Mast Capital and Koch Real Estate Investments have acquired The Islands of Islamorada Resort in Islamorada, Fla.
The Upper Keys resort, about 90 minutes from Miami, includes 22 private oceanside villas and eight hotel suites on about seven acres of shoreline.
Amenities include two oceanfront swimming pools, a private beach, two pickleball courts, two playgrounds, a beachfront bar and a fitness center. The resort also has a private marina with boat slips, paddleboards, kayaks and sailboats, along with concierge services and event spaces.
The new ownership group plans to relaunch sales and marketing for the resort’s 22 waterfront villas, with Ocean Sotheby’s International Realty as the exclusive sales broker. Villa prices start at $3.8 million. The furnished, detached residences span 4,067 total square feet with four bedrooms, four full bathrooms, three-story layouts, covered waterfront loggias, two-car garages with electric-vehicle charging, smart-home technology and concrete block construction built to current hurricane code standards.
“The Florida Keys represent one of the country’s most supply-constrained hospitality markets, where exceptional waterfront assets continue to benefit from strong long-term demand and high barriers to entry,” said Jordan Kornberg, chief investment officer of Mast Capital. “The Islands of Islamorada offers villa buyers a unique opportunity to own a newly built, high-quality residence in the heart of the Florida Keys with the lifestyle of a luxury resort and ability to generate income through the resort’s rental program.”
The joint venture acquired the resort from Frisbie Group. Berkadia Miami’s Scott Wadler arranged acquisition financing through lender Ardent Real Estate.
“The financing reflects continued lender confidence in well-capitalized sponsors pursuing differentiated and high-barrier investments in supply-constrained markets like the Florida Keys,” Wadler said. “The Islands of Islamorada offered a rare combination of an irreplaceable waterfront location, luxury condo-hotel product and an experienced ownership group with a clear business plan, allowing the financing to come together on an accelerated timeline.”
Mast Capital’s hospitality holdings include Little Palm Island Resort & Spa in the Florida Keys and Saddlebrook Resort in Tampa Bay, a 480-acre property that recently relaunched following a renovation. The firm is also advancing residential projects including The Perigon Miami Beach with Starwood Capital Group, Cipriani Residences Miami, an 80-story tower in Brickell, and Banyan Tree Residences West Palm Beach with Curated JCZM Development.