Cortland Extends Buying Spree in NoVA With $104M Multifamily Deal
Atlanta-based firm paid 11 percent less than the previous sale price from five years ago
By Nick Trombola August 14, 2024 1:35 pm
reprints
Atlanta-based investment firm Cortland has already spent $1 billion on multifamily properties in Northern Virginia in recent years — but apparently that was just the beginning.
The firm has now spent $104 million on a 298-unit building at 801 15th Street South, less than a mile west of Amazon (AMZN)’s HQ2 in Crystal City, Va., according to Bisnow.
Washington, D.C.-based Dweck Properties sold the property, which it had dubbed Park at Pentagon Row. Dweck had acquired the apartments in 2019 for $117 million from an affiliate of Equity Residential (EQR) — 12.5 percent more than what Cortland paid for it — per property records.
“With great walkability and a diverse employer pool, this market is a cornerstone of our plans for the Mid-Atlantic region,” Shirin Singh, Cortland’s director of investments in Virginia, told Commercial Observer in an emailed statement. “With this latest acquisition, we plan to reposition the asset to meet the needs of this dynamic market and bring it to the forefront of resident experience offered in the area.”
Cortland is renaming the 1990-built apartments as Cortland at National Landing, according to its website.
Berkadia Senior Managing Director Brian Crivella and his team brokered the sale, according to a LinkedIn post Crivella made last week. “Northern Virginia fundamentals continue to be very strong and assets are performing really well,” Crivella wrote.
Representatives for Dweck did not immediately respond to a request for comment.
The purchase of Cortland at National Landing is the latest move in the firm’s push in recent years to acquire more properties in Northern Virginia.
The firm announced in 2022 that it had pledged $1 billion to buy four multifamily properties in Arlington, totaling more than 1,500 units. Those purchases at the time included the Aubrey, a 331-unit community in Rosslyn redubbed as Cortland Rosslyn, and Aura Pentagon City, a 534-unit community redubbed as Cortland Pentagon City.
“Northern Virginia is a highly coveted location that is already seeing a rebound in growth as residents move back to the urban core … this is just the start of Cortland’s investment in the region,” Mike Altman, Cortland’s chief investment officer, said in a statement at the time.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
