Charlotte, NC — August 3, 2006 — Today Faison announced the purchase of Summit Hollow, a 232-unit garden apartment community in Charlotte, North Carolina. The property, constructed in 1978, is located at the intersection of Carmel and Quail Hollow roads and will be renamed Quail Valley on Carmel.
Wyatt Dixon, Managing Director, Commercial and Residential Development, who heads Faison's multifamily endeavors commented, "We are pleased to enter the Charlotte multifamily market with this acquisition. Because the property is situated in such a prestigious area, the future of this 33-acre community offers many exciting possibilities. It represents a great investment for our company."
The acquisition of Summit Hollow is Faison's first step into the multifamily sector in Charlotte.
Faison Enterprises, Inc. is a privately-held development company with a diversified product portfolio that includes retail, commercial and residential project development, management and acquisitions services. With more than 40 years in the business and holdings of approximately $1 billion, including $500 million of new projects under development, the Charlotte NC based company manages and develops properties throughout the South and Mid-Atlantic and maintains regional offices in Bethesda MD, Washington D.C., Charlotte NC, Charleston SC, Atlanta GA, Orlando and Delray Beach, FL. For more information, visit www.faison.com.
