Praedium Group Buys Orlando-Area Community
- Aug 21, 2019
The Praedium Group has acquired The Adeline, a recently completed, 237-unit luxury community in the Orlando suburb of Maitland, Fla. The lakefront property was completed last year by Pollack Shores Real Estate Group, which tore down an existing, half-century-old apartment community to build the new three-story asset.
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Located at 304 Lake Ave., the property consists of one-, two- and three-bedroom units with a current occupancy rate of 70 percent, according to Yardi Matrix data. Units range in size from 694 to 1,475 square feet across three residential buildings. Unit interiors feature luxury amenities including baths with quartz or granite vanity tops, contemporary open kitchens and LED lighting. The community also features a social clubroom with a bar, a fitness center, and a newly rebuilt fishing dock.
The Adeline is located along Lake Gem, less than 5 miles north of downtown Orlando and with close access to Interstate 4. The boomtown of Orlando is home 150,000 jobs, while Lake Mary to the north offers more than 22,000 jobs, with major corporate expansions and relocations driving employment growth in the area within central Florida.
Tapping the Maitland market
Maitland has seen elevated multifamily activity in recent years. Last month, Nicol Investment Co. acquired Maitland Station, a 293-unit, mid-rise apartment community at 801 Orlando Ave. Epoch Residential sold the one-year-old property adjacent to the Maitland SunRail station. In May of last year, The Allen Morris Co. commenced leasing at Maitland City Centre, a 220-unit community at 190 Independence Lane.
Lindsay Schuckman, vice president of The Praedium Group, said in a prepared statement that the Maitland area is seeing increased demand as residents get priced out of the desirable Winter Park area, a neighboring suburb. The privately held real estate investment firm owns roughly 83,000 residential units nationwide.