Mast Capital spends $51M on Homestead townhomes

Seller bought the townhouses in 2017 for $12M

Miami /
Jan.January 05, 2021 03:30 PM
Camilo Miguel Jr. of Mast and 1140 Southeast 24th Road, Homestead (Mast Capital)

Camilo Miguel Jr. of Mast and 1140 Southeast 24th Road, Homestead (Mast Capital)

 

Mast Capital spent $50.75 million on a 292-townhome complex in Homestead.

The Miami-based developer bought the complex, known as Seascape Pointe Apartments, at 1140 Southeast 24th Road, according to records. The townhomes are located within the Keys Gate master planned community.

Mast Capital, led by Camilo Miguel Jr., plans to renovate the units, upgrade the clubhouse and pool and develop 14 additional townhomes that were entitled as part of the original site plan, according to a release.

The seller is Fifteen Group, a Miami-based real estate investor and operator led by brothers Mark and Ian Sanders.

Fifteen Group bought the townhomes in 2017 for $11.92 million, according to records. The townhouses were built in 2008.

Seascape Pointe features three and four-bedroom units with an average size of 1,456 square
feet, according to the release. Amenities including gated security, an outdoor fitness area, playground, pool and dog park.

Monthly rent for a three-bedroom unit starts at $1,620, according to an online listing.

In November, Mast Capital received the approval it needed to develop a proposed 175-unit luxury condo project in mid-Miami Beach.

Last year, Fifteen Group was part of a joint venture that sold the 11-building office park at 1601 Northwest 136th Avenue for $74.3 million, one of the top office deals of 2019.






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