The 97-unit Laurel townhome rental community recently sold to suburban Washington, D.C. investors for $54 million.
Washington Business Journal – 12/5/2024
By Melody Simmons – Senior Reporter, Baltimore Business Journal
A luxury rental community of townhouses in Laurel has sold for $54 million.
The 97-unit Current at Watershed recently sold to Berman Enterprises, a third-generation family-owned investment group in Rockville. The firm also owns the 2Hopkins residential and office tower near CFG Bank Arena in downtown Baltimore and three other office towers in Laurel. The seller was Bethesda-based Couloir Ventures.
The Anne Arundel County community was built in 2023 and has three-story, three-bedroom luxury townhouse units that stretch about 1,400 square feet each. The units rent for about $3,500 a month and are located off of state Route 198 near the Patuxent Wildlife Refuge at 3101 Runnel Lane. The property is a build-to-rent asset, where single-family rental units are built within a community with resort-like amenities.
Brokers from Northmarq led by Ari Azarbarzin represented Couloir in the deal. The Northmarq team also included Chris Doerr, Jack Brocato, Will Harvey, Shack Stanwick, Wallace Halpert and Anthony Pino, officials said Thursday.
Azarbarzin said the sale attracted “significant investor interest” because of the new construction and location. He said the townhome rental market in the region is “scarce” but very active, which creates a high demand for property acquisitions.
“The build-to-rent asset class continues to grow,” Azarbarzin said in a statement Thursday. “These units appeal to residents who seek a luxury rental experience that mirrors a suburban starter home enhanced by flexibility. Investors are drawn by high renewal
rates and the opportunity to serve renters who typically earn well above an area’s median income.”
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