Penzance Announces Sale of Second Apartment Tower at The Highlands, Evo, in Deal with Cortland

Following The Sale of Its Sister Property, Aubrey, Evo Will Join Cortland's Growing Northern Virginia Portfolio

Penzance, a leading owner, operator, and developer in the Washington, DC metropolitan region for over two decades, announced today the sale of Evo, one of its three luxury multi-family properties at The Highlands development in Rosslyn, to Cortland. The property, developed in partnership with The Baupost Group LLC, a Boston-based investment manager, is the second Penzance property at The Highlands to be sold to Cortland.

"After the successful sale of Aubrey at The Highlands to Cortland in May, we're excited to announce another sale of our second apartment tower, Evo, to the same team," said John Kusturiss, Chief Development and Construction Officer of Penzance. "The Highlands project is very special to our team at Penzance after working tirelessly on the project for 11 years, but we are proud to hand over the reins to Cortland to maintain the unique community that we have created here in Rosslyn."

With over 450 luxury units, Evo offers apartment homes ranging from studios to three bedrooms with high-end appliances, floor-to-ceiling windows, and sweeping views of the D.C. skyline, Arlington, and the Potomac River. The 29-story building includes over 30,000 square feet of amenity space including a rock climbing wall, multi-sport simulator, dart alley, coworking hub, private conference rooms, rooftop pool, outdoor grilling stations, several lush garden terraces with lounge seating, and the fitness center's aqua spa. The building's views and unmatched location along Wilson Boulevard offer residents and visitors the best of Northern Virginia living.

"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," 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 change the standard of apartment living."

The Highlands is a dynamic 1.2 million-square-foot mixed-use development project along the Rosslyn-Ballston Corridor and is home to the revitalized Arlington County Fire Station No. 10, and the reimagined 26,000 SF Rosslyn Highlands Park, as well as two other luxury residential towers, Pierce and Aubrey, which was recently acquired by Cortland in a trophy Northern Virginia sale.

More details on Evo can be found at evorosslyn.com.

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