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Preserve at Owings Crossing sells for $77.25 million

Preserve at Owings Crossing sells for $77.25 million

A Pennsylvania-based firm and its multinational joint venture partner paid $77.25 million in December for the Preserve at Owings Crossing, a nearly 800-unit apartment complex in Reisterstown, expanding their already sizable Maryland holdings.

The two firms, Morgan Properties and The Olayan Group, founded in Saudia Arabia in 1947, intend to perform renovations to reposition the Preserve complex, where the first buildings opened in 1965, they said in a news release. The companies last year also purchased a 2,671-apartment portfolio in the mid-Atlantic from Berkshire Property Advisors for $309 million.

Morgan Properties owns and manages 117 apartment communities in ten states...