Nuveen pays $110m for apartment community in Maryland
Nuveen Real Estate has paid $110 million for Mallory Square, a 365-unit mid-rise apartment community with 1,600 square feet of retail, located in the Shady Grove submarket of Rockville, Md.
Woodfield Development was the seller.
Mallory Square totals 330,117 rentable square feet and consists of a mix of studio, one- and two-bedroom units. The highly-amenitized property includes three private courtyards totaling 25,000 square feet, lounge with grilling area, sun shelf with pool, media center with a TV, fire pits, 24-hour fitness center and a yoga studio with ballet barre, with the ground-floor retail being 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, including The National Institutes of Health, National Cancer Institute and The Food and Drug Administration, which employs more than 30,000 people. The life sciences sector also contri