Nuveen Real Estate has taken Mallory Square, a 365-unit apartment community with 1,600 Sq Ft of retail in Rockville, Maryland, for $110 million.
Mallory Square consists of a mix of studio, one- and two-bedroom units. Facilities hold three private courtyards adding 25,000 Sq Ft, a sun shelf with a 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.
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.
JLL represented the seller, Woodfield Development, in the transaction.
JLL’s senior managing director Brian Crivella stated the Mallory Square is specifically what buyers are looking for in today’s environment as the asset did well throughout COVID and will remain to contribute an incredible investment opportunity for the buyer, giving its central positioning near one of Maryland’s biggest economic operators like biotechnology and life sciences corridor.