Article courtesy of CPexecutive.com – http://www.cpexecutive.com/cities/richmond-hampton-roads/franklin-johnston-brings-2-affordable-housing-communities-to-norfolk/1004096535.html
By Adrian Maties, Associate Editor
Virginia Beach-based Franklin Johnston Group is working to bring two new affordable housing communities to Norfolk. Together, the two projects call for the construction of more than 450 units.
Although FJG was founded just last year, the company’s portfolio already includes 38 properties and 5,000-plus units throughout the eastern U.S. One of the firm’s two Norfolk communities is The Crossings at Berkley Station, a 156-unit gated apartment community with a pool, fitness center and playground. FJG plans to start work on the project later this year. The three-story building will be constructed on the 10-acre former site of the Berkley Lumber Yard. It is the first new development in Berkley in years and is expected to revitalize the entire area. FJG did not disclose the cost of the project.
The second Norfolk project is The Pointe at Pickett Farm,. Development is already underway on this $39 million project, and its first phase is expected to open this summer. The Pointe at Pickett Farm will be a 300-unit apartment community, with a clubhouse, swimming pool, fitness center and tot lot. It is being constructed on a 24-acre former horse farm, on Broad Creek.
Recently, FJG has also been selected by Marlyn Development Corp. of Virginia Beach to manage two of its senior housing communities. The two properties are the Forrest Pines Senior Community, scheduled to open next month in Newport News, and The Woodlands, a 132-unit community for independent seniors under construction in the Phoebus community in Hampton.
“We are a market-driven company,” said Taylor Franklin, COO of Franklin Johnston Group, in a statement. “By that I mean that we take great care in determining what apartment niches are not being satisfied and we build to those needs. We see a great need for high quality affordable housing in Hampton Roads and we are leading the way in meeting those needs. Likewise, Marlyn Development is responding to the aging population in the region and the accompanying demand for senior housing. We have extensive experience in senior living management and welcome these two communities to our management portfolio.”
