<PAGE> 1
Filed Pursuant to Rule 424(b)(3)
Registration No. 333-25575-01
Pricing Supplement Dated September 30, 1998
(To Prospectus dated July 29, 1997 and
Prospectus Supplement dated May 29, 1998)
SUMMIT PROPERTIES PARTNERSHIP, L.P.
Medium-Term Notes - Fixed Rate
- --------------------------------------------------------------------------------
Principal Amount: $25,000,000 Interest Rate: 6.71% Issue Price: 100%
Agent's Discount Commission: .25% Original Issue Date: October 5, 1998
Stated Maturity Date: October 5, 2000
Net Proceeds to Issuer: $24,937,500
- --------------------------------------------------------------------------------
Interest Payment Dates: April 15 and October 15
Redemption:
/X/ The Notes cannot be redeemed prior to the Stated Maturity Date.
/ / The Notes may be redeemed prior to the Stated Maturity Date.
Initial Redemption Date:
Initial Redemption Percentage:
Annual Redemption Percentage Reduction: __% until Redemption percentage
is 100% of the principal amount.
Optional Repayment:
/X/ The Notes cannot be repaid prior to the Stated Maturity Date.
/ / The Notes can be repaid prior to the Stated Maturity Date at the option of
the Holder of the Notes.
Optional Repayment Dates:
Repayment Price: __%
Currency:
Specified Currency: U.S. Dollars
(If other than U.S. Dollars, see attached)
Minimum Denominations:
(Applicable only if Specified Currency is other than U.S. Dollars)
Original issue Discount ("OID"): Yes / / No /X/
Total Amount of OID:
Yield to Maturity:
Initial Accrual Period:
Form: /X/ Book-Entry / / Certified
Agent: /X/ J.P. Morgan Securities Inc. / / Merrill Lynch, Pierce, Fenner &
Smith Incorporated
/ / First Union Capital Markets, / / Morgan Stanley & Co. Incorporated
a division of Wheat First
Securities, Inc.
Agent acting in the capacity as indicated below:
/ / Agent /X/ Principal
If as principal:
/ / The Notes are being offered at varying prices related to prevailing
market prices at the time of resale.
/X/ The Notes are being offered at a fixed initial public offering price
of 100% of principal amount.
If as Agent:
The Notes are being offered at a fixed initial public offering price of
__% of Principal Amount.
Exchange Rate Agent: N/A
Other Provisions: None.
