A joint venture of Florida-based real estate development and investment firm Mast Capital and Koch Real Estate Investments have acquired The Islands of Islamorada (Fla.) Resort from Frisbie Group. Berkadia Miami’s Scott Wadler arranged acquisition financing through lender Ardent Real Estate. No sale price or managing firm has been announced: CoralTree Hospitality was tapped to manage the property two years ago, but the resort is no longer listed on the company’s portfolio.
The Islands of Islamorada Resort has 22 oceanside villas and eight hotel suites. Covering approximately seven acres of shoreline property 90 minutes from Miami, the resort has a range of amenities, including 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 as well as event spaces.
The new ownership group plans to re-launch sales and marketing efforts for the property's 22 waterfront villas, with Ocean Sotheby's International Realty serving as the exclusive sales broker. With prices starting at $3.8 million, the fully furnished, detached residences span 4,067 total square feet and have four bedrooms, four full bathrooms, three-story layouts with covered waterfront loggias, two-car garages with EV charging capabilities, integrated 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," Jordan kornberg, chief investment officer of Mast Capital, said in a statement. "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 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."
The acquisition further expands Mast Capital's growing hospitality portfolio across Florida. The firm's hospitality holdings include the three Michelin-key destination Little Palm Island Resort & Spa in the Florida Keys, America’s only private-island resort, accessible only by sea or sky. The firm also owns the Saddlebrook Resort in Tampa Bay, Fla., which recently relaunched following a transformative renovation.
In addition to its hospitality assets, Mast Capital is also currently advancing several high-profile residential projects, including The Perigon Miami Beach, an ultra-luxury oceanfront condominium developed alongside Starwood Capital Group; Cipriani Residences Miami, an 80-story residential tower that recently topped off in Brickell; and Banyan Tree Residences West Palm Beach, Banyan Group’s first-ever residential project in the U.S. being developed in collaboration with Curated JCZM Development.