Source: The Franklin Johnston / #Apartments #Multifamily
VIRGINIA BEACH, VA - 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 market’s 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 Council’s 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.