Chevy Chase's Riparian Capital Partners Buys Hundreds of Rowhouses and Other Rental Units in Baltimore
Chevy Chase, MD-based Riparian Capital Partners spent millions to secure a massive amount of single-family rental (SFR) units in Baltimore. The number of units consisting of individual rowhouses totaled 461.
Riparian paid $54.7 million for two portfolios starting in October 2020 and most recently in December 2021. David Merkin of Bethesda-based Eastern Union brokerage arranged the financing that was provided by New York-based Roc Capital. Ari Azarbarzin, senior director of Cushman & Wakefield's Capital Markets Group, served as broker for Riparian's acquisition of the Baltimore portfolios.
"Single-family rentals have emerged as one of the fastest-growing asset categories in today's commercial real estate marketplace," said Kristoffer A. Garin, principal and chief executive officer of Riparian Capital Partners.
"In Riparian's case, our best-in-class social impact effort further enhances our ability to deliver market-leading returns to our investors, while also realizing community-friendly outcomes in the face of a national housing affordability crisis."
With more than $125 million in assets under management, Riparian says it holds one of the largest SFR and scattered-site portfolios in the mid-Atlantic region.