Belay Investment Group and Standard Real Estate Acquire 108-Unit Townes at Mill Run in Owings Mills

LOS ANGELES — Belay Investment Group and Standard Real Estate have jointly acquired The Townes at Mill Run, a 108-unit luxury townhome community located at 629 Wilbur Square in Owings Mills, Maryland, the firms announced Sept. 16, 2026.

The off-market transaction adds a supply-constrained, transit-oriented asset to the firms' existing programmatic partnership and reflects a value-add investment strategy targeting unit renovations and property enhancements in a Baltimore suburban submarket where occupancy has remained tight and new construction activity has slowed.

Property Overview: Townhome Format in a Transit-Oriented Corridor

Built in 2013, The Townes at Mill Run spans approximately 7.9 acres and comprises nine residential buildings totaling 108 units, with an average unit size of approximately 1,376 square feet — well above the typical garden-apartment footprint common in the Baltimore suburbs. The community's townhome format, with private entries, patios or balconies, and attached garages in select layouts, positions it as one of the area's only rental communities primarily comprised of townhome-style floor plans.

Unit interiors feature granite countertops, contemporary cabinetry, and full-size washers and dryers. Community amenities include a clubhouse, fitness center, outdoor gathering spaces, a playground, and a car wash station. Two-bedroom units at the property have been listed in the $2,188 to $2,415 per month range.

The property sits near Metro Centre at Owings Mills, Foundry Row, and Mill Station — prominent retail and lifestyle destinations — and benefits from proximity to major employers including T. Rowe Price, CareFirst BlueCross BlueShield, and a range of government, healthcare, and educational institutions throughout the Baltimore metropolitan area. Owings Mills lies approximately 15 miles northwest of downtown Baltimore along I-795 and is served by a major Metro subway terminus, reinforcing the asset's transit-oriented positioning.

Value-Add Strategy and Partnership Rationale

"This acquisition aligns with our strategy of investing in well-located communities that offer residents an outstanding living experience while providing opportunities to create long-term value," said Jerome Nichols of Standard. "The Townes at Mill Run's unique townhome product, large floor plans, and proximity to major employers make it a compelling investment."

Eliza Bailey, Co-Founder, CEO and CIO of Belay Investment Group, highlighted the deal's fit within the firm's broader investment approach. "Belay is pleased to build upon its longstanding programmatic partnership with Standard through the acquisition of The Townes at Mill Run, a high-quality townhome community that aligns closely with our value-add multifamily strategy given its favorable off-market pricing, readily executable renovation program, and positioning in an active growth, supply-constrained submarket," Bailey said. "We look forward to working alongside the Standard team in executing our thoughtful business plan."

The acquisition was structured as an off-market transaction, with Belay citing favorable pricing relative to the submarket as a key driver. The firms plan to evaluate opportunities for strategic property enhancements designed to elevate the resident experience while preserving the community's existing market position. The asset has previously traded institutionally — Klein Enterprises sold The Townes at Mill Run in October 2021 for approximately $28 million in a transaction brokered by JLL, establishing it as a known quantity among Baltimore-area multifamily investors.

Owings Mills Multifamily Market Context

The Owings Mills, Pikesville, and Randallstown submarket represents a significant suburban inventory cluster of roughly 19,660 units within the Baltimore metro area. Occupancy across the Baltimore metro has held in the mid-90% range, and the Northern Suburbs — which include Owings Mills — have tracked above metro averages for rent growth. Baltimore-area rents rose approximately 0.4% year-over-year as of early 2026, modestly outpacing the national average, while vacancy has edged lower as deliveries have slowed and absorption has outpaced new supply.

The combination of constrained new construction, stable employment demand from institutional employers in the corridor, and the relative scarcity of townhome-format rental product underpins the investment thesis Belay and Standard have outlined for the asset.

About the Firms

Standard Real Estate Investments is a diversified middle-market investment manager operating across property sectors throughout the United States, with a current focus on industrial development and multifamily acquisitions. The firm maintains offices in Los Angeles and Washington, D.C.

Belay Investment Group is an institutional real estate investment management firm focused on providing scalable access to small-scale real estate through programmatic partnerships with locally entrenched operators. The firm pursues opportunities across the risk spectrum, property types, and geographies, in both debt and equity.