Cortland to Acquire Four D.C. Area Communities for $1B
The investment in the Arlington, VA multifamily properties represents the firm’s re-entry into the Washington D.C. area market.
ARLINGTON, VA – Vertically-integrated, multifamily real estate investment, development and management company Cortland is acquiring four multifamily properties in Arlington, VA for a total of $1 billion.
The more than 1500-unit acquisition represents Cortland’s re-entry into the Washington D.C. area market.
The first two acquired assets include the 331-unit apartment community Aubrey, which will be rebranded as Cortland Rosslyn, and the 534-unit community Aura Pentagon City, which will be rebranded as Cortland Pentagon City. The two additional community acquisitions are expected to close soon.
“Northern Virginia is a highly coveted location that is already seeing a rebound in growth as residents move back to the urban core,” says Mike Altman, Cortland’s chief investment officer. “This is just the start of Cortland’s investment in the region, driven by our commitment to deliver an unrivaled resident-centric, hospitality-driven experience that is changing the standard of apartment living.”
Altman adds, “The combination of these investments allows us to gain a strong foothold in the region at a strategic time based on our proprietary analysis of market trends. Cortland Rosslyn is a trophy asset, and we plan to match that with Cortland’s value-add capability in our other new communities.”
A LEED Gold certified community, Cortland Rosslyn offers studio, one-, two- and three-bedroom units, as well as penthouses and two-level townhomes. The asset additionally features flexible amenities and a rooftop sky lounge and pool. Originally developed by Penzance, the community is situated in the city’s Rosslyn neighborhood, which has 93 walk score.
Cortland Pentagon City is situated across the street from Amazon HQ2 in the mixed-use urban community of National Landing.
“Our capabilities will allow us to modernize Cortland Pentagon City to go along with the grand vision that others have laid out for National Landing,” states Dan Irvin, director of investments at Cortland. “We believe the technological sector growth of this area is important to the future of the region’s economy and offers diversity to Cortland’s sunbelt portfolio. These are generational assets, and we intend to be stewards of the community.”
Cortland intends to double its investment in the area in the near future.