Atlanta company completes $1B Arlington apartment-buying binge

Atlanta-based apartment investment and development company Cortland has closed on the final piece of its $1 billion acquisition of apartment communities in Arlington, Virginia.

Cortland now owns what was previously named Evo Rosslyn, a 27-story, 455-unit luxury apartment building at 1555 Wilson Blvd. It acquired the building from its original developer Penzance, and has renamed it Cortland Rosslyn.

Courtland began its expansion into the Northern Virginia market in May, when it closed on the acquisition of Evo’s 23-story apartment building neighbor, the Aubrey at 1788 N. Pierce St., also from Penzance, renaming it Cortland Rosslyn. It also acquired Aura Pentagon City, a 534-unit apartment community renamed Courtland Pentagon City.

The Highlands in Rosslyn where Cortland has completed the second of its two-building acquisition. (Courtesy Penzance)

It also recently closed on the acquisition of another apartment community in Rosslyn — Arlington Apartments.

Cortland will spend an additional $60 million on renovations of Cortland Pentagon City and Arlington Apartments.

Penzance was founded in 1996, and has invested more than $3 billion in Washington-area real estate. Cortland, founded in 2005, owns more than 250 apartment communities in Charlotte, Dallas, Denver, Orlando and Tampa.

Jeff Clabaugh

Jeff Clabaugh has spent 20 years covering the Washington region's economy and financial markets for WTOP as part of a partnership with the Washington Business Journal, and officially joined the WTOP newsroom staff in January 2016.

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