Article Courtesy of Inside Business – http://digital.olivesoftware.com/olive/odn/VPInsideBusiness/
The Franklin Johnston Group has closed on a 6-acre property in Norfolk’s Campostella section to build the Clairmont Apartments at Campostella Station, the company announced.
The $24 million development project, in which Wells Fargo is the investment limited partner, is a gated community of 152 one-, two-, and three-bedroom apartments. Rent will range from $690 to $995.
Apartments also will feature Energy Star-certified appliances, in-unit washers and dryers, a pool and a clubhouse with a meeting space available for use by residents.
“We appreciate the opportunity to bring excellent, affordable housing to the Campostella community,” said Steve Cooper, senior vice president of development for Franklin Johsnton Group. “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 the development of the apartment community is complete, the company plans to begin construction of 25 single family homes adjacent to the property. Completion of the Clairmont Apartments at Campostella Station is expected in 2017.
The Franklin Johnston Group develops and manages multifamily rental residences in the senior, luxury and affordable housing sectors. The company owns and manages more than 10,000 units and 53 properties throughout the Eastern U.S.
– Inside Business