GROUNDBREAKING CEREMONY FOR A 244-UNIT LUXURY APARTMENT COMMUNITY ADJACENT TO VIRGINIA WESLEYAN UNIVERSITY
One of three new Virginia Beach apartment communities on the horizon for The Franklin Johnston Group.
VIRGINIA BEACH, VA – The Franklin Johnston Group and Virginia Wesleyan University along with city leaders broke ground on a new 244-unit luxury apartment community on June 18th.
The groundbreaking event for Coastal 61 at Oxford Village, kicked off with remarks from President and COO of TFJG Taylor Franklin, followed by Mayor Bobby Dyer, Council member Louis Jones, Chief Development Officer at TFJG Tom Johnston and the President of Virginia Wesleyan University Scott D. Miller.
“Coastal 61 means a lot to me personally, as I’m a graduate of Virginia Wesleyan University,” said Taylor Franklin. “I remember going to college, driving past this site and thinking how under-utilized it was, and what a wonderful development opportunity it would be someday for the University…today is that day.”
Coastal 61 is the second FHA insured apartment community located in an Opportunity Zone in the country and the first in the state of Virginia. Established by Congress in the Tax Cuts and Jobs Act of 2017, Opportunity Zones are designed to encourage long-term investment in low-income urban and rural communities.
Coastal 61 at Oxford Village is being built on land owned by the university. “Through this relationship, previously unused, but valuable, University land is being put to good use through an innovative relationship that meets the needs of the University and the adjacent city,” said Dr. Miller. The name Coastal 61 was born due to the property’s proximity and partnership with Virginia Wesleyan University (founded in 1961) and part of a moniker often used to identify the Hampton Roads region.
The luxury community will showcase one-, two- and three-bedroom apartments ranging from 833 to 1,395 square feet and is expected to open in 2020. Each apartment will feature an open floor plan, fully equipped kitchen with stainless steel appliances and granite countertops, custom crown moldings and trim, spa-inspired bathrooms, over-sized walk-in closets, and private patios and balconies. It will also include a rooftop sky park, a two-story clubhouse, resort-style swimming pool and high-end landscaping. The community will be open to the public and is also envisioned as a living space for VWU students, faculty, and staff.
The Franklin Johnston Group, who currently manages 95 properties along the East Coast, is also developing two additional apartment communities in Virginia Beach this year: Two Hundred West and The Renaissance. Those interested in making one of TFJG’s unique properties their home should check for property and leasing details through The Franklin Johnston Group website in the coming months.
Based in Virginia Beach, The Franklin Johnston Group develops and manages multifamily residences in the senior, luxury, and affordable housing sectors for themselves and a select group of strategic partners. The group was founded in 2013 and develops and manages more than 16,000 units within 95 properties in 7 states along the East Coast and employs over 400 people. Total assets managed by the group exceed $1.8 billion with an additional $200M worth of development currently underway. For more information about The Franklin Johnston Group, visit thefranklinjohnstongroup.com.