Cortland Adds Rosslyn Multifamily Asset in $1B NoVA Strategy
As part of its $1 billion commitment to acquire multifamily properties in Northern Virginia, Cortland has closed on the acquisition of Evo, a 450-unit multifamily property at The Highlands development in Rosslyn, Va.
The Highlands is a 1.2 million-square-foot mixed-use development project along the Rosslyn-Ballston Corridor. It includes the revitalized Arlington County Fire Station No. 10 and the 26,000-square-foot Rosslyn Highlands Park.
Cortland had already acquired two properties in Northern Virginia earlier this year — the Aubrey, a 331-unit community that was renamed Cortland Rosslyn; and Aura Pentagon City, a 534-unit community that was renamed Cortland Pentagon City.
Late last month, Cortland acquired Oakwood Arlington, which will be renamed Cortland Arlington, as part of a seven-state multifamily deal that added 1,700 units to its portfolio.
Both the Aubrey and Evo were developed and sold by a joint venture between Penzance and The Baupost Group, a Boston-based investment manager. Together, the two towers offer 786 units.
“Evo was the phase 2 acquisition of Cortland Rosslyn, which is part of our regional market entry strategy to acquire assets in desirable walkable, mixed-use locations in close proximity to employment nodes,” Dan Irvin, director of investments for Cortland, told Commercial Observer. “It has a best-in-class amenity set and stunning panoramic views of both D.C. and Virginia.”
The price of the acquisition was not disclosed but is believed to be approximately 25 percent of the company’s $1 billion commitment, according to someone close to the deal.
“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,” John Kusturiss, chief development and construction officer of Penzance, said in a prepared statement.
Located at 1771 North Pierce Street, the 29-story Evo features more than 30,000 square feet of amenity space, including a rock climbing wall, a multisport simulator, a dart alley, a coworking hub, private conference rooms, a rooftop pool and several lush garden terraces.
Christine Espenshade of Newmark represented Penzance in the sale. Cortland was represented in-house.
Keith Loria can be reached at Kloria@commercialobserver.com.