SMSI Blog

Independence, MO (October 26, 2022) – Ohio-based Summit Management Services, Inc. (SMSI) and its partners announced the purchase of Azure Apartments, in Independence, Missouri. Azure is a recently constructed Class A 280-unit apartment community that will take its place among the most desirable places to live in the Jackson County submarket on the west side of the rapidly growing Kansas City MSA. The property is located just minutes from I-70 and I-470, providing easy access to Kansas City’s employment hubs and within walking distance of great restaurants, shops and walking trails along the Little Blue River.

Azure features a mix of spacious one-, two- and three-bedroom luxury units, some with attached garages, and a full amenity package, including a brand-new community clubhouse overlooking a beautiful pool and deck with outdoor grill area, state-of-the-art fitness center, dog park with agility features and dog wash station. The units are fitted with stainless steel appliances, designer flooring, spacious closets, in-unit washers and dryers, and granite countertops.

“Our acquisition of Azure Apartments is the first in the Kansas City area as we expand our footprint in the Midwest. We are already well established in Ohio, Colorado, and North Carolina and the acquisition of Azure Apartments is an exciting continuation of our overall strategy of expansion into new markets where people are moving for lifestyle and employment opportunities”, stated Amit Pollachek, Chief Executive Officer.

The property was purchased for $78 Million and involved the assumption of the existing FHA/HUD 221(d)(4) financing that was used to construct the community. Other recent Summit Management Services, Inc. transactions include Ten West Apartments (purchased in November 2021) Incline 45 Apartments (purchased in June 2021), and The Elements at Prairie Center (purchased in 2019), among others. In total, SMSI owns and manages approximately 4,000 market rate and affordable units across Colorado, Ohio, North Carolina, and now Missouri, both for its own portfolio as well as for 3rd parties. For additional information on the property, please visit www.LiveAzureLuxury.com.

About Summit Management Services, Inc.
Established in 1980, Summit Management Services, Inc. (“SMSI”) is a privately held, vertically integrated multifamily investment and management company focused on high-quality multifamily communities in various markets throughout the Southeast, Midwest, and Western states. Headquartered in Akron, Ohio, SMSI is led by a senior management team with an average of over 25 years’ experience in all stages of the real estate cycle and has completed apartment transactions in excess of $1billion. For more information, please visit our website at www.summitmanagementliving.com

Contact:
Mr. Elan Krueger
VP Business Development
(330) 762-4011
[email protected]

Greeley, Colorado (December 2021) – Ohio-based Summit Management Services, Inc. and its partners announced the purchase of Ten West Apartments in Greeley, Colorado, one of the fastest growing cities in the United States. Ten West is a recently constructed Class A 264-unit apartment community that will take its place among the most desirable places to live in the Weld County submarket. The property is located within the highly integrated and walkable City Center West master planned development and is just minutes from the US-34 and I-25 interchange, providing seamless access to downtown Greeley, Northern Colorado, and the greater Denver metro’s employment hubs.

Ten West features a mix of spacious one-, two- and three-bedroom units and a full amenity package, including a brand-new resident clubhouse with entertainment area and beverage station, state-of-the-art fitness center, parcel lockers, pool and spa, volleyball court, fire pit, dog wash and park, and bike repair station, as well as 64 detached garages. The units are fitted with stainless steel appliances, designer flooring, spacious closets, in-unit washers and dryers, and granite countertops.

“Our acquisition of Ten West is an exciting addition to our Colorado portfolio, with its highly desirable location in the Northern Colorado market and its Class A finishes,” stated Amit Pollachek, Chief Executive Officer. “This acquisition reflects our continued focus on pursuing investment opportunities in locations that present attractive employment and lifestyle opportunities for our residents. Since we entered the Colorado market in 2008, our investments here have continued to provide value to our partners and we plan to pursue additional opportunities for expansion.”

The property was purchased for $80 million. Other recent Summit Management Services, Inc. (SMSI) transactions in Colorado include Incline 45 Apartments (purchased in June 2021), The Elements at Prairie Center (purchased in 2019), Summit Riverside Apartments (purchased in 2018) and Stonegate Apartments (purchased in 2017), among others. In total, SMSI owns and manages approximately 4,000 market rate and affordable units across Colorado, Ohio, and North Carolina, both for its own portfolio as well as for 3rd parties. For additional information on the property, please visit www.LiveTenWest.com.

About Summit Management Services, Inc.
Established in 1980, Summit Management Services, Inc. (“SMSI”) is a privately held, vertically integrated multifamily investment and management company focused on high-quality multifamily communities in various markets throughout the Southeast, Midwest, and Western states. Headquartered in Akron, Ohio, SMSI is led by a senior management team with an average of over 25 years’ experience in all stages of the real estate cycle and has completed apartment transactions in excess of $1billion. For more information, please visit our website at www.summitmanagementliving.com

Contact:
Mr. Elan Krueger
VP Business Development
(330) 762-4011
[email protected]

Akron, OH – July 22, 2021 – Summit Self Storage Group, LLC, an affiliate of Summit Management Services, Inc. (SMSI), proudly announced the acquisition of a self storage facility located in Fort Collins, Colorado today. This transaction marks its second location in Northern Colorado and its fifth location nationwide, with one additional location currently in development.

