Getting your Trinity Audio player ready...

S.L. Nusbaum Realty Co. recently announced the sale of Forest Pine Apartments, located at 201 Forest Pine Road in Franklin, to Forest Pines Apts LLC for $18 million.

A Tuesday, Feb. 6, news release from S.L. Nusbaum noted that the 244-unit community is located on 23.27 acres and is composed of traditional- and garden-style one-, two- and three-bedroom floor plans and features 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 Dec. 28, 2023, with a cap rate of 5.5%.

The Tidewater News reached out, through Wessling, to the seller and buyer for comment on Tuesday, but no response was received by press time.