Residents at the Mozaic, a high-end apartment community located in the heart of downtown Los Angeles, have the benefits of living the condominium lifestyle at a renter's price.

The Lincoln Property Co., a Dallas -based developer, built the 272-unit community to condominium specifications, so each apartment features its own washer and dryer, granite countertops and stainless steel appliances in the kitchen, floor-to-ceiling windows, and private balconies.

Other amenities include dramatic courtyard fountains, a rooftop pool and barbeques, an Internet café with a coffee bar, a conference room, and a fitness center.

But the project's main lure is its location. Mozaic is adjacent to Los Angeles' main transportation hub, Union Station. It's also within walking distance to City Hall, Chinatown, and Little Tokyo. The transit-oriented development is minutes away from entertainment and sports venues, such as the Staples Center and Disney Concert Hall.

Reg Delponte, senior vice president of the Lincoln Property, believes the project will entice commuters and those who use the trains for work or leisure.

The apartment even caught the eye of national homebuilder Standard Pacific Homes. The builder hoped to convert the apartment community into a for-sale condominium development, but the deal fell through and went back into the hands of Lincoln Property, who now currently manages the property.

Mozaic was built on a 2.8-acre infill site, which was formerly Union Station's extended parking lot. The modern, contemporary-themed community features floor plans ranging in size from 644 square feet to 1,460 square feet, and monthly rents go from $1,400 to $2,500. The project opened in October 2006.

LUCKY BREAK: Residents at Mozaic enjoy condo-style finishes in Los Angelese for a renter's price.