Penzance Announces Deal with Cortland to Acquire Aubrey at The Highlands

Luxury Property Will Join Cortland's Portfolio In a Trophy Northern Virginia Sale

ROSSLYN, Va., May 18, 2022 /PRNewswire/ -- Penzance, a leading owner, operator, and developer in the Washington, DC metropolitan region for over two decades, announced today the sale of Aubrey, one of its three luxury multi-family properties at The Highlands development in Rosslyn, to Cortland. The property, developed in partnership with The Baupost Group LLC, a Boston-based investment manager, is a trophy asset in Northern Virginia.

"We're excited to announce the sale of Aubrey to Cortland. 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 and Construction Officer of Penzance. "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."

Christine Espenshade and Robert Garrish of Newmark represented the ownership in the sale of this asset and noted, "The high-quality unit finishes, world-class amenities, and perpetual unobstructed views make Aubrey an asset like no other in the DC area. Domestic and international investors were very interested in this investment because of its 'once-in-a-generation' appeal."

Standing at 23 stories tall, Aubrey is home to 331 gracious units ranging from one- to three-bedrooms. Each unit has scenic, citywide views of Rosslyn and the DC skyline with certain apartments featuring sculptural balconies. All apartment homes feature chef-style kitchens, state-of-the-art appliances, luxury finishes, and flexible spaces to fit every resident's needs.

The rooftop amenities at Aubrey include a penthouse-level pool and sun deck, as well as an indoor craft beer lounge and billiards space to gather with friends. Other amenities play to a wide range of interests, from an exhibition kitchen for creating memorable meals, a dedicated coworking hall for those continuing to work from home, a winery-inspired clubroom to unwind with friends, and a state-of-the-art fitness center. Aubrey also features a 24-hr concierge, garage parking, onsite storage, and CVS Pharmacy on the ground floor.

"With its wide array of units, amenities, and unmatched location, Aubrey is an unparalleled addition to our portfolio of luxury residences," Mike Altman, Chief Investment Officer at Cortland. "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."

The Highlands is a dynamic 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 revitalized Arlington County Fire Station No. 10, and the reimagined 26,000 SF Rosslyn Highlands Park. The 1.2 million-square-foot development is conveniently situated in the heart of Rosslyn near the metro and gives residents direct access to some of the region's best restaurants, entertainment options, and outdoor spaces.

More details on Aubrey can be found at aubreyrosslyn.com. 

About Penzance
Penzance is a vertically integrated, full-service real estate firm with a focus on investment-grade asset opportunities in the greater Washington, DC metropolitan area. Since its founding in 1996, Penzance has invested over $3 billion in real estate through partnerships with blue-chip institutional investors, separate accounts, joint ventures and its discretionary funds. Penzance, as one of the region's premier owners, operators, and developers of transformative properties, provides exceptional in-house acquisitions, leasing, development, construction, asset, and property management services.

About Cortland
Cortland is a vertically integrated, multifamily real estate investment, development and management company focused on delivering resident-centric, hospitality-driven apartment living experiences. Headquartered in Atlanta, Cortland manages and is invested in, directly or indirectly, over 250 apartment communities comprised of more than 85,000 homes in the U.S. with regional offices in Charlotte, Dallas, Denver, Houston, Orlando and Tampa. Cortland has significant experience in acquiring, developing, renovating, owning and operating multifamily communities, leveraging the services of its construction, design, and property, asset and investment management affiliates. Internationally, Cortland maintains a management and development platform in the UK.

Cortland is a National Multifamily Housing Council (NMHC) Top 50 Owner and Manager, the Top Brand Performer for online reputation in 2021 (Reputation Score by reputation.com), and is a Great Place to Work-Certifiedtm Company (2021). For more information, please visit cortland.com.

SOURCE Penzance