Updated Sep 22, 2026
Franklin Johnston Group Acquires 13.58 Acres Multifamily In Hampton For $2.25M From Klovstad Family
1612 North Armistead Avenue & 1616 North Armistead Avenue
$2,250,000
Building Size
—
Asset Type
MultiFamily
Closing
Sep 18, 2026
About this deal
AI
The sale involved a multifamily property situated on 13.58 acres at 1612-1616 North Armistead Avenue in Hampton, VA. The transaction concluded for a total of $2,250,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $2,250,000
- Address: 1612-1616 North Armistead Avenue
- Market: Hampton, VA
- Acres: 13.58
The Franklin Johnston Group acquired the property from the Klovstad Family, with Kenneth Penrose Jr from Cushman & Wakefield representing the deal.
The multifamily sale at 1612 North Armistead Avenue in Leonardtown, Virginia sold for $2.3M in 2026. 1612 North Armistead Avenue is classified as Multifamily on Traded. Kenneth (Ken) Penrose Jr, Cushman & Wakefield appear on the sale alongside Cushman & Wakefield. This page is the Leonardtown, Virginia file for the 1612 North Armistead Avenue multifamily sold: pricing, party profiles, and other closed multifamily comps from the same Leonardtown sit in the Market section below. Filter that Leonardtown multifamily set by closing date to see what else sold near 1612 North Armistead Avenue around 2026. Published consideration for 1612 North Armistead Avenue is $2.3M, dated 2026. Cite this Franklin Johnston Group Acquires 13.58 Acres Multifamily In Hampton For $2.25M From Klovstad Family sale when underwriting similar multifamily product around Leonardtown, Virginia.
On the Map
$2,250,000
MultiFamily
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Leonardtown MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
7.05%
Cash-on-Cash
-2.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93