Nuveen Buys Rockville Apartment Community for $110M

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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 a mix of studio, one- and two-bedroom units. Amenities include three private courtyards totaling 25,000 square feet, a sun shelf with pool, media center, a 24-hour fitness center and a yoga studio with ballet barre. The ground-floor retail is currently occupied by Dunkin’ Donuts

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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.”

The property is located at 15251 Siesta Key Way in the I-270 biotechnology and life sciences corridor, a prominent medical testing and development hub home to The National Institutes of Health, National Cancer Institute and The Food and Drug Administration. It is walkable to Downtown Crow, a dining, retail and residential destination anchored by Harris Teeter and LA Fitness.

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.

Joining Crivella and Coker on the deal were JLL directors Robert Jenkins and Bill Gribbin.