RMC IN FLORIDA

La Costa Brava Condominums

Orlando was another market area chosen due primarily to its impressive job growth coupled with a very active condominium market. Like all growing Central Business Districts (CBD), Orlando is also experiencing heavy traffic congestion, making housing locations near or in the CBD more desirable.

La Costa Brava is a 194 unit lakeside condominium conversion in a prime in-fill location just south of the CBD. Brava offers an easy, non highway commute to downtown yet is situated in a park-like setting on a lake offering recreational activities such as boating and waterskiing. We closed on the transaction March 15, 2004 and are conducting significant interior and exterior renovations. The sales efforts started in May, 2004.

We assembled a first rate team in Orlando headed by our local partners, Mark Kinchla of Winfield Development and Richard Zahn of Hersh Construction. Like any local market partners we work with, Mark and Rich have a significant personal investment in the project and they share in the General Partner profit structure. While they have oversight responsibilities on the entire project, Mark and Rich have direct responsibility for day-to-day operations and construction, respectively.

We opened for sale on May 14th and we had 85% of the units either sold or under contract as of January 2005 and completed our second price increase. We are currently significantly ahead of pro forma projections.

Executive Summary  ............................................. 

Address: 710 East Michigan Street
Orlando, Florida 32806
Description: La Costa Brava is a 194 unit lakeside apartment community constructed in 1967 and 1969. The community sits on the north shore of Lake Pineloch, the first boating/water skiing lake south of Orlando. The property is situated on 11 acres and has 354 parking spaces. The property also boasts 15 boat slips and expected riparian rights for additional moorings. La Costa Brava has always enjoyed a prestigious reputation and many tenants have lived there for 20 years or more.
Location: La Costa Brava is located within the city limits of Orlando but offers resort-like amenities. Its location within Orlando is important because a downtown commute from the property is traffic free. Living within the city limits has become very popular as traffic congestion for commuters has worsened in recent years.
Investment Rationale: The project represented an ability to offer very affordable housing in a desirable location. CBD mid-rise condo conversions are selling at 20% to 30% higher per square foot, than what is being offered at La Costa Brava with the same accessibility.
Number of Units: 194