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.