Mast Capital and Koch Real Estate Investments scooped up an oceanfront resort in the Florida Keys two years after it last sold.
The Miami-based developer and Dallas-based investor acquired 22 villas and eight hotel suites at the Islands of Islamorada Resort from the Frisbie Group, according to a news release. Berkadia Miami’s Scott Wadler arranged acquisition financing from Ardent Real Estate.
Monroe County records show a deed reflecting a $38.4 million sale and a $40 million mortgage for the 7-acre property at 82779 Old Highway. The recorded price amounts to $1.28 million per key.
The buyers plan to relaunch sales of the resort’s waterfront villas, with Ocean Sotheby’s International Realty serving as the sales broker. The fully furnished residences start at $3.8 million and span 4,000 square feet with four bedrooms, four bathrooms, three-story floor plans, waterfront outdoor space and two-car garages.
The property last sold for $72 million in 2024, records show. The Real Deal previously reported that Frisbie sold the resort to Wills Companies. Wills confirmed at the time that Frisbie provided “significant” seller financing and stayed on as a partner.
Palm Beach-based Frisbie bought the oceanfront property for $7 million in 2017, records show. Frisbie completed the resort in 2020, and has operated it since then.
Mast Capital, led by Camilo Miguel Jr., owns several Florida hospitality properties including Little Palm Island Resort & Spa in the Florida Keys and Saddlebrook Resort in the Tampa Bay area.
In May, the firm sold the 249-room resort portion of Solé Miami, A Noble House Resort, in Sunny Isles Beach to South Street Partners for an estimated $20 million to $25 million.
Mast is also developing several South Florida condo projects, including The Perigon Miami Beach with Starwood Capital Group, Cipriani Residences Miami in Brickell and Banyan Tree Residences West Palm Beach with Curated JCZM Development.
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