AIG Global Real Estate Investment Corp.’s Affordable Housing Division has tapped the Franklin Johnston Group to manage 11 multifamily properties in Virginia and North Carolina. The assets include senior and affordable communities.
Franklin Johnston was already managing four properties in Virginia for the giant investor: River Run I and River Run II in Woodbridge and The Regency and Broad Pointe in Manassas. The latest assignment adds 1,174 units to Franklin Johnston’s management portfolio.
Based in Virginia Beach, Franklin Johnston began operation in 2013, with a portfolio of 24 properties and 3,551 residential units. Including the new AIG properties, its portfolio now totals nearly 12,000 units and more than 70 properties on the East Coast.
“We’ve been able to triple the size of our management portfolio in just three years,” said Taylor Franklin, Franklin Johnston Group’s president. The company manages properties in strong markets. For instance, Fredericksburg, Va., an exurb close to both the Washington, D.C. and Richmond markets, has enjoyed rent and occupancy growth in recent years.
The larger of the newly managed AIG Global Real Estate Investment Corp properties include English Oaks, 119 units (Fredericksburg); King’s Crest, 100 units (Fredericksburg); Park Place, 148 units (Manassas, Va.); The Gardens, 150 units (Stafford, Va.); and Carolina Spring, 124 units, and Crossings Heritage, 120 units, both in Raleigh. Other properties are in Chesapeake and Richmond, Va., and in Charlotte.
Images courtesy of AIG Global Real Estate