Thanks for the replies. The paint that I am using is Mr. Color acrylic.
So I've since pulled back the paint coat and have noticed that the plastic itself is grainy. I've also looked at unused parts still on sprues and have observed that they have a grainy texture too. I assume this finish was done to aid with paint adhesion. Being that acrylic applies so thinly, it's apparent that that the grainy effect is what's causing the Orange peel.
Is there a way to get rid of the grain without sanding the parts completely smooth? The model is a little small to perform detail work with 2000 grit and there are also some winglets in the way to boot. If not, then I will either have to paint very thinly or switch to a matte finish.