PIKESVILLE, MD-In a transaction valued at $20 million, American Community Properties Trust has acquired two garden-style apartment communities in a suburban Baltimore area just eight miles outside the city. The purchases of the 234-unit Owings Chase and the 73-unit Prescott Square were made from Owings Chase Associates LP and Prescott Square Associates LP, respectively. Spaulding and Slye Structured Financial Group orchestrated financing for the acquisition through Prudential Multifamily Mortgage Inc.

Located on Old Court Rd. off I-696 and I-795, Owings Chase was developed on a 14-acre parcel in the mid-1960s. Prescott Square, completed in 1968, sits on four acres and also has an Old Court Rd. address.

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