Orlando-Area Apartments Change Hands
- Jul 31, 2019
Nicol Investment Co. has acquired Maitland Station, a 293-unit, mid-rise apartment community in Maitland, Fla., from Epoch Residential. The one-year-old property was purchased free and clear of existing debt.
JLL Capital Markets represented the seller in the transaction. The team was led by Senior Director Brett Moss and Managing Director Elliott Throne.
Situated at 801 Orlando Ave., adjacent to the Maitland SunRail station, Maitland Station stands on the site of the historic Parker Lumber Yard. Its proximity to the Maitland SunRail station ensures residents access to leading area employers, as well as to shopping, dining, parks and recreation. The portion of the 61-mile SunRail system currently in operation includes stops in Central Florida towns like Poinciana, Kissimmee, Sanford and Altamonte Springs, in addition to Orlando.
Maitland Station features a blend of one-, two- and three-bedroom units averaging 942 square feet. Features and finishes of residences include Shaker-style cabinetry, stainless steel appliances, subway tile kitchen backsplashes with granite countertops, and in-unit washers-dryers. Amenities are headed by a summer kitchen with gas grills.
Benefiting from its population and job growth, the Orlando-area multifamily housing market is increasingly generating strong interest from a diverse range of investors, JLL noted. The growing vibrancy of the Maitland market, along with Maitland Station’s proximity to the SunRail, led to strong interest from the buyer.
Another factor is the conveniences the property offers residents. Maitland Station is located amid a group of lakes, with Lake Minnehaha to its immediate southeast, and Lakes Hope, Faith and Seminary to its north and west. The immediate vicinity is served by several parks, including Maitland Community Park and Minnehaha Parks. Publix Supermarket at Maitland Place is situated directly south of Maitland Station.