Atlanta-based multifamily real estate investment and development company Cortland is acquiring four residential properties in Virginia’s Arlington County for a total of $1 billion, including one of the newest additions to Rosslyn’s skyline.
It has closed on its acquisition of the 331-unit Aubrey apartment high-rise at 1788 N. Pierce St. in Rosslyn, a 23-story apartment building that was completed last spring. It acquired the building, whose rents are as high as $8,000 a month, from Penzance. Penzance developed the tower as part of The Highlands Community, which includes two other residential high rises.
It is now called Cortland Rosslyn.
“After pouring our hearts into The Highlands for the last 11 years, it’s incredibly rewarding to see the project succeed,” said John Kusturiss, chief development officer at Penzance. “This sale is a true testament to the robustness of the Northern Virginia market.”
Cortland also closed on its acquisition of Aura Pentagon City, a 534-unit apartment community that will be renamed Cortland Pentagon City. It is located across the street from Amazon’s new HQ2 campus under construction in National Landing, with future views of Amazon’s planned Helix Tower.
Two additional, unidentified Arlington residential communities are expected to close soon as part of Cortland’s $1 billion investment. It did not say what the selling price for each of the four properties is.
The total acquisitions include 1,500 residential units.
“Northern Virginia is a highly coveted location that is already seeing a rebound in growth as residents move back to the urban core,” said Mike Altman, chief investment officer at Cortland. “This is just the start of Cortland’s investment in the region.”
Cortland said it plans to double its investment in the Northern Virginia region with a goal of becoming a top player in the market.
Cortland manages or is invested in more than 250 apartment communities and has offices in Charlotte, Dallas, Denver, Houston, Orlando and Tampa.