This new location, Summit Self Storage – Ironwood Plaza, is located in Ironwood Plaza on the corner of E. Mulberry Street and Dawn Avenue in Fort Collins, Colorado. Formerly known as Ironwood Plaza Mini Storage, this facility was constructed in 2005/2007 and features just over 48,000 net rentable square feet. The 400 storage units within the facility are situated in a fortress-design and include a mix of non-climate and climate controlled units, with a variety of unit sizes.

“We are very excited to better serve the storage needs of the growing Northern Colorado market through this acquisition. While the previous owner did an excellent job developing the property and growing a strong reputation for the facility in the Fort Collins market, Summit Self Storage has plans to immediately upgrade the facility to enhance the overall customer storage experience” shared Brett Porter, President/COO.

Some of the updates planned for this facility include an upgraded hands-free gate access system, with a Bluetooth enabled smartphone app, Storage Genie. The customer service phone hours have also been expanded, allowing customers to call for any customer service needs well beyond normal business hours. Summit Self Storage will also be implementing a self-service kiosk onsite that will allow customers to rent units, purchase locks and make payments 24/7. This Summit Self Storage location (and all other locations) currently offers Contactless Rentals and Bill Payment online to ensure the health and safety of their customers and employees during the COVID-19 pandemic.

Summit Management Services, Inc., headquartered in Akron, OH, is a family-owned real estate management company. Its roots date back to 1979, when founder Herbert Newman began a successful career, purchasing, renovating and operating numerous properties in SMSI’s original submarket. Since then the focus has turned to high-end, luxury class A and B apartment communities and SMSI currently owns/manages approximately 4000 apartment units throughout Ohio, Colorado and North Carolina. After developing and managing its first self storage facility in 2005, Summit Self Storage Group, LLC was established in 2018 with the sole purpose of developing and growing the company’s self storage portfolio. With a track record spanning over 40 years and approaching $1 billion in transactions, the Summit team has extensive experience in property acquisition, development and management. Please visit www.SummitManagementLiving.com and www.SummitSelfStorage.com for more information.

Denver, Colorado (July 2021) – Ohio-based Summit Management Services, Inc. and its partners announced today the purchase of Incline 45 Apartments in Denver, Colorado. The construction of Incline 45 was completed June 2021 and is already through initial lease up. It is a class-A 270-unit apartment community located in the DIA submarket of Denver, surrounded by master planned developments that will add more than 14 million square feet of class A office, industrial, retail and entertainment uses to the submarket. The property sits strategically between two light rail stations on the area’s A line and is a 5-minute drive from I-70 and a 15-minute drive from Denver International Airport.

Incline 45 Apartments features one-, two- and three-bedroom units and a full amenity package including a year-round pool, game lounge, state of the art fitness center, dog wash station, a solar array supplying green power to much of the common area, and much more. The units are fitted with stainless steel appliances, designer flooring, spacious closets, in-unit washers and dryers and smart thermostats.

“Our purchase of Incline 45 Apartments represents a continuance of our strategy to seek investment opportunities in locations that present attractive employment and lifestyle opportunities for our residents. In addition, our management platform will also seek to enhance the living experience of current and future residents.” stated Amit Pollachek, Chief Executive Officer. “Our investments in Colorado, where we have been active since 2008, have consistently provided value to our partners. We continue to look for opportunities to expand here.”

The property was purchased for $78.5 million. Other Summit Management Services, Inc. (SMSI) recent transactions in Colorado include The Elements at Prairie Center (purchased in 2019), Summit Riverside Apartments (purchased in 2018) and Stonegate Apartments (purchased in 2017), among others. In total, SMSI owns and manages approximately 4,000 market, student and affordable units across Colorado, Ohio, and North Carolina, both for its own portfolio as well as for 3rd parties. For additional information please visit www.liveincline45.com.

Akron, OH – June 26, 2020 – Summit Management Services, Inc., an Akron, Ohio-based multifamily management company and Delphi Development, an Asheville, North Carolina-based multifamily development company today announced the opening of White Oak Grove Apartments, a new 113-unit workforce and affordable housing community in West Asheville, NC. White Oak Grove was designed to meet the needs of Asheville’s varied workforce with a great selection of two bedroom/two bath units.

Located on Hazel Mill Road and close to shops and an easy commute to downtown Asheville, the River Arts District or I240/I40, White Oak Grove features an airy leasing office, a spacious 24 hour fitness center, and plentiful surface parking in a quiet, wooded setting on 6.5 acres. White Oak Grove is proud to be certified under the rigorous requirements of the ICC 700 National Green Building Standard (NGBS) at the Bronze level. Leasing is on-going with move-ins slated to begin by early Summer 2020.

“We are excited to have been selected by Delphi Development to be the property manager for this outstanding housing option for the residents of West Asheville and the greater Asheville market. White Oak Grove will meet the needs of the working people of Asheville” stated Ave Pollachek, Chief Executive Officer of Summit Management Services. “We have an excellent portfolio of multifamily properties under management throughout North Carolina and beyond, and White Oak Grove is a great addition”.

“With stated rents at a very attractive rate, White Oak Grove Apartments will meet the needs of a wide range of residents who wish to live close to town” said Harry Pilos, President of Delphi Development.

For additional information, please contact Bettyann Rechhia, Property Manager, at [email protected] or (828) 820-2944. White Oak Grove is located at 275 Hazel Mill Road at the intersection of Clayton Street, Asheville, NC 28806. For a virtual tour, please visit www.livewhiteoakgrove.com.