A Virginia Beach real estate group with multiple deals in the pipeline has another apartment community in the works that aims in part to provide housing for local teachers.
The Franklin Johnston Group plans to develop Renaissance Apartments at 273 N. Witchduck Road in Virginia Beach. The Virginia Beach real estate firm plans to build a 240-unit apartment community with a mix of low-income and market-rate workforce housing. The community will have one-, two- and three-bedroom units.
Franklin Johnston bought in April the 10.6-acre parcel on North Witchduck Road for $4.5 million from the Virginia Beach School Board, says Tom Johnston, Franklin Johnston’s chief development officer. The property was most recently assessed by the city at $3.6 million, according to online records.
