(To read more on the multifamily market, click here.)

ORLANDO-Chicago-based MCZ/Centrum Development Corp. is converting Mirabella, a 304-unit apartment community at 19927 Villa Square Dr., into condominiums. MCZ/Centrum Development Corp. president Michael Lerner tells GlobeSt.com that the project has an estimated sell-out of $65 million.

Constructed in 2002, the 18-acre community consists of three-story buildings. In addition to upgrading the units, developers plan to renovate the clubhouse and upgrade the landscaping. Units range in size from 745 sf to 1,469 sf with one-, two- and three-bedroom units and with attached and detached garages. Prices will range from the low $180,000s to the low $300,000s. Lerner says 100 of the units have been sold. The project is expected to be completed in January.

Among attributes of the property is its location, at the far end of International Drive where Osceola Parkway meets 417. The property is catty-corner to Gaylord Palms convention center and on the edge of a Disney property. “It’s very close to Disney World in a rural planned development area,” Lerner says. “There are a lot of service-related amenities in close proximity.”

This is MCZ/Centrum’s third condo conversion project in Orlando in recent years. The two other projects are the 460-unit Palms Club and the 487-unit Serenada-MetroWest. Both are located on MetroWest Boulevard. “Orlando is still a very good market. There’s strong job growth and it’s a growing market,” Lerner says. “We think this is a great opportunity.”

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