RangeWater Redevelops Half-Century-Old Community to Build New Lake-Centric Asset
Maitland, FL
Redevelopment of lakefront community on the shores of Lake Gem just five miles from downtown Orlando
RangeWater purchased an existing 1960s-era Maitland Shores apartment community with the intent to build a brand-new Class A asset with waterfront views.
Optimize units and amenities to be centered around Lake Gem, generating lakeview rent premiums and better quality of life for residents.
The Adeline presented a one-of-a-kind opportunity because of its expansive frontage on Lake Gem. The site configuration took advantage of the project’s unique lakefront location by successfully maximizing the number of units facing the lake with open views. The Adeline also capitalizes on its Lake Avenue address by positioning many units along the road with direct street level access, enhancing connectivity between residents and the bustling neighborhood. Adeline’s thoughtfully designed white and grey exterior, composed of cementitious siding and stone, provides an architecturally pleasing exterior view.
Construction started in April 2017 and was completed in February 2019. Leasing and retention efforts highlighted the lakefront amenities and the team activated spaces with local partnerships and outdoor events.
The Adeline addressed a major demand for multifamily living options within the City of Maitland, a historically underserved multifamily market. RangeWater worked with the City of Maitland throughout the development process, resulting in a new lakefront public walking trail that connects with the existing City of Maitland trail. In addition, there is a public bike trail on site. The City of Maitland collaborated with the firm in the initial design of the project and served as a trusted partner throughout.
During the lease-up, The Adeline competed with five new multifamily developments in the submarket and achieved stabilization first. The team averaged 19 gross leases per month while increasing rents 4% across all floor plans and 9% in one bedrooms.
The community also maintained the highest online reputation within the Maitland area.
The community successfully sold in August 2019 at 94% occupancy. RangeWater continues to manage the The Adeline on behalf of new ownership, who is a client on multiple properties in the firm’s third-party management portfolio.
