Cortland Partners Purchases Multifamily Property to Help Grow Its Presence in the Washington, DC Metropolitan Area
Washington, D.C. – July 12, 2016 – CBRE, Inc. announced the recent sale of the StoneRidge Apartments, a 630-unit community located in Ashburn, VA. Cortland Partners purchased the multifamily property from an undisclosed seller.
StoneRidge is ideally located within the affluent and fast-growing Loudon County market; nationally recognized as the wealthiest and second fastest growing county in the U.S.*
Residents are attracted to the Property’s immediate proximity to One Loudoun, “Loudoun’s New Downtown” which offers 700 KSF of upscale retail including Matchbox, Bar Louie, and the Alamo Drafthouse Cinema and 3 MSF of future Class A office space.
“StoneRidge has consistently delivered strong revenue trends and offers a clear path to obtaining higher premiums through a modest renovation program,” said Jonathan Greenberg, Senior Vice President, CBRE. “StoneRidge stands out due to its first-rate community amenities and unmatched proximity to multiple employment centers, transportation and One Loudoun. The Silver Line Metrorail Expansion will continue to spur rapid economic and population growth surrounding the Property.”
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.