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Pricing Supplement Dated July 23, 1998
(To Prospectus dated July 29, 1997 and
Prospectus Supplement dated May 29, 1998)
Rule 424(b)(3)
File No. 333-25575-01
SUMMIT PROPERTIES PARTNERSHIP, L.P.
Medium-Term Notes - Fixed Rate
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Principal Amount: $30,000,000 Interest Rate: 6.75% Issue Price: 100%
Agent's Discount Commission: .35% Original Issue Date: July 28, 1998
Stated Maturity Date: January 30, 2001
Net Proceeds to Issuer: $29,895,000
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Interest Payment Dates: January 30 and July 30
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 / / Certificated
Agent: / / J.P. Morgan Securities Inc. / / Merrill Lynch, Pierce, Fenner &
Smith Incorporated
/X/ First Union Capital Markets, /X/ 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.
