Northmarq Adds C&W’s Ari Azarbarzin to New Multifamily Investment Team
By Keith Loria February 8, 2023 4:02 pm
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Northmarq, a national property investment firm, has added Ari Azarbarzin to its Baltimore office as a senior vice president, Commercial Observer has learned.
At Northmarq, the veteran multifamily expert will lead the company’s new multifamily investment sales team and originate and execute investment sales throughout the Baltimore and greater mid-Atlantic region, according to a statement.
“Establishing our team as the dominant investment sales team in the mid-Atlantic region is our goal,” Azarbarzin told CO. “We aim to provide unparalleled client service to market participants who will benefit from our entire fully integrated platform — investment sales, debt, equity and loan servicing.”
Azarbarzin joins Northmarq after overseeing Baltimore investment sales as a senior director at Cushman and Wakefield. Over his 10-year career, he has completed more than $1 billion worth of transactions, per the statement.
Some of his most recent deals include the sale of the 466-unit The Pointe at County Crossing at 311 Trimble Road in Joppa, Md., for $88 million; the $35.5 million sale of the 217-unit Hopkins East portfolio, with two properties near Johns Hopkins Hospital in East Baltimore; and the $7.1 million sale of the 48-unit Linkwood Apartments at 4010 Linkwood Road in Baltimore.
Baltimore rent growth continues to escalate, according to Azarbarzin, but much more gradually than in 2021 and early 2022.
“The Baltimore market continues to be a safe harbor for capital seeking steady returns in an employment market anchored by elite medical and educational institutions,” he said. “Sales velocity was down nearly 80 percent in the fourth quarter of 2022, but as the market stabilizes, we anticipate a steady uptick in transaction activity in the second half of 2023.”
Update: This story originally misattributed source material. This has been corrected. We apologize for the error.
Keith Loria can be reached at Kloria@commercialobserver.com.
