“We believe the technological sector growth of this area is important to the future of the region’s economy and offers diversity to Cortland’s Sun Belt portfolio.

“Our capabilities will allow us to modernize Cortland Pentagon City to go along with the grand vision that others have laid out for National Landing,” said Dan Irvin, Cortland’s director of investments. Chevy Chase-based Polinger Company was the seller, having acquired it for $228 million in 2019. Amenities include a rooftop sky lounge and pool.Ĭhristine Espenshade and Robert Garrish of Newmark (NMRK) represented Penzance in the sale.Ĭortland Pentagon City, located in National Landing, will have views of Amazon’s planned Helix Tower. The property is a LEED Gold Certified community and offers studios to three-bedroom units, penthouses, and two-level townhomes. When the opportunity presented itself to sell to Cortland, we knew they would be good stewards of the property and transacting with them allows us the opportunity to redeploy capital and focus efforts on new opportunities.” About Raichandani Pentagon Towers Raichandani Pentagon Towers is strategically located in Karvenagar in the city of Pune and is a well-planned project. “Rosslyn is a robust submarket and we are big believers in the long term prospects for this region. “At Penzance, we invest in markets that provide near and long-term value creation opportunities providing us optionality in our exit timing,” John Kusturiss, chief development and construction officer of Penzance, told Commercial Observer. Aubrey is one of three luxury multifamily properties at The Highlands, a mixed-use project along Arlington County’s Rosslyn-Ballston Corridor. Penzance was the seller of the 23-story Aubrey, which it developed in partnership with The Baupost Group. “This is just the start of Cortland’s investment in the region, driven by our commitment to deliver an unrivaled resident-centric, hospitality-driven experience that is changing the standard of apartment living.” “Northern Virginia is a highly coveted location that is already seeing a rebound in growth as residents move back to the urban core,” Mike Altman, Cortland’s chief investment officer, said in a prepared statement. The company has two more Arlington acquisitions in the pipeline that are expected to close soon, which will bring the combined portfolio to more than 1,500 units. SEE ALSO: JV Sells Last-Mile Facility Outside DC For 66% Markup After Lease-Up

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