Madison Communities Opens Luxury Apartments on Space Coast
The community sits at the site of a former Sears-anchored shopping mall.
Madison Capital Group affiliate Madison Communities has opened Madison Grove, a luxury apartment community located in Rockledge, Fla., a submarket of Orlando. The Community is bringing 292 luxury apartments to Florida’s space coast, and is part of Madison Communities’ expansion of its multifamily portfolio in the southeastern U.S.
According to Yardi Matrix, Madison Grove finished construction earlier this year. Floorplans at the community span one- to three bedrooms, and range from 769 to 1,374 square feet. Individual apartments feature in-unit washers and dryers, walk-in closets and kitchen islands.
According to RentCafe, asking rents at the community vary between $1,628 and $3,204, depending on floorplans and amenities.
Community amenities at Madison Grove include a swimming pool, fitness center and clubhouse. The community houses various green spaces and pet friendly amenities so that residents can venture to the surrounding areas. 30 percent of the units available at Madison Grove are pre-leased. Â
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Located at 920 Rockledge Blvd., Madison Grove sits on the former site of Rockledge Mall, a long-closed Sears-anchored shopping center that sits right off U.S. Highway 1. This gives the community direct access to nearby neighborhoods as well as the Kennedy Space Center, which is approximately 14 miles to the northeast. Downtown Orlando is 50 miles to the west.
Apartments at Madison Grove are being marketed to renters by choice as the area continues to see growth in its job market. According to a Yardi Matrix report, employment in the Orlando area expanded by 1.2 percent through Nov. 2024, a rate below the national average. Montierre Development is working on a $1 billion retail and sports complex, which will bring more construction jobs to the area. Still, 23,325 units are under construction in metro Orlando as of January, a 20 percent increase from the previous year.
Tommy Ciserano, principal at Inlet Property Co., one of the project’s co-developers, sees developments such as Madison Grove as essential to sustaining local surrounding businesses, all the while making jobs at nearby employers more appealing. “Madison Grove contributes to the area’s economic growth and urban development by attracting residents seeking modern living spaces,” Ciserano told Multi-Housing News. “Its proximity to Cocoa Village enhances the local economy by increasing foot traffic to nearby businesses, fostering a vibrant community atmosphere.”
Sunshine State expansions
Madison Capital Group is expanding its assets around Florida’s multifamily markets and the Sun Belt region. In another submarket of Orlando in Melbourne, Fla. Madison Capital Group is building Madison Midtown, a 240-unit community. The future development secured $49 million in financing for construction on 14-acres at a former Sears location.
On Florida’s west coast, Madison advanced another development venture by obtaining a $60 million construction loan for Madison Bradenton, a 240-unit community what will be built to the north of Sarasota. Madison Bradenton will include one-, two- and three-bedroom apartments and a cyber lounge with flexible workspaces.
