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Summit Asset Management expands in Florida

MONTGOMERY -- An affiliate of Summit Asset Management of Montgomery has purchased a third multifamily apartment community in growing Jacksonville , Fla.

The 156-unit Monaco Arms property was bought  March 31  for an undisclosed price.

Summit will oversee renovation of the 10-building property that was constructed in 1972 and includes two-story residential buildings, laundry facilities, a community room, playground and pool. Summit plans both interior and exterior renovation of the property. The company renovates and operates communities in Florida , Georgia , Alabama , Mississippi , South Carolina and Texas .

Monaco Arms is located north of the St. Johns River in central Jacksonville . Summit also operates the Caroline Arms and Harold House apartment communities in the booming financial, insurance and military center in northeastern Florida .

“This is Summits's third acquisition in Jacksonville and we hope to grow with the city and tap into Florida 's vibrant economy. Monaco 's residents will benefit from our customer-oriented philosophy,” said Blake Brazeal, president of Summit Asset Management.

Summit Asset Management is a subsidiary of Montgomery-based Summit America , a private investment company which has multistate interests in multifamily apartments, independent- and assisted-living facilities for seniors and manufacturing.