ASHBURN, VA - Cortland Partners announced that it has closed on a deal to acquire Stoneridge Apartments, a 630-unit apartment community located in Ashburn, VA in Loudoun County. The transaction signals the multifamily investment and management firm’s first foray into the Washington D.C. market as part of an aggressive growth strategy spanning the Southeast and beyond.
Stoneridge presents a unique opportunity for Cortland to expand its portfolio while also entering a new core market that has demonstrated consistent rent growth. Stoneridge, built in 2001, will undergo extensive interior and exterior renovations and upgrades as part of Cortland’s asset repositioning strategy.
Stoneridge is strategically located within a 30-minute commute to Washington D.C. and is less than a mile from Loudoun County’s newest mixed-use destination, “One Loudoun,” which offers a multitude of critically acclaimed dining options, shops and entertainment venues. Upon completion of the renovation, the community will offer spacious 1, 2 and 3-bedroom luxury apartments boasting premium finishes and quality amenities catering to all ages, including two full-size swimming pools, a resident clubhouse and fitness center, communal lounges and grilling areas, and outdoor children’s playgrounds. Renovations are slated to begin in November 2016 and continue through 2018.
“This recent acquisition supports our ongoing strategy of acquiring and repositioning end-cycle properties and transforming them into communities that offer residents a superior living experience at a more affordable price,” said Steven DeFrancis, Cortland Partners Founder and CEO. “We identified Stoneridge as an excellent opportunity to take a well-located, institutional quality asset and add value through high-quality renovations and a strategic repositioning.”
Headquartered in Atlanta with properties in Georgia, Florida, North Carolina, Colorado, Louisiana, Texas, Florida and Ohio, Cortland Partners was recently named to the National Multifamily Housing Council’s list of the “Top 50 Largest Apartment Owners,” and for the first time, the “Top 50 Largest Apartment Managers.”
“We’ll continue to explore additional opportunities to purchase quality, like-kind multifamily assets in the Washington D.C. metro area and bolster our portfolio in what’s truly an exciting new market,” said DeFrancis.