Co-founder steps down from Franklin Johnston Group

Tom Johnston has stepped down from The Franklin Johnston Group, the Virginia Beach-based multifamily development and management company he co-founded, the company announced May 30.

Johnston is leaving to pursue other business opportunities, a release stated.

Johnston, Wendell Franklin and his son W. Taylor Franklin as well as Steve Cooper left S.L. Nusbaum Realty in 2013 to form the new firm.

Johnston, who has a degree in business administration from Old Dominion University, completed over 40 apartment communities with an aggregate value of $500 million at the Franklin Johnston Group, according to his company bio. He spent two decades at S.L. Nusbaum Realty and previously worked for the Virginia Housing Development Authority.

Wendell Franklin and W. Taylor Franklin will remain as managing partners of the company. W. Taylor Franklin will continue as CEO, a role he stepped into in early 2023, while Wendell Franklin serves as chairman.

Johnston and Wendell C. Franklin had a three-decade partnership that resulted in the development of numerous apartment communities throughout the Mid-Atlantic, according to the company.

The Franklin Johnston Group has about 700 employees and has a portfolio of about 200 properties located in 10 states and Washington, D.C.