Nuveen Buys Rockville Apartment Community for $110M
By Keith Loria June 25, 2021 8:00 am
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Nuveen Real Estate has acquired Mallory Square, a 365-unit apartment community with 1,600 square feet of retail in Rockville, Md.,for $110 million, Commercial Observer has learned.
Mallory Square consists of studio, one- and two-bedroom units. Amenities include three private courtyards amounting to 25,000 square feet, a sun shelf with pool, a media center, a fitness center and a yoga studio, per a statement. The ground-floor retail is currently occupied by Dunkin’ Donuts.
JLL (JLL) represented the seller, Woodfield Development, in the transaction.
“Mallory Square is exactly what buyers are looking for in today’s environment,”Brian Crivella, JLL’s senior managing director, told CO. “The asset performed well throughout COVID and will only continue to offer incredible investment opportunity for the buyer, given its central positioning near one of Maryland’s biggest economic drivers, the biotechnology and life sciences corridor.”
Located at 15251 Siesta Key Way, the property sits in the I-270 biotechnology and life sciences corridor, which also houses The National Institutes of Health, National Cancer Institute and The Food and Drug Administration. It is near mixed-use destination Downtown Crow.
The life sciences sector in suburban Maryland saw 860,000 square feet of gross leasing during Q3 2020, according to recent JLL data.
“We were very pleased with having the opportunity to represent Woodfield Development on such a prominent property in a submarket experiencing dynamic momentum due to the life sciences sector growth,” Walter Coker, JLL’s senior managing director, said in a statement.
Joining Crivella and Coker on the deal were JLL directors Robert Jenkins and Bill Gribbin.
Update: This story originally misattributed source material. This has been corrected. We apologize for the error.
