Islands of Islamorada Resort Sells for $38.4M — Nearly Half Its 2024 Price
Miami’s Mast Capital and Dallas-based Koch Real Estate Investments plan to relaunch villa sales at the Upper Keys resort, with prices starting at $3.8 million.
ISLAMORADA, Fla. — A luxury Upper Keys resort has changed hands for $38.4 million — a little more than half what it fetched two years ago — in a deal that expands Miami developer Mast Capital’s growing Florida Keys hospitality portfolio.
Mast Capital and Dallas-based Koch Real Estate Investments announced Monday that they acquired the Islands of Islamorada Resort, a seven-acre oceanfront property at 82779 Old Highway with 22 private villas and eight hotel suites. A Special Warranty Deed recorded with the Monroe County Clerk’s Office reflects a $38.4 million sale and a $40 million mortgage — about $1.28 million per key.
The seller was Palm Beach-based Frisbie Group, which bought the oceanfront parcel for $7 million in 2017, completed the resort in 2020 and has operated it since, county records show. The property last traded in 2024 for $72 million, when Frisbie sold it to Wills Companies in a deal that included significant seller financing, with Frisbie staying on as a partner. Monday’s recorded price is roughly 47% below that 2024 figure.
Berkadia Miami’s Scott Wadler arranged acquisition financing through lender Ardent Real Estate.
The new owners plan to relaunch sales of the resort’s 22 waterfront villas, with Ocean Sotheby’s International Realty serving as exclusive broker. The fully furnished, detached residences start at $3.8 million and span 4,067 square feet across three stories, with four bedrooms, four bathrooms, covered waterfront loggias, two-car garages with EV charging and concrete block construction built to current hurricane code.
Resort amenities include two oceanfront swimming pools, a private beach, two pickleball courts, two playgrounds, a beachfront bar, a fitness center and a private marina with boat slips, paddleboards, kayaks and sailboats, along with concierge services and event space.
No hotel management company has been announced. CoralTree Hospitality was tapped to run the property two years ago but no longer lists the resort in its portfolio, trade publication Hotel Management reported.
The purchase deepens Mast Capital’s footprint in the Keys, where the firm owns Little Palm Island Resort & Spa off Little Torch Key — the country’s only private-island resort, reachable only by boat or seaplane. Other Florida Keys properties in their portfolio include Hawk’s Cay Resort in Marathon, Ocean Walk Apartments and West Isle Club Apartments (now Arrive Key West) in Key West.