July 6, 2016
Cortland Partners of Atlanta, GA has acquired the 630-unit Stoneridge Apartments, making its first foray into the Washington, DC market. The property is at 19900 Broad Vista Terrace in Ashburn, VA, approximately 30 minutes from the nation’s capital. The seller and price were undisclosed.
The asset was built in 2001, and Cortland will renovate the interior and exterior, as part of its asset-positioning strategy. “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, Cortland Partners’ Founder and CEO. DeFrancis added that his company is in the market for similar assets in the Washington, DC metro area.