Mast Capital Realizes 35% Gain in Three Years on Key West Apartments
The $102 million sale followed major renovations of units and amenities at the Ocean Walk Apartments.
September 07, 2017 at 01:00 PM
4 minute read
It took less than three years for Camilo Miguel Jr. and his partners to execute their business plan when it came to turning around a Key West property.
They had renovated 95 percent of the 297-unit Ocean Walk Apartments on the ocean side of the resort island at 3900 S. Roosevelt Blvd. and raised rents to reposition the property as a Class A asset.
“We saw an opportunity in the market to achieve the exit evaluation that we were anticipating and ended up outperforming that as well,” said Miguel, founder and CEO of Miami-based investment and development company Mast Capital, which along with Boston-based real estate private equity firm Rockpoint Group sold the property for $101.5 million to Irvine, California-based Passco Cos.
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