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Summit Management Services, Inc. Purchases The Arbors at Sweetgrass(March 22, 2012)
Fort Collins, CO (PRWEB) March 22, 2012
Ohio developers Edward and Herbert Newman and their partners today announced the purchase of The Arbors at Sweetgrass, an upscale, luxury apartment community located in Fort Collins. The property will be managed by the Newman's management firm, Summit Management Services, Inc. (SMSI) who have received nationwide accolades for their high levels of resident satisfaction. SMSI will bring to the Arbors their proprietary property management system that builds an attentive, professional, hands-on and detail-oriented staff who deliver an outstanding residential experience.
The apartment community features 259 well-appointed garden apartments situated on twenty-five beautifully landscaped acres. The property boasts a lavish selection of amenities including resort-style swimming pool, 24-hour fitness center and club house, racquetball, basketball and tennis courts, business center and scenic walking trails.
"The Arbors is a great addition to our portfolio of properties." stated Edward Newman, Chief Executive Officer. "Across the country, our properties are at or near 100% occupancy. In each community, they are the place to live. We're excited to do the same for the Arbors. This spring we'll be upgrading both the exteriors and interiors of the property and introducing a superior customer service experience to the Arbor's residents. "
The property was purchased for $30 million with a Freddie Mac Capped ARM through Summit MultiCapital, LLC, the acquisition and financing arm of SMSI and JS MultiCapital Corporation. Last year, SMSI purchased another luxury property in Fort Collins, Stone Creek Apartments, a 167-unit apartment complex located across the street from Colorado State University. SMSI recently refinanced this property with a 3.48%, fixed, FHA 223(f) loan, which is a 35-year, self-amortizing, assumable, assignable, non-recourse loan. Over the past 12 months, SMSI has closed a total of 7 similar loans in keeping with the SMSI business model to increase NOI by using SMSI's expertise in acquiring FHA financing.
For additional information please visit http://www.arborsatsweetgrass.com or contact: Mr. Edward M. Newman, CEO, CPM, Summit Management Services, 730 W. Market Street, Akron, OH 44303, (330) 762-4011, enewman(at)summitmanagementservices(dot)net
Summit Management Services, Inc., based in Akron, Ohio, presently operates over 4,000 housing units in Ohio, Colorado and North Carolina. SMSI has developed a unique property management formula that results in extremely high resident satisfaction, low turnover, and high occupancy.
Read the full story at http://www.prweb.com/releases/2012/3/prweb9314790.htm.
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