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
Terranova’s Stephen Bittel with 93 Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Ytech's Yamal Yidios with 1500 Brickell Avenue
Ytech buys historic Brickell château, plans restoration
Ytech buys historic Brickell château, plans restoration
50 and 60 Northeast Third Street and 222 and 234 Northeast First Avenue (Google Maps)
Namdar pays $41M for downtown Miami apartment towers dev site
Namdar pays $41M for downtown Miami apartment towers dev site
Hollywood Locations' Christopher Ursitti and 1400 Northwest 31st Avenue (Hollywood Locations, Google Maps)
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Movie studio complex may rise on former incinerator site in Fort Lauderdale
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
arrow_forward_ios

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

Loading...