Two years after Cortland launched into the D.C. area with a $1B deal to buy four Arlington apartment buildings, it has made another major acquisition in the county.
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The Atlanta-based apartment owner purchased a 298-unit apartment building near Amazon HQ2 for $104M, according to Arlington County property records. The price works out to about $350K per unit.
Dweck Properties was the seller of the 1990-built property at 801 15th St. S. The D.C.-based company had purchased the building in 2019 for $117M.
“With this recent acquisition, Cortland is excited to continue our participation in the growth and transformation of National Landing,” Cortland Director of Investments Shirin Singh told Bisnow in an email.
“We plan to continue the successful renovations that Dweck Properties began and revitalize the community to deliver an elevated experience that aligns with the vision and energy of the larger National Landing community.”
Dweck Properties didn't respond to a request for comment.
Berkadia Senior Managing Director Brian Crivella announced that his team brokered the sale in a LinkedIn post Friday.
“Can’t wait to see what becomes of the asset,” he wrote.
The property is already listed on Cortland’s website, branded as Cortland at National Landing. Under Dweck, it was known as Park at Pentagon Row.
In 2022, Cortland purchased four Arlington apartment properties: a 534-unit Pentagon City building, two Rosslyn buildings totaling 786 units, and a Courthouse property that was previously an extended-stay apartment tower.
Northern Virginia Class-B rents were up 6.1% year-over-year in the second quarter, according to Transwestern's quarterly report, well above that of the District and suburban Maryland, which were up 1.9% and 2.2%, respectively.
The total sales volume for D.C.-area multifamily properties of $50M or more in the first half of the year was $1.1B, according to Berkadia’s midyear report, which cited MSCI data. That volume consisted of 10 transactions averaging $352K per unit with an average cap rate of 5.8%.
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