Mast Capital

North Bay Village, FL

Purchase of 329 rental units within a 498-unit three-tower condominium community
North Bay Village is an island community situated between mainland Miami and Miami Beach. The majority of units feature unobstructed waterfront views

The complexity of a fractured condominium and the fully-vacant North Tower deterred other potential buyers
Attractive acquisition basis allows rents to be at a meaningful discount to new properties, serving a segment of the market that is supply constrained
Control of master condominium association provides flexibility to facilitate business plan execution
Purchased from mortgage REIT which had foreclosed upon the asset in 2011 and was focused on recouping its investment rather than operating the property

Invest capital in new amenity spaces that enhance residents’ lifestyles
Execute a renovation of the Point Tower to enhance unit interiors and exterior common areas
Lease-up the vacant and newly renovated 160 units in the North Tower