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.





    Related Articles

    arrow_forward_ios
    Orlando, rents, multifamily market, affordable housing
    Rent control’s on November ballot in Orlando. Is Miami next?
    Rent control’s on November ballot in Orlando. Is Miami next?
    Trinsic Residential Group's Brian Tusa with 16955-17071 West Dixie Highway (Google Maps, Trinsic Residential)
    Trinsic nabs $99M loan to build North Miami Beach rentals
    Trinsic nabs $99M loan to build North Miami Beach rentals
    A rendering of BH Group’s planned project at 2261 Northeast 164th (Cohen Freedman Encinosa & Associates, Getty)
    BH plans 30-story North Miami Beach rental tower
    BH plans 30-story North Miami Beach rental tower
    The Estate Companies’ principal Jeffrey Ardizon and managing principal Robert Suris along with a rendering of Soleste on the Bay (Form Group, The Estate Companies, Getty Images)
    Estate proposes 360-unit North Miami Beach rental tower
    Estate proposes 360-unit North Miami Beach rental tower
    Mitchell Cohen with 9881 East Bay Harbor Drive and at 291 East Bay Harbor Drive (Toronto Real Estate Family Office Meetings, Google Maps, Getty)
    Canadian investors drop $22.5M on Bay Harbor Islands apartments
    Canadian investors drop $22.5M on Bay Harbor Islands apartments
    From left: Crow Holdings' Michael Levy and NAI Miami's Robert Eckstein  with Southwest 88th and 91st streets, and between Southwest 162nd and 158th (Google Maps, Crow Holdings, NAI Miami)
    Trammell Crow, Baptist scoop up Kendall Town Center dev sites
    Trammell Crow, Baptist scoop up Kendall Town Center dev sites
    Miami-Dade Mayor Daniella Levine Cava and an aerial of the Government Center redevelopment (Getty, Google Maps)
    Miami-Dade seeks partners for Government Center redevelopment
    Miami-Dade seeks partners for Government Center redevelopment
    Turnberry Associates' Jackie Soffer and LeFrak's Richard LeFrak with Rendering of the Villa Laguna (Turnberry Associates, Getty Images, SoLe Mia Rentals)
    LeFrak, Soffer kick off leasing at SoLé Mia rental
    LeFrak, Soffer kick off leasing at SoLé Mia rental
    arrow_forward_ios

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

    Loading...