Article Courtesy of DDCJournal.com and DDCJournal Magazine page 103.
Franklin Johnston Group prioritizes attention to detail, green building practices.
Officially formed in the spring of 2013, the Franklin Johnston Group has roots that extend much further back than that. Three of the company’s principals- Wendall Franklin, Tom Johnston and Steve Cooper-are former partners at S.L. Nusbaum, a large commercial real estate brokerage and management firm.
“We decided to form the Franklin Johnston Group to focus primarily on development and management,” says Tom Johnston, Chief Development Officer. “We were with S.L. Nusbaum for many years, and then we formed our own group. We are now a full-service development and management company.”
Based in Virginia Beach, the Franklin Johnston Group owns and manages more than 6,000 housing units in 38 properties throughout the eastern United States. The company, whose annual rent revenues currently exceed $600 million, has a diverse real estate portfolio that includes residences in the senior, affordable and luxury housing sectors. Although some of these properties are brand new developments, others are created through acquiring and rehabilitating existing properties.
In May, the Franklin Johnston Group wrapped up construction on the Shorehaven Apartments, a 240-unit multifamily rental property located in Woodbridge, Virginia. The $41 million development features seven buildings, each of which holds between 32 and 48 affordable housing units, as well as a clubhouse.
According to Johnston, the construction process for the Shorehaven apartment community was unique in that the Franklin Johnston Group worked closely on-site with its contracted builder.