Forest Pine Apartments sold for $18 million

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.

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