Penzance Sells 2nd Rosslyn Apartment Tower To Atlanta-Based Firm

ARLINGTON, VA — D.C.-area developer Penzance sold an apartment tower in Rosslyn to Atlanta-based Cortland, the second sale of one of Penzance's luxury multifamily residences on Wilson Blvd. in the past two months, the company said Wednesday.

The apartment tower, Evo, is one of three luxury apartment towers developed by Penzance as part of The Highlands complex in Rosslyn. In May, Penzance completed the sale of Aubrey at The Highlands to Cortland, which renamed the property to Cortland Rosslyn.

The Highlands property was developed in partnership with The Baupost Group LLC, a Boston-based investment manager.

“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,” John Kusturiss, chief development and construction officer of Penzance, said in a statement.

“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,” Kusturiss said.

With more than 450 luxury units, Evo offers apartment homes ranging from studios to three bedrooms with high-end appliances, floor-to-ceiling windows, and views of the D.C. skyline and the Potomac River.

The 29-story building includes more than 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.

“This is just the start of Cortland’s investment in the region, driven by our commitment to change the standard of apartment living,” said Mike Altman, chief investment officer at Cortland, a real estate investment, development and management company.

The Highlands is a mixed-use development project along the Rosslyn-Ballston corridor and is home to one other luxury residential tower, Pierce, as well as the remodeled Arlington County Fire Station No. 10, and the 26,000-square-foot Rosslyn Highlands Park.

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