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                                                                    EXHIBIT 10.6
                              EMPLOYMENT AGREEMENT


         THIS EMPLOYMENT AGREEMENT (the "Agreement"), is made and entered into
as of the 15th day of February, 1999, ("Effective Date") by and between WILLIAM
B. MCGUIRE, JR., an individual resident of the State of North Carolina (the
"Executive"), SUMMIT PROPERTIES INC., a Maryland corporation, and SUMMIT
MANAGEMENT COMPANY, a Maryland corporation. Summit Properties Inc. and Summit
Management Company are referred to herein collectively as the "Company";

                              W I T N E S S E T H:

         WHEREAS, the Company desires to employ Executive, and Executive desires
to be employed by the Company on the terms and conditions contained in this
Agreement;

         NOW, THEREFORE, in consideration of the mutual promises and agreements
contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties to this Agreement,
intending to be legally bound, hereby agree as follows:

                                       1.
                                   Employment

         Subject to the terms of this Agreement, the Company hereby employs
Executive, and Executive hereby accepts such employment with the Company.
Executive shall serve in the capacity of Chairman of the Board of Directors of
Summit Properties Inc. and Summit Management Company and shall have the duties,
rights and responsibilities normally associated with such positions consistent
with the Bylaws of Summit Properties Inc. and Summit Management Company,
respectively, together with such other reasonable duties relating to the
operation of the business of the Company and its affiliates as may be assigned
to him from time to time by the Board of Directors of Summit Properties Inc. or
Summit Management Company (collectively, the "Board") or as may otherwise be
provided in such Bylaws. Executive shall devote a portion of his business time,
skills and efforts to rendering services on behalf of the Company and its
affiliates and shall exercise such care as is customarily required by executives
undertaking similar duties for entities similar to the Company. The Company
acknowledges that (i) Executive's duties have not required in the past and will
not require in the future Executive to devote his full-time during normal
business hours to the business and affairs of the Company, and that (ii)
Executive intends to pursue other business interests during the term of this
Agreement subject to the restrictions of a non-competition agreement between
Executive and the Company of even date herewith (the "Noncompetition
Agreement"). During the term of this Agreement, the Company shall provide
Executive at the Company's expense with full-time secretarial, receptionist and
other administrative support services, including use of telephone, copier,
facsimile, and other such office equipment. Executive shall have use of such
services and equipment notwithstanding that Executive is not a full-time
Executive of the Company or that Executive uses such services and equipment for
other business purposes not inconsistent with the


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Noncompetition Agreement. The Company shall also provide Executive with a
private area commensurate with Executive's title and duties.

                                       2.
                             Compensation; Expenses

         2.1      Base Salary. Commencing on January 1, 1999, the Company shall
                  pay Executive during the term of Executive's employment under
                  this Agreement, a base salary equal to One Hundred Fifty
                  Thousand and 00/100 Dollars ($150,000.00) per annum (the "Base
                  Salary"), which amount shall be subject to adjustment, if any,
                  in accordance with this ss. 2.1. The Compensation Committee of
                  the Board (the "Committee") shall review Executive's Base
                  Salary on an annual basis, and the Committee upon such review
                  and in its sole discretion, may increase or decrease
                  Executive's Base Salary by an amount which the Committee deems
                  appropriate in light of the Company's and Executive's
                  performance during the period covered by such review;
                  provided, however, that Executive's Base Salary shall not be
                  reduced below One Hundred Fifty Thousand and 00/100 Dollars
                  ($150,000.00) per annum. The Base Salary, less all applicable
                  withholding taxes, shall be paid to Executive in accordance
                  with the payroll procedures in effect with respect to officers
                  of the Company.

         2.2      Incentive Compensation. In addition to the Base Salary payable
                  to Executive pursuant to Paragraph 2.1 and any special
                  compensatory arrangements which the Committee provides for
                  Executive, effective as of the Effective Date, Executive shall
                  be entitled to participate in any incentive compensation plans
                  in effect with respect to senior executive officers of the
                  Company, with the criteria for Executive's participation in
                  such plans to be established by the Committee in its sole
                  discretion.

         2.3      Stock Options. Executive shall be entitled to participate in
                  employee stock option plans from time to time established for
                  the benefit of employees of the Company in accordance with the
                  terms and conditions of such plans.

         2.4      Expenses. Executive shall be reimbursed for all reasonable
                  business-related expenses incurred by Executive at the request
                  of or on behalf of the Company.

         2.5      Participation in Employee Benefit Plans. Executive shall be
                  entitled to participate in such medical, dental, disability,
                  hospitalization, life insurance, profit sharing and other
                  benefit plans as the Company shall maintain from time to time
                  for the benefit of executive officers of the Company, on the
                  terms and subject to the conditions set forth in such plans.
                  In addition, during the term of this Agreement, Executive
                  shall be entitled to a comprehensive annual physical
                  performed, at the company's expense, by the physician or
                  medical group of Executive's choosing.

