As demand for apartment living in Miami Beach continues to reach record levels, Mast Capital, led by Camilo Miguel Jr., in partnership with Rockpoint, have launched its latest multifamily community set to transform the entry to Miami Beach at the intersection of the Julia Tuttle Causeway and Alton Road. Mast Capital and Rockpoint plan to develop a nine-story multifamily development with 178 units, located just off the Julia Tuttle Causeway at 3900 Alton Road where an aging apartment building has stood. The partnership secured a $64 million construction loan from PNC Bank in November 2022. The project broke ground last month and is estimated to open for Fall 2024.

Designed by Arquitectonica, the upscale apartment community will consist of 178 units, ranging from studios to three-bedroom units. The residences will range in size from 560 square feet to 1,410 square feet and will feature luxury design elements including Italian cabinetry, porcelain flooring throughout, floor-to-ceiling glazing, and wrap-around balconies with glass railings. The development will also incorporate high-end, lifestyle-driven amenities for residents, including an elevated pool deck, BBQ area, outdoor gaming area, fitness and yoga studio, resident lounge, co-working spaces, and pet washing station.

“Miami Beach rental housing is experiencing strong demand on the back of more individuals and companies relocating to the region, drawn to the state’s business-friendly environment and desirable lifestyle,” said Camilo Miguel, Jr., Founder and CEO of Mast Capital. “This project will have unique positioning as one of the few luxury for-rent projects in the Miami Beach market, one of South Florida’s hottest residential markets.”

Mast Capital has emerged as one of South Florida’s most active real estate development and investment firms today, with acquisitions since December 2020 representing over $3.5 billion in total project capitalization. These investments include new-build development of 2,300 residential units, ranging from suburban and urban apartment communities to ultra-luxury condominiums, in Miami’s Brickell Financial District, Miami Beach, Palm Beach County, Fort Myers, and the Tampa metro area.

Rockpoint, headquartered in Boston, employs a fundamental value approach to investing and targets select product types located in markets in the United States. Over its 28-year history, the firm’s co-founders with others have raised approximately $29 billion in capital commitments through Rockpoint and a predecessor firm. As of September 30, 2022, Rockpoint’s investment team with others has invested or committed to invest in 498 transactions with a total peak capitalization of approximately $80 billion.