Mast Capital and Rockpoint sell Key West apartments to Passco Cos. for $102M

Irvine, California-based Passco Companies paid $342k per unit

Miami /
Aug.August 24, 2017 09:45 AM

Mast Captal and Rockpoint Group sold a Key West apartment complex to Passco Companies for $101.5 million, 35 percent more than what they paid in 2014, they told The Real Deal.

The Miami-based investment firm and Boston-based private equity firm sold the 297-unit Ocean Walk Apartments for about $342,000 per unit. ARA Newmark’s Hampton Beebe, Avery Klann and Jon Senn brokered the sale.

Property records show the joint venture paid $75.35 million for the four-building complex in 2014. Ocean Walk, at 3900 South Roosevelt Boulevard, was built in 1989 and sits on more than 17 acres. It’s one of the three institutional-level rental properties in the Keys.

Mast Capital and Rockpoint renovated the units with new cabinets, finishes, stainless steel appliances and plank flooring. Amenities include a swimming pool, basketball court, tennis court and a jogging trail. The joint venture secured a $70 million loan for the complex last year, financing that was partially used to retire about $50 million of debt used to buy the complex three years ago.

Last year, rents at Ocean Walk ranged from $1,775 for a 500-square-foot one-bedroom to $2,825 for a 1,048-square-foot three-bedroom.

The buyer, Passco Companies, is a real estate investment firm based in Irvine, California. In Florida, it owns Azure Luxury Apartments in St. Petersburg and Marisol at Viera in Melbourne, according to Passco’s website.

In April, Mast Capital and Rockpoint sold the West Isle Club Apartments, also in Key West, to Priderock Capital Partners for $56.8 million or $296,000 per apartment. That sale was a 44 percent gain before renovation expenses.


Related Articles

arrow_forward_ios
From left: Steve Fifield of Fifield Companies (buyer and site developer); Tony Cho of Metro 1 (seller) (1Metro, Fifield Companies)
Chicago developer pays $20M for Wynwood dev site with plans for mid-rise apartments
Chicago developer pays $20M for Wynwood dev site with plans for mid-rise apartments
737 Southwest 109th Avenue in Sweetwater and Tailwind Group's  Kyle Smith, Reggie Reed, Michael Sather and Landon Smith (Google Maps, Tailwind)
Minnesota firm pays $46M for student housing near Florida International University
Minnesota firm pays $46M for student housing near Florida International University
(Apartments.com, iStock/Illustration by Steven Dilakian for The Real Deal)
Little Havana apartment building targeted in $15M mortgage foreclosure suit
Little Havana apartment building targeted in $15M mortgage foreclosure suit
GID buys newly built Plantation apartments for $73M
GID buys newly built Plantation apartments for $73M
GID buys newly built Plantation apartments for $73M
AHS Residential sells a pair of Lake Worth Beach apartment complexes for $82M
AHS Residential sells a pair of Lake Worth Beach apartment complexes for $82M
AHS Residential sells a pair of Lake Worth Beach apartment complexes for $82M
The original Shorty's BBQ located at 9200 South Dixie Highway (Shorty's BBQ, iStock)
Order up: Shorty’s inks $15M sale lease-back of original restaurant near Dadeland Mall
Order up: Shorty’s inks $15M sale lease-back of original restaurant near Dadeland Mall
Jamestown sells Sunny Isles Beach apartment complex for $111M
Jamestown sells Sunny Isles Beach apartment complex for $111M
Jamestown sells Sunny Isles Beach apartment complex for $111M
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
arrow_forward_ios

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

Loading...