Kinchla Group Pays Zell $12M for La Costa Brava Apartments

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.