Northmarq completes $54M sale of 97-unit, build-to-rent community in Laurel, MD

BALTIMORE, Md.  (Dec. 4, 2024) — A Northmarq specialty Build-to-Rent team led by Ari Azarbarzin has completed the $54 million sale of The Current at Watershed, a 97-unit build-to-rent community located at 3101 Runnel Lane in Laurel, Maryland. The Anne Arundel County site is 19 miles south of downtown Baltimore. 

Northmarq represented the seller in the transaction. The team also included Chris Doerr, Jack Brocato, Will Harvey, Shack Stanwick, Wallace Halpert and Anthony Pino. 

“Build-to-rent acquisition opportunities remain scarce within the D.C.-Baltimore area and the greater Mid-Atlantic region at this time,” said Azarbarzin. “The offering commanded significant investor interest because of the property’s superior construction, luxury townhome features, and ideal location just off Interstate 95.”

Built in 2023, The Current at Watershed offers three-story, three-bedroom townhomes with an average home size of 1,407 square feet. The property is situated within daily commuting distance of Baltimore, Washington and Annapolis.

“The build-to-rent asset class continues to grow,” Azarbarzin added. “These units appeal to residents who seek a luxury rental experience that mirrors that of a suburban starter home —enhanced by added convenience and flexibility. Investors are drawn by the high renewal rates and the opportunity to serve renters who typically earn well above an area’s median income.”

Units are outfitted with spacious split-level floorplans, one- or two-car garages, and premium interior finishes including quartz countertops, stainless steel Energy Star appliances and luxury vinyl wood plank flooring. The LEED Gold-certified community offers residents a resort-style pool, clubhouse, pickleball court, fitness center, co-working space, dog park, yoga studio, and dynamic trails and outdoor space.

Visit here to learn more about Northmarq’s Build-to Rent specialty group.