Mast Capital, Rockpoint sell Key West apartments to Priderock for $56.8M

Miami /
Apr.April 13, 2017 12:45 PM

Mast Capital and Rockpoint Group have sold the West Isle Club Apartments in Key West to Priderock Capital Partners for $56.8 million.

The sale comes less than three years after Miami Beach-based Mast Capital and Boston-based Rockpoint paid $39.5 million for the complex. That represents a 44 percent gain before renovation expenses. 

West Isle Club, at 3333 Duck Avenue, has 192 apartments spanning 6.2 acres. It is located within Key West’s New Town District and near the Key West International Airport. The latest sale equates to $296,000 per apartment.

Mast Capital, an investment and development firm, and Rockpoint Group, a real estate private equity firm, upgraded the complex, including renovating more than half the units and improving the exterior of the community, resulting in higher rental rates, Mast Capital said. According to the complex’s website, current monthly rents range from $1,950 to $1,975 for 517-square-foot one-bedroom, one bath units to $$2,425 to $2,450 for two-bedroom, two-bath units and $2,875 for three-bedroom, two-bath apartments.

In Key West, Mast Capital and Rockpoint Group also own Ocean Walk, a 296-apartment community. In October, the owners secured $70 million in refinancing from Berkadia.

Both West Isle and Ocean Walk are among the few institutional-sized rental properties in the Keys, a top tourism destination for South Florida.

West Palm Beach-based Priderock is a multifamily asset management and development firm with more than 7,500 units across 15 states, according to the company’s website. In November, the company paid $36.5 million for a North Lauderdale complex it renamed Glen at Cypress Creek. The 224-unit community, at 1949 Cove Lake Road, sold for about $163,000 per unit. And in February 2016, Priderock bought Dakota at Abacoa, a 190-unit complex in Jupiter for $42 million, or $221,052 per unit.


Related Articles

arrow_forward_ios
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Here’s what Mast Capital plans for La Costa’s evacuated, oceanfront Miami Beach site
Here’s what Mast Capital plans for La Costa’s evacuated, oceanfront Miami Beach site
Here’s what Mast Capital plans for La Costa’s evacuated, oceanfront Miami Beach site
La Costa condo building and Mast Capital Princial Camilo Miguel Jr (Mast, Douglas Elliman)
Oceanfront Miami Beach condo ordered evacuated following bulk buyout deal
Oceanfront Miami Beach condo ordered evacuated following bulk buyout deal
Moishe Mana and the downtown parking lot he purchased (Google Maps, Getty)
Moishe Mana expands downtown Miami assemblage with $12M purchase
Moishe Mana expands downtown Miami assemblage with $12M purchase
Mast Capital's Camilo Miguel Jr. and Rockpoint Group's Keith Gelb. (Getty, Mast Capital)
Mast Capital brings on JV partner Rockpoint to develop Miami Beach condo project
Mast Capital brings on JV partner Rockpoint to develop Miami Beach condo project
arrow_forward_ios

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

Loading...