Houston-based The Hanover Co. has acquired 6.9 acres at Shady Grove in Rockville and plans a 366-unit apartment project.
Hanover bought the land from Bethesda-based The Meridian Group for $16 million.
The 6.9 acres was recently rezoned for residential use.
Meridian sold five buildings at the Shady Grove Executive Center on Shady Grove Road in 2003, but retained the two development sites.
Last month, Meridian completed its $85 million acquisition of Science Applications International Corp.’s three-building Tysons Corner headquarters.
The D.C. area has lots of water parks that combine cool water and fun.