2024 was a great year for multifamily construction and we share every success with our industry partners.
2024 was another great year for multifamily construction and we are grateful for the partnerships we have built with developers, investors, architects, engineers, skilled trades, and contractors.
Summit has 40 active construction projects right now (in different phases, from site work to turning units), and we are getting ready to start on a quite a few new projects in the first Quarter of 2025.
Although we have worked in 30 states throughout the U.S., our most active market locations are currently in Florida, Georgia, Tennessee, North Carolina and South Carolina.
Most of the projects moving forward right now are in suburban locations and are garden style developments, which is primarily a factor of cost. We have some higher density wrap builds in major market metros and near transportation hubs.
The Summit Prototype Program is helping many developers get to the numbers they need for lenders by offering a superior product at a cost that is considerably less than a custom designed project. And not just because of pricing – our Program is preferred by lending institutions as a trusted product for deliveries.
37 Projects reached substantial completion in 2024. We hit the peak of deliveries this year coming out of a record number of starts between 2021 and 2023.