Cortland completes $1B investment in Arlington

Cortland, an Atlanta-based multifamily real estate investment, development and management company, has completed its initial round of apartment acquisitions in Arlington with the purchase of Evo Rosslyn, a 27-story apartment building.

The purchase is part of a $1 billion investment in multiple Arlington apartment communities, first announced in May. Evo Rossyln will be renamed Cortland Rosslyn and will merge with its neighboring high-rise community, formerly the Aubrey apartment building.

“The closing of Evo is the culmination of our investment round that was started in May with the purchase of Cortland Rosslyn, formerly known as the Aubrey. We are creating a seamless, resident-centric and hospitality driven experience with the combination of these two trophy towers,” Cortland Chief Investment Officer Mike Altman said in a statement.

The building added 455 units to Cortland Rosslyn, ranging from studios to three-bedroom apartments, as well as more than 300,000 square feet of amenity space, including coworking lounges, a spa, rock climbing wall and fitness center. The tower is LEED Gold certified and was developed by Penzance in partnership with the Baupost Group LLC.

Cortland also announced $60 million in upgrades to two other properties it bought recently: Cortland Pentagon City and Arlington Apartments, located across from Amazon.com Inc.’s HQ2 East Coast headquarters.

“We are excited to sustainably upgrade our buildings to integrate into the built environment. At Cortland Pentagon City, we plan to fully upgrade the apartment interiors and corridors and change the feel of the heavy exterior and ground level of the buildings to match the street energy and open, modern design around HQ2,” Dan Irvin, director of investments at Cortland, said. “With Arlington Apartments, the scope of work will be much greater. This is a total reposition of that community and will offer residents modern finishes, first-class amenities and an unrivaled apartment-living experience focused on hospitality.”

Cortland owns and manages more than 250 apartment communities, with about 85,000 units across the country. The company has regional offices in Texas, North Carolina, Florida and Colorado.