PROJECT OVERVIEW

Located just off Witchduck Road near Renaissance Academy, Renaissance Apartments stands as a testament to the Franklin Group’s commitment to delivering truly mixed-income housing to meet the needs of Virginia Beach residents. After the success of Two Hundred West Apartments, also located in the same revitalized area, our team identified the demand for additional housing in what was once a predominantly industrial zone.

The 11-acre parcel for the Renaissance Apartments, previously owned by the Virginia Beach School Board, had no future use planned. Recognizing the site’s potential, the Franklin Group approached the Virginia Beach Economic Development Authority in 2018 with an offer. The next six months involved working closely with City staff, the Planning Commission, and City Council to rezone the property for residential use and secure its purchase.

The community was highly supportive of the project, recognizing the need for additional housing options in a prime location, just minutes from Town Center. The collaboration between the Franklin Group, the School Board, and the City of Virginia Beach allowed us to seamlessly navigate the rezoning process and lay the groundwork for a successful development.

Challenges & Solutions

The development team faced a few logistical challenges, including the need to construct a new turn lane to ease access to the community. Through strategic partnership with the City of Virginia Beach and VDOT, we built the necessary infrastructure to ensure safe and convenient access to Renaissance Apartments from Witchduck Road.

This project is a clear demonstration of the Franklin Group’s ability to execute a complex infill redevelopment in collaboration with local government entities, ensuring that the project not only met the needs of future residents but also aligned with the City’s strategic growth plans.

The Result

Renaissance Apartments opened in mid-2020, offering a three phase, 240-unit mixed-income community with convenient access to I-264. The apartment homes offer one-, two-, and three-bedroom units, with rents ranging from $538 to $1,425, making it accessible to residents at various income levels. The property’s design includes an upscale clubhouse, a state-of-the-art fitness center, and a resort-style pool with a spacious deck, offering residents a luxury living experience at an affordable price point.

The community was fully leased in just 90 days and continues to maintain 100% occupancy—a reflection of both the demand for high-quality, affordable housing in Virginia Beach and the appeal of the mixed-income housing model.
The project was financed by Virginia Housing with equity from the Low Income Housing Tax Credit Program, receiving both a 9% and 4% allocation of credits purchased by Towne Bank, as well as Virginia Housing taxable and tax exempt bond financing, HOME Funds from the City of Virginia Beach and investor equity.

Community Impact

Renaissance Apartments represents the Franklin Group’s commitment to developing inclusive, mixed-income communities that cater to residents from all walks of life. By offering rents at multiple price points, the development ensures that people with varied income levels have access to quality housing, all within a vibrant, urban environment close to Town Center.

The success of Renaissance Apartments underscores our capacity to work hand-in-hand with local government agencies, Virginia Housing, and our banking partner to deliver housing solutions that benefit the entire community. Through thoughtful planning and a clear understanding of local needs, the Franklin Group continues to create dynamic, affordable housing options that enhance the lives of Virginia Beach residents.