Six-year-old Franklin Johnston Group continues to grow by leaps and bounds in development and management of multifamily properties. The multifamily development and property management company is bringing three new apartment communities to Virginia Beach this year: Coastal 61 at Oxford Village, Two Hundred West and The Renaissance.
The group began operations May 1, 2013, with 24 managed properties. It added 20 new properties to its portfolio in 2018. Today it owns and manages more than 16,000 units at 95 properties in seven states from Washington, D.C., to Atlanta. “We’re a development and management company and development is certainly an area that allows our company to grow both development-wise and through our management portfolio expanding,” said Tom Johnston, chief development officer. “Development is driving growth, but so is management of other portfolios for other owners. The company’s assets exceed $1.8 billion with an additional $200 million in development under way. Taylor Franklin, chief operating officer said the company manages property up and down the East Coast. “Our team members are some of the best in the multifamily industry; we’ve gone into a lot of the greatest minds in Hampton Roads and Virginia to help us grow the company and we want to live by the core value that we have, which is people are our passion.” The Virginia Beach-based company has more than 400 employees and opened a second corporate office in Arlington at the end of January. The 2500-square-foot office houses a 10-member team. Johnston said the new developments will be a great addition to areas of Virginia Beach that are undergoing redevelopment and transformational change. “We’re not just building apartments, we’re building communities and places that our residents call home for one or two and oftentimes many years,” Johnston said. “Our success continues to center on creating the kind of modern-day, amenity-packed communities that people demand and want to call home,” Franklin added. COASTAL 61 AT OXFORD VILLAGE Franklin Johnston will break ground in April for this 248-unit complex adjacent to Virginia Wesleyan University. It will be built on vacant land previously owned by the university and will feature one-, two- and three-bedroom apartments ranging from 833 to 1,395 square feet. Leasing costs will range from $1,180 to $1,650 per month. The community will also include a rooftop sky park, a two-story clubhouse and a resort-style swimming pool with a custom design and high-end landscaping. Coastal 61 is expected to open in late 2019. The name comes from year Virginia Wesleyan was founded and part of a moniker often used to identify the Hampton Roads region. Johnston said there is a great deal of commercial growth in the area as well as at the university which now offers graduate level programs. “Because it’s so centrally located we probably will attract a diverse tenant base,” Johnston said. TWO HUNDRED WEST This new community on the west side of the Pembroke strategic growth area will feature 264 apartments, a resort-style swimming pool, two-story clubhouse, business center, state-of-the-art fitness center and a playground. Set to open this summer, Two Hundred West is being built on property on the west side of Virginia Beach’s Town Center. The land was previously occupied by a warehouse owned by Bluelinx. Apartments will rent for $770 to $1,020 per month. Franklin said the city of Virginia Beach has been involved in the project by assisting with a new retention pond surrounding the development’s 90 acres and a new pump station. “The city’s really investing heavily in the infrastructure to make sure the site doesn’t flood, make sure the surrounding areas have enough retention ponds to accommodate the runoff,” Franklin said. “Which I think is really important to highlight the city’s investing a lot of money to help that community.” Johnston said city's work is a catalyst to provide infrastructure to support future development along the corridor. THE RENAISSANCE The company will break ground in May for this new development with 240 apartments. It is anticipated to be completed late this year or early 2020. The Renaissance will also be on the west side of Town Center, near the intersection of Virginia Beach Boulevard and Witchduck Road. The development will include a two-story clubhouse, resort-style swimming pool and dog park. Rent will be from $750 to $1,300 per month. Reported by The Hampton Roads Business Journal (Feb. 11, 2019)
1 Comment
Donna Jones-Athill
10/2/2019 05:41:23 pm
I need an apartment.
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