Rosslyn Apartment Tower Sold To Atlanta-Based Real Estate Firm

ARLINGTON, VA — D.C.-area developer Penzance has sold the Aubrey, one of its three luxury multifamily properties at The Highlands development in Rosslyn, to Cortland, an Atlanta-based real estate investment, development and management company.

At 23 stories tall, Aubrey is home to 331 units, ranging from one- to three-bedrooms. Each unit has scenic, citywide views of Rosslyn and the D.C. skyline. The property was developed in partnership with The Baupost Group LLC, a Boston-based investment manager.

The Aubrey will be renamed Cortland Rosslyn, the Commercial Observer reported Wednesday.

Cortland also is acquiring the Aura Pentagon City, a 534-unit complex to be renamed Cortland Pentagon City that is directly across from Amazon’s HQ2. The two acquisitions, along with two other properties in Arlington, are part of a $1 billion investment by Cortland in Arlington multifamily real estate, according to the Commercial Observer.

READ ALSO: Aubrey Apartment Tower In Rosslyn Begins Leasing

“After pouring our hearts into The Highlands for the last 11 years, it’s incredibly rewarding to see the project succeed,” John Kusturiss, chief development and construction officer of Penzance, said Wednesday in a statement. “This sale is a true testament of the robustness of the Northern Virginia market, and we’re confident that with their impressive portfolio, Cortland will be excellent stewards of the property.”

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

“Not a single detail went unnoticed by Penzance in the development of this project, and we look forward to bringing the level of care and sophistication that Cortland property residents expect to Rosslyn,” said Mike Altman, chief Investment officer at Cortland.