The build-to-rent market, which has been steadily gaining traction in recent years, seems to have reached a pivotal moment with Northmarq’s recent $54 million sale of The Current at Watershed, a 97-unit build-to-rent community in Laurel, Maryland. Strategically located in Anne Arundel County, just 19 miles south of downtown Baltimore, the community aims to cater to daily commuters who work in Baltimore, Washington, and Annapolis while offering them a luxurious, suburban-style living experience. Led by senior vice president Ari Azarbarzin, Northmarq’s specialty Build-to-Rent team represented the seller in this transaction, marking a significant milestone in the region’s real estate market.
Luxury Features and High-Quality Construction
Constructed in 2023, The Current at Watershed comprises three-story, three-bedroom townhomes that average 1,407 square feet. The homes are designed to emulate suburban starter homes by blending the best of both homeownership and rental living. This unique approach appeals to residents seeking convenience, flexibility, and a touch of luxury. Each unit features spacious split-level floorplans, quartz countertops, stainless steel Energy Star appliances, and luxury vinyl wood plank flooring. Additionally, the inclusion of one- or two-car garages ensures ample parking space, a critical factor for many prospective tenants. These high-quality construction standards and attention to detail have significantly contributed to the property’s attractiveness among investors and renters alike.
However, it’s not just the interior amenities that set The Current at Watershed apart. The community is LEED Gold-certified, attesting to its commitment to sustainability and energy efficiency. The impressive range of communal amenities includes a resort-style pool, a well-equipped clubhouse, a pickleball court, a fitness center, co-working spaces, a dog park, a yoga studio, and outdoor trails. These facilities offer residents a luxurious lifestyle without the long-term commitments associated with homeownership. The community’s design and features cater to renters who seek a higher standard of living while maintaining the flexibility that renting provides.
Strategic Location and Rising Demand
The strategic location of The Current at Watershed plays a crucial role in its appeal. Situated just 19 miles south of downtown Baltimore, the community is ideally positioned for daily commuters to Baltimore, Washington, and Annapolis. This prime location enhances the property’s value, particularly for those looking to balance work-life commitments while enjoying the advantages of suburban living. Its proximity to major urban centers without being engulfed by the congestion and high costs associated with city living makes it an attractive proposition for many renters.
Northmarq’s senior vice president, Ari Azarbarzin, highlighted that the build-to-rent asset class is seeing growing interest from investors, drawn to the high renewal rates and the opportunity to serve renters earning above the median income for the area. This growing demand reflects a broader trend where individuals and families are looking for rental options that offer the comforts of suburban homes with the added benefits of rental living. As more people seek flexibility, convenience, and luxury, properties like The Current at Watershed are increasingly becoming the gold standard in the build-to-rent market.
Northmarq’s Expertise and Market Position
The build-to-rent market, steadily gaining momentum in recent years, has reached a significant juncture with Northmarq’s recent $54 million sale of The Current at Watershed, a 97-unit build-to-rent community in Laurel, Maryland. This community is strategically positioned in Anne Arundel County, just 19 miles south of downtown Baltimore, making it an attractive option for daily commuters working in Baltimore, Washington, and Annapolis. The development offers a luxurious, suburban-style living experience that appeals to those seeking both convenience and comfort. Led by senior vice president Ari Azarbarzin, Northmarq’s specialty Build-to-Rent team represented the seller in this notable transaction, marking a crucial milestone in the region’s real estate market. This sale not only underscores the growing demand for build-to-rent communities but also highlights the strategic importance of location and quality of living. As the market continues to evolve, such transactions set a precedent for the value and potential of build-to-rent developments in strategic locations.