Atlanta-based multifamily real estate investment and development company Cortland is acquiring four residential properties in Virginia’s Arlington County for a total of $1 billion, including one of the newest additions to Rosslyn’s skyline.
It has closed on its acquisition of the 331-unit Aubrey apartment high-rise at 1788 N. Pierce St. in Rosslyn, a 23-story apartment building that was completed last spring. It acquired the building, whose rents are as high as $8,000 a month, from Penzance. Penzance developed the tower as part of The Highlands Community, which includes two other residential high rises.
It is now called Cortland Rosslyn.
“After pouring our hearts into The Highlands for the last 11 years, it’s incredibly rewarding to see the project succeed,” said John Kusturiss, chief development officer at Penzance. “This sale is a true testament to the robustness of the Northern Virginia market.”