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Pricing Supplement Dated November 13, 2000 Filed Pursuant to Rule 424(b)(3)
(To Prospectus dated August 6, 1999 and Registration No. 333-83781-01
Prospectus Supplement dated April 20, 2000)
SUMMIT PROPERTIES PARTNERSHIP, L.P.
Medium-Term Notes - Fixed Rate
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Principal Amount: $25,000,000 Interest Rate: 8.037% Issue Price: 100%
Agent's Discount Commission: .50% Original Issue Date: November 17, 2000
Stated Maturity Date: November 17, 2005
Net Proceeds to Issuer: $24,875,000
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Interest Payment Dates: May 17 and November 17
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 $225 million unsecured credit facility. At November 1, 2000, the Partnership
had borrowings of approximately $150 million outstanding under the credit
facility. At November 1, 2000, the weighted average interest rate on the
outstanding indebtedness under the credit facility was 7.4634%. The credit
facility has a three-year term, expiring on September 26, 2003, with annual
extension options. 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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