Two months after purchasing the majority of the Treasures on the Bay complex in North Bay Village, Mast Capital and its partners are starting to offer apartments for rent at the North Tower.
Treasure on the Bay’s 160-unit North Tower, at 7525 East Treasure Drive, is now renting one-, two- and three-bedroom oceanfront apartments, starting at $1,700 a month. The tower underwent a $20 million gut renovation before Miami Beach-based Mast Capital, New York-based Angelo, Gordon & Co. and San Diego-based InterWest Capital paid $75.5 million for the three-tower complex in mid-September, Camilo Miguel, Jr., CEO of Mast Capital, told The Real Deal.
Miami-Dade property records show the seller as an affiliate of Owens Financial Group. The firm, led by William C. Owens, bought the properties out of foreclosure in 2010. The buildings were built in 1962 and 1966.
For Mast Capital and its partners, the deal equated to $229,000 per apartment on a property that sits on 1,000 linear feet of bayfront.
“We thought it was a very attractive price per pound,” Miguel told TRD.
The purchase included all of the units at the North Tower, 155 of 178 units at the Point building (or 86 percent of the units) and 15 of 160 units in the middle tower, called the South Tower, Cassie Resnick, Mast Capital’s vice president of acquisitions, told TRD. The Point and South buildings are condos, yet the newly purchased units are all rentals. Overall, the purchase equates to 66 percent of the project’s units, she said.
At the North Tower, the new apartments feature custom cabinetry, stone counters, stainless-steel appliances, in-unit washer and dryers, new porcelain flooring and waterfront balconies. The five-acre complex includes three bayfront pools, a bayfront boardwalk and fitness center. Additional amenities in the works include new landscaping and a new fitness center, Miguel said.
“Our strategy for the property,” he said, “is to renovate and continue to upgrade the community, continue to rent out the units and continue to improve the lifestyle and offerings for this area.”