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KING OF PRUSSIA, PA. — A joint venture between Morgan Properties and The Olayan Group has acquired a 2,671-unit multifamily portfolio from Berkshire Property Advisors for $309 million. The portfolio consists of nine apartment communities in the Maryland-Washington, D.C., corridor and Newport News, Va. The largest community in the transaction is the 606-unit Harbor Place in Fort Washington, Md. CBRE represented the seller in the transaction. The buyers plan to implement a portfolio-wide renovation program and amenity upgrades. Morgan Properties also plans to hire a number of Berkshire employees in the near future. This is the second transaction this year between Morgan Properties and Berkshire.