Maryland apartments sell for nearly $20 million

Local investor gains 300-plus units

American Community Properties Trust, through its subsidiary American Housing Properties, acquired two apartment properties totaling 307 units in Pikesville, Md. The total value of the transactions was approximately $20 million. American Housing purchased the Owings Chase and Prescott Square apartment properties in Baltimore County. Owings Chase consists of 234 units on 14 acres built in the mid-1960s, including 145 two-bedroom units and 89 one-bedroom units. Prescott Square is a 73-unit community on 4.3 acres built in 1967-68, and consists entirely of two-bedroom, two-bath units. The properties were purchased from Owings Chase Associates LP and Prescott Square Associates LP through Sawyer Realty Holdings LLC. ACPT is a diversified real estate organization with operations in Maryland and Puerto Rico that specializes in community development, investment apartment properties, home-building, and asset management services. *** What's your opinion? Send your Letter to the Editor to ...