By Marc Padgett, October 5, 2020
Demand remains steady for multifamily housing in the Southeast. We are projecting it to continue this way and expect 2021 to be better than either of the prior two years. Summit is currently building all product types including Student Apartments, Senior Living, Assisted Living, Market Rate, Affordable Housing and HUD Apartments.
We are finally feeling a break from the summer heat coming into October, and relief from the lumber market along with it. After a big increase over the summer, lumber is going to level out and come back down. Last week the market dropped 34 points, and this week dropped 52, which is very promising. Our hope is that sometime between the year end and June of 2021 things are back to normal. The supply and availability of many materials has been impacted in recent months by Covid-19 and fires on the west coast. In most cases good planning and coordination will overcome any issues. Summit has always pursued materials from U.S. based factories, but it might not be 100% that way on every project. Right now 100% made in the U.S.A. is the most desirable. While there are still circumstances that are not perfect, this avenue will certainly minimize delays in delivery and availability.
Summit’s Project Teams will do everything they can to order materials as early as possible, and in some cases may even store materials off site until they are needed. Myself and the entire team at Summit are here for you to accomplish one thing – construct quality apartment homes.
Let’s build! – Marc Padgett, President/CEO