With confidence in the return of the urban core, Cortland has acquired four properties located in Arlington, Virginia. The $1 billion investment includes Aubrey at the Highlands, a 331-unit apartment community, to be known as Cortland Rosslyn, and Aura Pentagon City, a 534-unit apartment community, soon-to-be Cortland Pentagon City. Two more Arlington communities are expected to close soon, which will complete the over 1,500-unit acquisition.
"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," says Mike Altman, chief investment officer at Cortland.
Cortland Rosslyn is a LEED Gold-certified community. Developed by Penzance in partnership with The Baupost Group, the luxury community offers studio to three-bedroom homes, penthouses, and two-level townhomes. Each unit includes chef-style kitchens, state-of-the-art appliances, luxury finishes, and flexible spaces. Its rooftop sky lounge and pool boast sweeping views of the Potomac River and District of Columbia skyline.
Cortland Pentagon City, a mixed-use urban community, combines apartments, offices restaurants, shops, parks, hotels, cultural venues, and more. It is located across the street from Amazon HQ2 in National Landing, with views of the planned Helix Tower.
"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," says 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 Sun Belt portfolio. These are generational assets, and we intend to be stewards of the community."
Founded in 2005 in Atlanta, Cortland is a vertically integrated, multifamily real estate investment, development, and management company that focuses on delivering resident-centric, hospitality-driven apartment living experiences. "Northern Virginia is a highly coveted location that is already seeing a rebound in growth as residents move back to the urban core," says Altman. "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."
