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Filed Pursuant to Rule 424(b)(3)
Registration No. 333-83781-01
Pricing Supplement Dated July 14, 2000
(To Prospectus dated August 6, 1999 and
Prospectus Supplement dated April 20, 2000)
SUMMIT PROPERTIES PARTNERSHIP, L.P.
Medium-Term Notes - Fixed Rate
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Principal Amount: $10,000,000 Interest Rate: 8.50% Issue Price: 100%
Agent's Discount Commission: .625% Original Issue Date: July 19, 2000
Stated Maturity Date: July 19, 2010
Net Proceeds to Issuer: $9,937,500
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Interest Payment Dates: January 19 and July 19
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 Securities, Inc. [ ] Morgan Stanley & Co. Incorporated
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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
Use of Proceeds/Plan of Distribution: The Partnership intends to use the
proceeds from the sale of the notes to reduce the outstanding indebtedness under
its $200 million unsecured credit facility. At June 30, 2000, the Partnership
had borrowings of approximately $78 million outstanding under the credit
facility. The weighted average interest rate on the outstanding indebtedness
under the credit facility during the fiscal quarter ended June 30, 2000 was
7.1%. The credit facility has a three-year term, expiring on March 27, 2001,
with two one-year extension options available with the consent of the lenders.
First Union National Bank, an affiliate of First Union Securities, Inc., is both
the administrative agent and a lender under the credit facility and the trustee
under the indenture related to the notes. First Union National Bank will receive
its proportionate share of the proceeds of the notes used by the Partnership to
reduce the outstanding indebtedness under the credit facility.
Other Provisions: None
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