Dealmaker: Northmarq Completes $54M Sale in Maryland

(Image courtesy of Northmarq)

Northmarq, Bloomington, Minn., completed the $54 million sale of a build-to-rent community in Laurel, Md., about 20 miles from Baltimore.

Northmarq represented the seller in the transaction. 

The Northmarq specialty Build-to-Rent team was led by Ari Azarbarzin and included Chris Doerr, Jack Brocato, Will Harvey, Shack Stanwick, Wallace Halpert and Anthony Pino.

The property, called The Current at Watershed, offers 97 three-story, three-bedroom townhomes.

“The build-to-rent asset class continues to grow,” Azarbarzin said. “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.”