Cortland to invest $1B in Arlington apartments

Cortland, an Atlanta-based multifamily real estate investment, development and management company, will invest $1 billion in four Arlington apartment communities totaling more than 1,500 units, marking the company’s reentry into the metro Washington, D.C., market.

The four properties include the 331-unit Aubrey apartment building — rebranded by Cortland as Cortland Rosslyn — and the 534-unit Aura Pentagon City — now renamed Cortland Pentagon City — as well as two other apartment communities not disclosed by Cortland.

“Northern Virginia is a highly coveted location that is already seeing a rebound in growth as residents move back to the urban core,” Cortland’s chief investment officer, Mike Altman, said in a statement. “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.”

Cortland Rosslyn has three-bedroom apartments, penthouses, two-level townhomes, a rooftop sky lounge and pool. Completed in 2021, it was developed by D.C.-based Penzance Cos. and is part of The Highlands, a luxury residential development in Arlington.

Cortland Pentagon City is situated across from Amazon.com Inc.’s HQ2.

“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,” Altman said.

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.

“Cortland plans to double its investment in the area with the goal of becoming a top player in the market in the near future,” the company said in a news release.