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ORLANDO-Developer Mark Kinchla and a group of local investors are converting the legendary La Costa Brava apartment community at 715 E. Michigan St. into condominiums after purchasing the 40-year-old, 194-unit property from Chicago-based entrepreneur Sam Zell’s Equity Residential Properties Inc. for $12.1 million or $62,371 per unit.

Kinchla, a seasoned redeveloper of multifamily products, hopes to quickly win market share by offering the condo units in the $90,000 to $100,000 range–the lowest price range announced to date among the estimated 1,500 condo conversion units planned or on the market in the metro area.

“There is really no competition in this price range close to Downtown,” Kinchla tells GlobeSt.com. “There is a 40-unit product called Delaney Square, but they are all one bedrooms.” La Costa Brava will have one-, two- and three-bedroom units with the average living area per unit at 1,000 sf to 1,100 sf.

The property was on the market for only a month. Kinchla says the deal took 90 days to complete, from contract signing to closing. The transaction was done at this time “because the market is prime,” Kinchla tells GlobeSt.com. “There is a tremendous need for this price point and the 30-somethings are buying.”

Located on the shores of Lake Pineloch, just south of Downtown, La Costa Brava is “well-known by locals as being the hip place to live and party in the 1980s and early 1990s,” Kinchla says. “This development has a rich history in South Orlando and I think the community will be pleased to see La Costa Brava reincarnated in its second life.”

He is banking on the property’s appeal to first-time homebuyers “who appreciate the convenience to Downtown, Interstate 4 and Orlando International Airport. “There is nothing like leaving your Downtown office for home and within a few minutes being able to jet off on your own personal water craft,” Kinchla says. “It’s a true urban oasis.”

The Apartment Group represented the seller. Smith Equities Corp. of Orlando represented the buyer. Coldwell Banker the Condo Store plans to open a sales office and model home this month. The project’s preferred end-loan lenders are Wells Fargo and Coldwell Banker Mortgage. The funding partner is Delaware-based Prospect LLC.

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