Mast Capital makes pricey Key West acquisition

Miami /
Jun.June 19, 2014 10:30 AM

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


Related Articles

arrow_forward_ios
Mast Capital's Camilo Miguel Jr. with 524 Jefferson Avenue (Marcus & Millichap, Bloomberg)
Mast Capital sells South Beach Walgreens for $9M
Mast Capital sells South Beach Walgreens for $9M
(JDS Development, OKO Group, Cain International, PMG, Sieger Suarez Architects)
Here’s the pipeline of resi projects in Miami’s Brickell
Here’s the pipeline of resi projects in Miami’s Brickell
Mast Capital's Camilo Miguel Jr., 2085 South Congress Avenue and rendering of Palm Springs Residences (Mast Capital, Google Maps)
It’s fun to buy the YMCA! Mast Capital JV pays $10M for Palm Springs center as multifamily dev site
It’s fun to buy the YMCA! Mast Capital JV pays $10M for Palm Springs center as multifamily dev site
5 minutes with hospitality magnate Giuseppe Cipriani
5 minutes with hospitality magnate Giuseppe Cipriani
5 minutes with hospitality magnate Giuseppe Cipriani
Starwood's Barry Sternlicht, Mast Capital's Camilo Miguel Jr. and renderings of The Paragon (Getty, Binyan Studios)
Mast Capital, Starwood launch sales of planned oceanfront condo project in Miami Beach
Mast Capital, Starwood launch sales of planned oceanfront condo project in Miami Beach
Camilo Miguel Jr. in front of a rendering of the planned condo tower at 1420 South Miami Avenue in Brickell (The Boundary, Cipriani)
Cipriani Residences Miami 80-story condo tower planned for Brickell site
Cipriani Residences Miami 80-story condo tower planned for Brickell site
Mast Capital CEO Camilo Miguel Jr. and a rendering of Waterline Miami River (Mast Capital)
Mast Capital JV reels in $71M loan for Miami River multifamily development
Mast Capital JV reels in $71M loan for Miami River multifamily development
Mast Capital pays $103M for Brickell site, plans 1,250-unit condo-rental complex
Mast Capital pays $103M for Brickell site, plans 1,250-unit condo-rental complex
Mast Capital pays $103M for Brickell site, plans 1,250-unit condo-rental complex
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...