Article Courtesy of Virginia Business – http://www.virginiabusiness.com/news/article/franklin-johnston-group-buys-land-for-24-million-apartment-project
The Franklin Johnston group (FJG) said Thursday that it has closed on the purchase of six-acres of property in the Campostella section of Norfolk where it plans to build a $24 million affordable housing apartment community.
The Clairmont Apartments at Campostella Station will be a gated community of 152 apartments. The company said in a press release that rent for the community would range from $690-$995 for one-,two- and three- bedroom apartments.
Wells Fargo is the investment-limited partner for the project.
“We appreciate the opportunity to bring excellent, affordable housing to the Campostella community,” Steve Cooper, senior vice president of development for FJG, said in a statement. “This neighborhood has a rich history, but it’s been underserved with quality apartment homes for far too long. We expect Clairmont to rent up very quickly.”
Once development of Campostella’s newest community is complete in 2017, FJG said it would begin constructing 25 single-family homes adjacent to the property.