Mast Capital and Koch Real Estate Investments have acquired The Islands of Islamorada Resort in the Florida Keys and plan to restart sales of its 22 waterfront villas. The seven-acre resort combines private residences, hotel accommodations, marina access and upscale amenities in one of the region’s most supply-constrained waterfront markets.
Key takeaways
- Mast Capital and Koch Real Estate Investments purchased the resort from The Frisbie Group.
- The property includes 22 private villas and eight hotel suites across approximately seven acres.
- Villa sales will relaunch with Ocean Sotheby’s International Realty as exclusive sales broker.
- Prices are expected to start at $3.8 million.
- Berkadia Miami arranged acquisition financing through Ardent Real Estate.
A resort acquisition in the Upper Keys
The Islands of Islamorada Resort is located at 82779 Old Highway, approximately 90 minutes from Miami. The property sits in Islamorada, widely known as the “Sport Fishing Capital of the World,” with convenient access to boating, fishing, dining and outdoor recreation throughout the Florida Keys.
The resort was acquired from The Frisbie Group by a joint venture between Mast Capital and Koch Real Estate Investments. Berkadia Miami’s Scott Wadler arranged financing for the transaction through Ardent Real Estate. The property had previously been acquired by Wills Company in 2024 in a reported $72 million deal, while Frisbie Group retained an interest in the partnership.
Waterfront villas target luxury buyers
The new ownership group intends to relaunch marketing for 22 fully furnished, detached waterfront residences. Ocean Sotheby’s International Realty will lead sales, with pricing starting at $3.8 million.
Each villa spans approximately 4,067 square feet and is planned with four bedrooms, four full bathrooms and a three-story layout. Features include covered waterfront loggias, premium finishes and appliances, integrated smart-home technology and two-car garages equipped for electric-vehicle charging. Concrete block construction is designed to meet current hurricane-code standards.
The residences are also expected to participate in the resort’s rental program, giving owners the potential to generate income while retaining access to a resort-oriented lifestyle.
Resort amenities and marine access
The approximately seven-acre enclave offers two oceanfront swimming pools, a private beach, two pickleball courts, playgrounds, a beachfront bar and a fitness center. A private marina provides boat slips along with paddleboards, kayaks and sailboats.
Personalized concierge services and event areas support weddings, corporate retreats and other gatherings. Together, these features position the property as both a hospitality destination and a residential offering centered on direct access to the water.
Expanding Mast Capital’s Florida hospitality portfolio
The acquisition adds to Mast Capital’s growing presence in Florida’s leisure and hospitality sector. Its holdings include Little Palm Island Resort & Spa in the Florida Keys and Saddlebrook Resort in the Tampa Bay area, which recently relaunched after a major renovation.
Mast Capital is also advancing several residential projects, including The Perigon Miami Beach, Cipriani Residences Miami and Banyan Tree Residences West Palm Beach. The Islamorada transaction further broadens the firm’s strategy of investing in luxury properties in destination markets with limited waterfront supply.