CORTLAND RE-ENTERS SUBURBAN DC MARKET WITH ACQUISITIONS TOTALING MORE THAN $1 BILLION

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May 18, 2022, 09:30 ET

Urban core investments signify the firm's confidence in the market

ATLANTA, May 18, 2022 /PRNewswire/ -- Cortland, a vertically integrated, multifamily real estate investment, development, and management company, announced today it is acquiring four properties in Arlington, Virginia, totaling more than 1500 units. The $1-billion-dollar investment marks Cortland's re-entry into the DC area market and confidence in the return to the urban core.

"Northern Virginia is a highly coveted location that is already seeing a rebound in growth as residents move back to the urban core," said Mike Altman, Chief Investment Officer at Cortland. "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."

The initial acquisitions include Aubrey, a 331-unit apartment community, now to be known as Cortland Rosslyn, and Aura Pentagon City, a 534-unit apartment community, to be renamed Cortland Pentagon City. Two additional Arlington communities are expected to close and will be announced soon.

"The combination of these investments allows us to gain a strong foothold in the region at a strategic time based on our proprietary analysis of market trends. Cortland Rosslyn is a trophy asset, and we plan to match that with Cortland's value-add capability in our other new communities," said Altman.

Cortland Rosslyn a luxurious, LEED Gold Certified community, developed by Penzance, has a sophisticated aesthetic, offering studios to 3-bedroom homes, penthouses, and two-level townhomes as well as a rooftop sky lounge and pool with spectacular, sweeping views of the Potomac River and DC. Residents can enjoy well-appointed, flexible amenities as well as a vibrant, active lifestyle in the Rosslyn neighborhood with convenient access to all DC has to offer and is considered a "walker's paradise" with a 93 walk score.

Cortland Pentagon City is located across the street from Amazon HQ2 in National Landing, with views of the planned Helix Tower. The premiere mixed-use urban community is defined by a dynamic blend of offices, apartments, restaurants, shops, parks, hotels, cultural venues, walking trails and more.

"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, Director of Investments at Cortland. "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 sunbelt portfolio. These are generational assets, and we intend to be stewards of the community."

Cortland plans to double its investment in the area with the goal of becoming a top player in the market in the near future.

Cortland was founded in 2005 focusing on multifamily development in Atlanta with a vision to challenge the conventions of the traditional multifamily industry through better living spaces and experiences.

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-Certified™ Company (2021). For more information, please visit cortland.com.

The foregoing press release is for informational purposes only. Nothing contained herein is to be construed as a solicitation to offer investment advice or services, nor a solicitation for the purchase or sale of any security. Information about investing in a Cortland fund is only available in the form of private placement memoranda and other offering documents which contain information to help investors evaluate Cortland funds' investment objectives, risks, fees and expenses, among other factors, before considering an investment.

This press release may contain forward-looking statements. The opinions, forecasts, projections or other statements, other than statements of historical fact, are forward-looking statements. You are cautioned not to unduly rely on these forward-looking statements. Due to various risks and uncertainties, actual events or results or the actual performance may differ materially from those reflected or contemplated in such forward-looking statements. Nothing contained in this presentation may be relied upon as a guarantee, promise, assurance or a representation as to the future. These forward-looking statements have not been reviewed by anyone outside of Cortland, and while Cortland believes these statements are reasonable, they do involve a number of assumptions, risks and uncertainties. Unless required by law, Cortland undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this press release or to report the occurrence of unanticipated events. Cortland's past and current performance are not indicative of future results, and no representation is made that any Cortland investment will achieve its objectives or that any Cortland strategy will be successful. This press release is not personalized investment advice or an investment recommendation from Cortland.

SOURCE Cortland