The 144-unit River Island apartments in Savage, Md., were sold recently by River Island Ltd. for $3.2 million to Kamakoti Properties, a local investment group. Broker Doug Adams of Wheaton handled the sale of the three-year-old garden apartments conjunction with the Carey Winston Co.

Walker & Dunlop, a Washington mortgage banking firm, recently arranged a construction loan of $11.2 million for an office building being built at 1717 DeSales St. NW by a group headed by Melvin Lenkin and the Taishoff family. It has been totally leased to the news department of American Broadcasting Companies Inc. The building is to be finished next year.

American Security Bank has announced that its real estate financing in the District totaled $115 million in the first nine months of 1978, a 90 percent increase over the total for the same period in 1977. American Security said that a compilation of deeds of trust in the District showed that the bank now ranks first among all financial institutions for volume of real estate lending in the city.

The Consumer Real Estate Center, formerly the Consumer Information Institute, will offer the course, "How to Sell Your Home -- With or Without a Broker," at the Key Bridge Marriott Jan 27. For information, call 649-6666.

The J. Edwards Co. Inc of Mount Vernon and Leisure Properties of Springfield have merged.

A model is being opened today at the Governor Square II town house community in Falls Church. The colonially styled houses are located at Great Falls and Little Falls streets. Long & Foster is handling sales.

Tax incetives for historic preservation will be discussed at a seminar Friday at the Old Town Holiday Inn in Alexandria. Registration is being handled by the American Planning Association, 872-0611.