Under the offer, Summerset will have the ability to accept up to $50 million of oversubscriptions.
The offer is aimed at New Zealand institutional and retail investors. Summerset operates facilities in Avonhead, Casebook, Wigram, Rangiora and Prebbleton.
Summerset has previously had two successful issues - one in June 2017 and the other in September 2018.
"Another bond issue allows Summerset to continue its strong, well-managed development growth while providing additional diversification of funding sources and tenor," chairman Rob Campbell said.
Summerset has appointed ANZ Bank New Zealand Limited (ANZ) as its arranger, and ANZ, Craigs Investment Partners Ltd, Forsyth Barr Ltd and Jarden Securities Limited as the joint lead managers.
Hobson Wealth Partners has been named a co-manager.
