LEADING MULTIFAMILY COMPANY CONTINUES TO GROW ITS PORTFOLIO
The Franklin Johnston Group has expanded its footprint in Florida, Rhode Island, and Virginia in the month of October. The company added 1,200+ units to the portfolio.
Trail Creek Apartments – Hampton, Virginia
Riverview – Colonial Heights, Virginia
Curtis Arms – Providence, Rhode Island
Emerald Palms – Fort Lauderdale, Florida
Phoenix – Homestead, Florida
Praxis – Deerfield Beach, Florida
Croatan Investments, a multifamily real estate investment group based out of Virginia Beach, a long-time partner of TFJG, recently purchased Trail Creek Townhomes located in Hampton, VA. The 300-unit community offers resort-class amenities. Residents unwind in their one-, two-, and three-bedroom townhomes, which offer custom finishes in two-and three-story layouts. An interior and exterior renovation is planned, which will include a complete re-facing of the buildings and interior upgrades. A partner since 2014, The Franklin Johnston Group currently manages 11 of Croatan assets throughout Virginia and Georgia.
California-based real estate investment firm MRK Partners transferred management of Emerald Palms, Phoenix, and Praxis at Deerfield Beach in Florida to The Franklin Johnston Group, building on the existing partnership. The 3 Florida affordable multifamily properties total 706-units. The Franklin Johnston Group currently manages 6 of MRK assets throughout Maryland, Virginia, and Florida.
Standard Communities recently acquired Curtis Arms Apartments in the Olneyville neighborhood of Providence, Rhode Island. Standard Communities will be doing a large-scale rehabilitation of the 106-unit community as part of their effort to preserve the property as high-quality affordable housing for years to come. Demonstrating its commitment to creating a space residents and the neighborhood can be proud of, Standard plans to invest more than $6 million to revitalize and modernize the property. A partner since 2017, The Franklin Johnston Group currently manages 9 of Standard Communities assets throughout Virginia, Washington D.C., Maryland, North Carolina, and Rhode Island.
The Franklin Johnston Group now manages approximately 15,600 units at 93 properties in 7 states along the East Coast.
About The Franklin Johnston Group
Based in Virginia Beach, the Franklin Johnston Group owns and manages more than 15,500 units in seven states throughout the Eastern U.S. The FJG portfolio is composed of its own properties as well as those owned in partnership with various individual and institutional investors. The company develops new properties and acquires and rehabilitates existing communities. FJG is headquartered in Virginia Beach, VA and employs more than 500 people throughout the Mid-Atlantic and Southeast.