August 21, 2019
New York based national real estate investment firm The Praedium Group has acquired The Adeline, a three-building multifamily community in Maitland. The sales price was not disclosed. The property is approximately eight miles north of downtown Orlando. The seller was undisclosed.
Built in 2018, the property consists of three residential buildings with a mix of one-, two- and three-bedroom units ranging from 694 to 1,475 square feet. Amenities include a social clubroom with an expansive bar, on-demand fitness and pool. The Adeline also offers tenants a lakefront-living opportunity with dock-access, outdoor gathering areas, grilling stations, fire pits and a community walking path along Lake Gem.
“As residents are getting priced out of the desirable Winter Park area, the Maitland area is seeing an influx of demand,” said Lindsay Schuckman, vice president of The Praedium Group. “As one of the only garden-style apartments built this cycle, The Adeline is able to offer a similar resident experience at a more affordable price point than the higher density, mid-rise properties in the submarket.”
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