawn Ridge is located 27 miles north of Houston in south Montgomery County, Texas. Situated just west of Interstate 45, Fawn Ridge should benefit from excellent educational facilities and Houston's diverse and thriving economy.

Excellent shopping, professional sports, theater, symphony, and museums are available in Houston, the largest city in Texas and the fourth largest in the United States.

"This acquisition expands Summit's operations in Texas, where we hope to continue to tap into great growth potential. Fawn Ridge fits well with our resident-oriented philosophy, and has good schools nearby," said Blake Brazeal, president of Summit Asset Management. Fawn Ridge is served by the Conroe Independent School District. Teachers from the district conduct reading and computer courses after school and on Saturdays in the Fawn Ridge neighborhood center.

Completed in 1979, Fawn Ridge's nine buildings include garden-style residential apartments, an office, clubhouse, laundry facility and central mail kiosk. Summit Asset Management plans exterior and interior renovation of the property as needed.

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