FOR IMMEDIATE RELEASE
The Franklin Johnston Group
Multifamily Development And Management Veterans Launch The Franklin Johnston Group
New Company Starts With Nearly 5,000 Residential Unit Portfolio
VIRGINIA BEACH, VA—April 15, 2013—Four long-time associates of S.L. Nusbaum Realty Co. have announced their departure to form The Franklin Johnston Group. The company will focus on development and management of apartments in the luxury and affordable housing sectors.
Wendell Franklin, Tom Johnston and Taylor Franklin are the principles in the new firm. The three owners have a combined experience of more than 70 years in the burgeoning multifamily industry. Also, joining as a partner is Steve Cooper, Senior Vice President, Development.
The new company will initially focus on leasing and management of the nearly 5,000 residential units that currently make up their portfolio. The 31 residential complexes that The Franklin Johnston Group control are spread from Northern Virginia to Charlotte, NC. They plan to develop more multifamily projects in the future to meet the growing demand for rental apartments in the U.S.
“The multifamily industry in America has continued to expand as home ownership has contracted, presenting unprecedented opportunities for companies like ours,” Taylor Franklin said. “By launching an independent company focused on the multifamily industry, we will be better positioned to move quickly to take advantage of developing markets while serving the various partnerships that we represent and the thousands of families we serve throughout the Mid-Atlantic region.”
The new company is temporarily housed in the Wells Fargo Building in downtown Norfolk, but will be moving its headquarters in May to the Sidney Kellam Building in the new 31Ocean complex at the Virginia Beach Oceanfront. Total employment will exceed more than 250, some spread throughout the various apartment communities, the remainder in the Virginia Beach headquarters.