Mast Capital, in partnership with Koch Real Estate Investments, has acquired The Islands of Islamorada Resort, a luxury resort in Islamorada, Florida, offering convenient access to the Florida Keys’ renowned boating, fishing, dining and outdoor recreation destinations.
The joint venture of Mast Capital and Koch Real Estate Investments acquired the resort from the seller Frisbie Group. Berkadia Miami’s Scott Wadler arranged acquisition financing through lender Ardent Real Estate. It was reported in July 2024 that Wills Company had acquired the property for $72 million but Frisbie Group retained a stake in the partnership.
Located at 82779 Old Highway in the Upper Keys, just 90 minutes from Miami, The Islands of Islamorada Resort features 22 private, oceanside villas and eight hotel suites across a serene and exclusive enclave. The luxury resort offers direct water access and an elevated hospitality experience in one of the Florida Keys' most sought-after destinations.
Spanning approximately seven acres of exceptional shoreline property in Islamorada, known as the "Sport Fishing Capital of the World," the resort offers an array of upscale amenities, including two oceanfront swimming pools, a private beach, two pickleball courts, two playgrounds, a beachfront bar and a state-of-the-art fitness center. Guests also enjoy access to a private marina with boat slips, paddleboards, kayaks and sailboats for leisurely coastal pursuits, as well as personalized concierge services and event spaces for weddings, corporate retreats and other special occasions.
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 feature four bedrooms, four full bathrooms, three-story layouts with covered waterfront loggias primed for outdoor entertaining, two-car garages with EV charging capabilities, premium finishes and appliances, 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," 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 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 as it continues to invest in premier leisure and lifestyle destinations. The firm's hospitality holdings include the three Michelin-key destination Little Palm Island Resort & Spa in the Florida Keys, one of the state's most exclusive luxury island retreats and America’s only private island resort, accessible only by sea or sky. The firm also owns the iconic Saddlebrook Resort in Tampa Bay, a 480-acre property that 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 luxury 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.
Past PROFILEmiami articles about real estate in the Florida Keys:
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Mast Capital, in partnership with Koch Real Estate Investments, has acquired The Islands of Islamorada Resort, a luxury resort in Islamorada, Florida, offering convenient access to the Florida Keys’ renowned boating, fishing, dining and outdoor recreation destinations.