The Preserve at Owings Crossing (The Preserve), a 791-unit garden-style apartment in Reisterstown, Md., has been acquired by Morgan Properties and The Olayan Group, its joint venture partner. This purchase marks the second acquisition made by the partners this year, representing a total investment of nearly $400-million.

“The Preserve is an exciting acquisition for our organization,” says Mitchell Morgan, Founder and CEO of Morgan Properties. “We are pleased to continue doing deals with our partner Olayan. Our Maryland team will add tremendous value to the asset. Given our local market knowledge and operational expertise, Morgan Properties is the right operator to efficiently manage and enhance the value of the asset. We are excited to collaborate with Olayan and our team looks forward to owning the property and executing our business plan.”

The multifamily property offers tenants a variety of amenities, including a fitness centre, swimming pool, tennis and volleyball court, playground areas and a dog park. Units include individually-controlled HVAC units and large walk-in closets. Morgan Properties and The Olayan Group have plans to increase The Preserve’s value with interior unit renovations.

Morgan Properties also owns and manages a 692-unit apartment community, known as Chartleytowne Apartments, a short distance from The Preserve.