Cortland, a multifamily investment, development and management company, has re-entered the suburban Washington, D.C., market with acquisitions of four properties in Arlington, Va., totaling more than 1,500 units for more than $1 billion.
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Cortland noted it plans to double its investment in the area with the goal of becoming a top player in the market in the near future.
Mike Altman, Cortland’s chief investment officer, said northern Virginia is a highly covered location that is already seeing a rebound in growth as residents move back to the urban core.
He said the four acquisitions—two of which have not yet closed—are just the start of the company’s investment in the region.
The initial investments are Aubrey, a 331-unit luxury apartment community in The Highlands development in Rosslyn owned by Penzance, and Aura Pentagon City, a 534-unit apartment community to be renamed Cortland Pentagon City.
Aubrey, a trophy asset that Penzance developed in partnership with The Baupost Group LLC, will be rebranded Cortland Rosslyn. The remaining two assets in Arlington are expected to close soon.
The 23-story Cortland Rosslyn is located at 1788 North Pierce St. and was completed in 2021. Each unit has citywide views of Rosslyn and the D.C. skyline with some apartments featuring sculptural balconies.
All residences feature chef-style kitchens, state-of-the-art appliances including washer-dryers in all units, luxury finishes and flexible spaces to fits residents’ needs. The rooftop amenities include a penthouse-level pool and sun deck as well as an indoor craft beer lounge and billiards space.
Other amenities include an exhibition kitchen, coworking hall, a winery-inspired clubroom and lounge, fitness center, 24-hour concierge, garage parking and onsite storage. The building also has on-site storage and a CVS on the ground floor.
Units have one-, two- and three-bedroom floorplans and range in size from 630 square feet to 1,689 square feet, according to Yardi Matrix data. ■