"Northern Virginia is a highly coveted location that is already seeing a rebound in growth as residents move back to the urban core," said Mike Altman, Chief Investment Officer at Cortland. "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."

The initial acquisitions include Aubrey, a 331-unit apartment community, now to be known as Cortland Rosslyn, and Aura Pentagon City, a 534-unit apartment community, to be renamed Cortland Pentagon City. Two additional Arlington communities are expected to close and will be announced soon.   

"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," said Altman. 

Cortland Rosslyn a luxurious, LEED Gold Certified community, developed by Penzance, has a sophisticated aesthetic, offering studios to 3-bedroom homes, penthouses, and two-level townhomes as well as a rooftop sky lounge and pool with spectacular, sweeping views of the Potomac River and DC. Residents can enjoy well-appointed, flexible amenities as well as a vibrant, active lifestyle in the Rosslyn neighborhood with convenient access to all DC has to offer and is considered a "walker's paradise" with a 93 walk score.  

Cortland Pentagon City is located across the street from Amazon HQ2 in National Landing, with views of the planned Helix Tower. The premiere mixed-use urban community is defined by a dynamic blend of offices, apartments, restaurants, shops, parks, hotels, cultural venues, walking trails and more. 

"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," said 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 sunbelt portfolio. These are generational assets, and we intend to be stewards of the community."

Cortland plans to double its investment in the area with the goal of becoming a top player in the market in the near future. 

Cortland was founded in 2005 focusing on multifamily development in Atlanta with a vision to challenge the conventions of the traditional multifamily industry through better living spaces and experiences.