Penzance Announces Sale of Second Apartment Tower at The Highlands, Evo, in Deal with Cortland

Following The Sale of Its Sister Property, Aubrey, Evo Will Join Cortland's Growing Northern Virginia Portfolio

ROSSLYN, Va., July 13, 2022 /PRNewswire/ -- Penzance, a leading owner, operator, and developer in the Washington, DC metropolitan region for over two decades, announced today the sale of Evo, 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 the second Penzance property at The Highlands to be sold to Cortland.

"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," said John Kusturiss, Chief Development and Construction Officer of Penzance. "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."

With over 450 luxury units, Evo offers apartment homes ranging from studios to three bedrooms with high-end appliances, floor-to-ceiling windows, and sweeping views of the D.C. skyline, Arlington, and the Potomac River. The 29-story building includes over 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. The building's views and unmatched location along Wilson Boulevard offer residents and visitors the best of Northern Virginia living.

"The closing of Evo is the culmination of our investment round that was started in May with the purchase of Cortland Rosslyn, formerly known as the Aubrey. We are creating a seamless, resident-centric and hospitality driven experience with the combination of these two trophy towers," 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 change the standard of apartment living."

The Highlands is a dynamic 1.2 million-square-foot mixed-use development project along the Rosslyn-Ballston Corridor and is home to the revitalized Arlington County Fire Station No. 10, and the reimagined 26,000 SF Rosslyn Highlands Park, as well as two other luxury residential towers, Pierce and Aubrey, which was recently acquired by Cortland in a trophy Northern Virginia sale.

More details on Evo can be found at evorosslyn.com.

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.

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.

SOURCE Penzance

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