Cortland, a big Atlanta-based real estate firm, closed on two big multifamily acquisitions in Arlington Tuesday, completing the first phase of its plans to invest $1 billion in local real estate.

The company is seeing "return migration to core markets" such as the D.C. area and "this demand shift is expected to continue over the coming years, enhancing our outlook for multifamily communities in the region,” Dan Irvin, a regional director of investments with Cortland, told the Washington Business Journal.

Specific terms for each sale were not disclosed.

Cortland acquired the Aubrey, a 23-story, 331-unit building at 1788 N. Pierce St. in Rosslyn, from D.C.-based Penzance Cos., in addition to the 534-unit, two-tower Aura Pentagon City, spanning 1221 and 1331 S. Eads St., from Chevy Chase-based Polinger Co. and Boston's State Street Global Advisors.

The buyer plans to land two additional Arlington properties "soon," bringing the company's total Arlington footprint to more than 1,500 units, according to a press release.

The Aubrey, to be renamed Cortland Rosslyn, which the buyer called “a trophy asset," comprises part of a development known as The Highlands, which Penzance built between 2019 and 2021 — but planned long before that. That development also includes, across North Pierce Street, the 104-unit Pierce condo building, the 453-unit Evo apartment building and a fire station, in addition to ground-floor retail. Penzance only sold the Aubrey.