KEY WEST, FL—It's not often you hear about Key West multifamily assets trading. But that's not the only thing that makes this deal interesting.
In a joint venture with Rockpoint Group, Miami-based Mast Capital has acquired a fee simple interest in West Isles Club. The sale price was $39.5 million, or $205,700 per unit.
West Isles Club is a 192-unit multifamily community in Key West, FL. The firms purchased the 6.23-acre property in an off-market transaction that gives them a foothold in one of America's highest-barrier-to-entry markets.
“This was a rare opportunity to acquire a well-performing multifamily apartment complex in a severely growth-restrained locale,” says Camilo Miguel, Jr., CEO of Mast. "The lack of available land in Key West, and the existence of a Rate of Growth Ordinance that caps the number of building permits in the Florida Keys, makes this a prize property.”
West Isles Club is home to 30% of the 640 professionally managed multifamily units in the Key West market. Steady job growth there since 2010 has led to rising rental rates in the multifamily sector. In Key West the unemployment rate is only 3.7%, well below the national average.
The multifamily asset is in Key West's New Town district, a residential area near shopping, schools, and the Key West International Airport. Landscaped with native vegetation, West Isles Club reflects the architectural style of Key West's Historic District.
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