Forest Pine Apartments Sold for $18 Million

Norfolk, VA (February 2024) – S.L. Nusbaum Realty Co., announces the sale Forest Pine Apartments located at 201 Forest Pine Road in Franklin, VA to Forest Pines Apts LLC for $18,000,000.

The 244-unit community is located on 23.27 acres and comprised of traditional and garden style one, two and three bedroom floor plans and feature amenities including on-site maintenance, laundry facilities, a community swimming pool and playground area.

John Wessling, CCIM, Chris Devine, Anthony Grecco and Bill Overman, CCIM represented the seller, FP Associates, FPA LLC, and Adjacent Properties in this off-market transaction.

“S.L. Nusbaum’s service and expertise certainly met my very high expectations”, said the seller, Nancy Levin. “John and the team seemed to know instinctively the amount of follow-up needed. They were readily available for conversations to discuss strategy and responses to questions.”

The sale was finalized on December 28, 2023, with a cap rate of 5.5%.

For more information, contact: John Wessling, CCIM, jwessling@slnusbaum.com, 757.640.2412, Chris Devine, cdevine@slnusbaum.com, 757.640.2410, Anthony Grecco, agrecco@slnusbaum.com, 757.452.6133 or Bill Overman, CCIM, boverman@slnusbaum.com, 757.640.2254.