         2.6      Compensation upon Termination of Employment. If Employee's
                  employment



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                  under this Agreement is terminated for any reason whatsoever,
                  Employee shall not thereafter be entitled to receive any Base
                  Salary for periods following such termination; provided,
                  however, that Employee shall be entitled to receive any Base
                  Salary which may be owed to Employee but is unpaid as of the
                  date on which Employee's employment is terminated. The
                  benefits, if any, payable to or on behalf of Employee upon
                  Employee's termination of employment from the Company under
                  any employee benefit plans and incentive compensation and
                  other compensatory arrangements shall be governed by the terms
                  and conditions for benefit payments set forth in such plans
                  and arrangements.

         2.7      Vacation. In addition to Company holidays, Executive shall
                  receive such paid vacation time each year during the term of
                  this Agreement consistent with vacation policies of the
                  Company for its executive officers. Said paid vacation time
                  shall initially be twenty days. Any unused vacation days in
                  any year may not be carried over to subsequent years, and
                  Executive shall receive no additional compensation for any
                  unused vacation days.

         2.8      Perquisites. Executive shall be entitled to receive such
                  individual perquisites as are consistent with the Company's
                  policies applicable to its executive officers.

                                       3.
                               Term of Employment

         3.1      Term. The employment relationship under the Agreement shall
                  commence as of the above written date (the "Effective Date")
                  and shall continue until the date twenty (20) business days
                  after written notice is given to the other party by either the
                  Company or Employee that the employment relationship shall
                  terminate. Such termination notice may be given by either
                  party without cause and for any or no reason.

                                       4.
                                  Miscellaneous

         4.1.     Binding Effect. This Agreement shall inure to the benefit of
                  and shall be binding upon Executive and his executor,
                  administrator, heirs, personal representative and assigns, and
                  the Company and its successors and assigns; provided, however,
                  that Executive shall not be entitled to assign or delegate any
                  of his rights or obligations hereunder without the prior
                  written consent of Company; and further provided that the
                  Company shall not be entitled to assign or delegate any of its
                  rights or obligations hereunder except to a corporation,
                  partnership or other business entity that is, directly or
                  indirectly, controlled by or under common control with Summit
                  Properties Inc.

         4.2.     Construction of Agreement. No provision of this Agreement or
                  any related



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                  document shall be construed against or interpreted to the
                  disadvantage or any party hereto by any court or other
                  governmental or judicial authority by reason of such party
                  having or being deemed to have structured or drafted such
                  provision.

         4.3      Amendment; Waiver. Except as otherwise expressly provided in
                  this Agreement, no amendment, modification or discharge of
                  this Agreement shall be valid or binding unless set forth in
                  writing and duly executed by each of the parties hereto. Any
                  waiver by an party or consent by any party to any variation
                  from any provision of this Agreement shall be valid only if in
                  writing and only in the specific instance in which it is
                  given, and no such waiver or consent shall be construed as a
                  waiver of any other provision or as a consent with respect to
                  any similar instance or circumstance.

         4.4      Governing Law. This Agreement shall be governed by and
                  construed in accordance with the laws of the State of North
                  Carolina.

         4.5.     Survival of Agreements. All covenants and agreements made
                  herein shall survive the execution and delivery of this
                  Agreement and the termination of Executive's employment
                  hereunder for any reason.

         4.6      Headings. The section and paragraph headings contained in this
                  Agreement are for reference purposes only and shall not affect
                  in any way the meaning or interpretation of this Agreement.

         4.7      Notices. All notices, requests, consents and other
                  communications hereunder shall be in writing and shall be
                  deemed to be given when delivered personally or mailed first
                  class, registered or certified mail, postage prepaid, in
                  either case, addressed as follows:


                           (a)  If to Executive:
                                   William B. McGuire, Jr.
                                   At last known address as reflected
                                   in the Company's records.

                           (b)  If to the Company, addressed to:
                                   Summit Properties Inc.
                                   212 South Tryon Street, Suite 500
                                   Charlotte, North Carolina 28281
                                   Attn: Michael G. Malone

         4.8      Counterparts. This Agreement may be executed in two or more
                  counterparts, each of which shall be deemed to be an original,
                  but all of which together shall constitute one and the same
                  instrument.



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         4.9      Entire Agreement. This Agreement, together with the
                  Noncompetition Agreement, Indemnification Agreement, and
                  Executive Severance Agreement, constitute the entire agreement
                  of the parties with respect to the subject matter hereof and
                  upon the Effective Date, will supersede and replace all prior
                  agreements, written and oral, between the parties hereto or
                  with respect to the subject matter hereof. This Agreement may
                  be modified only by a written instrument signed by each of the
                  parties hereto.



         IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first above written.


                                    SUMMIT PROPERTIES INC.

                                    By:  /s/ Steven R. LeBlanc
                                         -------------------------------
                                       Name:   Steven R. LeBlanc
                                       Title:  President


                                    SUMMIT MANAGEMENT COMPANY


                                    By:  /s/ Steven R. LeBlanc
                                         -------------------------------
                                       Name:   Steven R. LeBlanc
                                       Title:  Vice President

                                    Collectively, the "Company"


                                    /s/ William B. McGuire, Jr.         [SEAL]
                                    ------------------------------------
                                    William B. McGuire, Jr.

                                    "Executive"


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