Franklin Johnston Group picks up large residential portfolio
The Franklin Johnston Group, a Virginia Beach-based apartment developer and manager, announced an agreement Monday to manage all Waverton Associates Communities, which include 2,200 residences in the Richmond and Hampton Roads areas.
Waverton Associates in Portsmouth has developed and built many residential and commercial properties throughout the region with an estimated value of more than $800 million. The Waverton portfolio includes Meridian Watermark, Chesterfield County; Impressions, Newport News; Meridian Parkside, Newport News; Meridian Harbourview, Suffolk; and Waverton Chesapeake, Chesapeake. The portfolio consists of both market rate and tax-credit communities.
The FJG management team took over on Oct. 1.
The Franklin Johnston Group, which opened for business a little more than a year ago, owns and manages more than 7,000 units and 45 properties throughout the Eastern U.S. The portfolio includes its own properties as well as those owned in partnership with various individual and institutional investors.
FJG employs more than 300 people throughout the mid-Atlantic and Southeast.