Nuveen Pays $110M for Metro DC Asset

The 365-unit Rockville, Md., property is located in a major life sciences cluster.
Mallory Square. Image courtesy of JLL 

Nuveen Real Estate has acquired Mallory Square, a 365-unit property in Rockville, Md., for $110 million from Woodfield Development. JLL Capital Markets has brokered the deal on behalf of the seller.

Located at 15251 Siesta Key Way, the mixed-use property features studios and one- and two-bedroom units, with floorplans ranging from 535 to 1,238 square feet. Mallory Square includes 1,600 square feet of ground-floor retail space. The community has three private courtyards totaling 25,000 square feet, with common area amenities including a fitness center, spin studio, swimming pool, yoga studio, outdoor kitchen, clubhouse and pet spa.

According to Yardi Matrix, the property was completed in 2016 and incorporates 92 affordable units. The developer financed the construction with a $64 million loan originated by Citizens Financial Group.

The community is in the I-270 Biotechnology and Life Sciences Corridor, home to biotech firms, life science companies, federal laboratories and federal agencies. According to Georgetown University, the submarket leads the world in adult stem cell production and vaccine development.

Mallory Square is less than half a mile from Johns Hopkins University’s Montgomery County Campus and roughly 18 miles northwest of Washington, D.C. JLL’s Senior Managing Directors Walter Coker and Brian Crivella and Directors Robert Jenkins and Bill Gribbin spearheaded the transaction.

Earlier this month, JLL Capital Markets represented Nuveen in the sale of Palomino Park Resort. The $435 million deal, at the time, marked the largest single-asset apartment trade in Colorado’s history.