DC Area Value-Add Community Changes Hands
Cortland Partners has acquired a 630-unit community in Ashburn, Va., with plans to renovate and reposition the property over the next two years.
By Bogdan Odagescu, Associate Editor
Stoneridge Apartments, Ashburn, Va.
Ashburn, Va.—The Washington, D.C., Metro’s Silver Line extension is slated to arrive in Ashburn by 2020, and Atlanta-based Cortland Partners has certainly taken notice. The multifamily acquisition, development and operating entity, in a joint venture with AXA Investment Managers, recently acquired its first D.C.-area asset, the 630-unit Stoneridge Apartments in Loudoun County’s Ashburn, for an undisclosed amount.
Less than 10 miles north of Dulles International, the community sitting at 19900 Broad Vista Terrace is planned for renovations starting November 2016 and continuing through 2018. Built in 2001, the property is almost fully occupied.
It’s all about location and adding value. Stoneridge Apartments is situated less than a 10-minute drive from One Loudoun, the area’s newest mixed-use development, which offers 3 million square feet of Class A office and 700,000 square feet of retail, restaurant and entertainment. Within a 20-minute commute from the area’s significant employment clusters—Reston, Herndon and the Dulles tech corridor—Stoneridge Apartments currently offers one-, two- and three-bedroom floor plans ranging from 684 to 1,337 square feet.
“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,” said Steven DeFrancis, founder & CEO of Cortland Partners, in a prepared statement.
Upon completion of renovations, the property will provide new and improved luxury units, finishes and amenities, including two full-size swimming pools, clubhouse, fitness center, public lounges, grilling areas and children’s playground.
Image courtesy of stoneridgeashburn.com
