Miami investor Mast Capital picked up a Key West apartment community for nearly $40 million, or $205,700 per unit.
Mast, in a joint venture with the Rockpoint Group, acquired a fee simple interest in the 192-unit West Isles Club in an off-market transaction, according to Wednesday’s written announcement released by a Mast spokesperson. West Isles has 30 percent of the 640 professionally managed apartments in the Key West market, which significantly outperforms the national unemployment average with a rate of 3.7 percent.
“This was a rare opportunity to acquire a well-performing multifamily apartment complex in a severely growth-restrained locale,” Mast CEO Camilo Miguel said. “The lack of available land in Key West, and the existing of a Rate of Growth Ordinance that caps the number of building permits in the Florida Keys, makes this a prize property.”
West Isles is located within Key West’s New Town district and near the Key West International Airport. — Eric Kalis