Maryland Developer Sells 97-Unit Build-to-Rent Community for $54M
By Nick Trombola December 5, 2024 5:18 pm
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A 97-unit multifamily community between Washington, D.C., and Baltimore has traded hands.
Rockville, Md.-based real estate investment firm Berman Enterprises has paid $54 million for The Current at Watershed at 3101 Runnel Lane in Laurel, Md. Northmarq’s Ari Azarbarzin, along with Chris Doerr, Jack Brocato, Will Harvey, Shack Stanwick, Wallace Halpert and Anthony Pino represented developer and seller Couloir Ventures in the deal.
The property, built in 2023, features three-story, three-bedroom townhomes with an average footprint of 1,750 square feet.
“Build-to-rent acquisition opportunities remain scarce within the D.C.-Baltimore area and the greater mid-Atlantic region at this time,” Azarbarzin said in a statement. “The offering commanded significant investor interest because of the property’s superior construction, luxury townhome features, and ideal location just off Interstate 95.”
Bethesda, Md.-based Couloir, which was founded in 2019, specializes in developing and managing build-to-rent communities. Matt McJunkin, Couloir’s chief operating officer, told Commercial Observer that the firm focuses on building projects in high barrier to entry locations, noting that the nature of the greater D.C. area and its inherent supply constraints make it an ideal region for multifamily investment. Aside from two other properties Couloir operates in Waldorf, and another under development in Frederick, McJunkin said the firm has 1,000 more units in the pipeline.
Yet Berman’s purchase of The Current is just the latest residential community to trade hands in the Greater Baltimore area recently. Continental Realty in November bought the 258-unit Dartmoor Place at Oxford Square in the Baltimore suburb of Hanover for $86.5 million.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
