Mast Capital, in partnership with Koch Real Estate Investments (KREI), has acquired The Islands of Islamorada Resort, a luxury resort in Islamorada, FL, offering access to the Florida Keys’ boating, fishing dining and outdoor recreation destinations.
Located in the Upper Keys, 90 minutes from Miami, the resort features 22 private, oceanside villas and eight hotel suites. Spanning approximately seven acres of shoreline, the property also offers two oceanfront swimming pools, a private beach, two pickleball courts, two playgrounds, a beachfront bar and a fitness center. Guests also have access to a private marina with boat slips, paddleboards, kayaks and sailboats, as well as personalized concierge services and event spaces for weddings, corporate retreats and other occasions.
The new ownership group plans to relaunch 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 sq. ft. and feature four bedrooms, four full bathrooms, three-story layouts with covered waterfront loggias, two-car garages with EV charging capabilities, premium 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, 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 joint venture of Mast Capital and KREI acquired the resort from the seller Frisbie Group. Berkadia Miami’s Scott Wadler arranged acquisition financing through lender Ardent Real Estate.
“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 Little Palm Island Resort & Spa in the Florida Keys and Saddlebrook Resort in Tampa Bay, a 480-acre property that recently relaunched following a renovation.
