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Real estate platform pays $83 million for Maitland apartment complex

Internet-based real estate platform Fundrise purchased Luna at Lake Shadow Apartments in Maitland for $83 million.
Internet-based real estate platform Fundrise purchased Luna at Lake Shadow Apartments in Maitland for $83 million. (Fundrise/Courtesy photo)

Online investing platform Fundrise purchased an apartment complex in Maitland as part of a larger strategy to buy more properties around Orlando.

Fundrise paid $83.125 million for Luna at Lake Shadow Apartments at 2200 Flagler Promenade Way in Maitland, which was built by The Bainbridge Companies in 2019.

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The deal breaks down to about $276,000 per unit, close to one of the record-breaking sale prices from 2019 for the Trelago Apartments also in Maitland.

Multifamily developer Bainbridge first purchased 48 acres around Lake Shadow in 2005 with permits to build condominiums on the lot. However, construction was put on hold during the recession and the permits expired.

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The 300-unit complex features 1, 2 and 3-bedroom apartments starting at $1,475 per month. Currently at 95% occupancy, the 16-acre complex also includes a pool, private pier and residents’ gym.

Founded in 2010, Washington-based Fundrise is a portal for small-dollar investors to invest in real estate. CEO Ben Miller said his company is prioritizing investment in southern states.

“We have a strategy to buy in high growth markets in the Sun Belt,” Miller said. “We’re very bullish on residential [property] in Orlando broadly. This is not the first and won’t be the last.”

Want to reach out? Email tfraser@orlandosentinel.com. Follow TIFraserOS on Twitter.

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