Virginia Beach Rezones 16-Acre Courthouse Tract For Apartments - 13 WTHR Indianapolis

Virginia Beach Rezones 16-Acre Courthouse Tract For Apartments

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The Franklin Johnston Group To Build 240-Unit Community

(PRWEB) July 10, 2014

In a vote of 11-0, Virginia Beach City Council approved the rezoning of a large tract of land in the Princess Anne Commons area for development of a luxury apartment community. The rezoning had previously been unanimously approved by the Virginia Beach Planning Commission.

The Franklin Johnston Group, a Virginia Beach based apartment development and management company, had sought the rezoning on behalf of its newest venture, Southern Pines Apartments. Southern Pines will contain ten 3-story buildings all designed with elements of historic low country architecture. The residential buildings, together with clubhouse and garage buildings, will be carefully placed around two lakes and the adjacent TPC golf course to create a superb natural living environment. Residents of Southern Pines will enjoy a large complement of recreational amenities including resort- style infinity pool, large two-story clubhouse with 2000 sq. ft. fitness club, pool deck with grill station, two-lane bowling alley, Zen garden, wood-burning fireplace, and a comfortable lounge with 80-inch flat screens. The apartment homes will feature 9 foot ceilings, center islands, stainless steel GE Profile Series appliances, granite countertops, ceramic floors, high efficiency HVAC systems and walk-in closets. Rents will begin at just over $1,100 per month. Groundbreaking is scheduled this spring with first move-ins by the end of next year.

Tom Johnston, Chief Development Officer of Franklin Johnston Group cited the Princess Anne and Courthouse areas rapid growth and residential housing demands as reasons for the rezoning and construction of Southern Pines. The Courthouse and Princess Anne corridor area is without a doubt the most dynamic spot in our region right now, he said. Quality rental housing has not kept pace with the new employment created at the health care complex, educational institutions, and retail and office space in the area. We look forward to meeting the markets demand for new high-quality apartments for families looking to live near where they work and conduct many of their family activities. We appreciate the Planning Commission and City Councils approval of our rezoning request.

Southern Pines is the third new community announced by FJG in Hampton Roads this year. In May, the company announced two affordable living communities in Norfolk; The Crossings at Berkley Station, a 156-unit gated apartment community and The Pointe at Pickett Farm, a 300-unit apartment community. Estimated investment of the 3 communities is more than $100 million.

About Franklin Johnston Group
The Franklin Johnston Group is a developer and manager of multifamily rental residences in the senior, luxury and affordable housing sectors. The company owns and manages more than 6000 units and 40 properties 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 250 people throughout the mid-Atlantic and Southeast.
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