Seascape Pointe

1140 SE 24th Road

Property Characteristics

  • Seascape Pointe is a 292-unit apartment community built in 2007 and located in the growing Homestead submarket
  • The units were originally developed as condos and offer residents a more traditional home feel than an apartment flat as they are all standalone townhomes with direct entry access
  • The floorplans are open and spacious (1,456 square-foot average), with eat-in kitchens, 9’ ceilings, outdoor patios, washer/dryer machines on the second floor, and layouts more commonly designed in for-sale homes
  • Additionally, there are 14 vacant pads onsite that have approvals, infrastructure, and architectural drawings in place for development

Acquisition

  • December 2020

Investment Opportunity

  • Value-add program to lift revenues through interior and exterior upgrades, including unit interiors, enhancement of the clubhouse and sense of arrival, and upgrade of the pool experience
  • Demand for upgraded and newer rental communities in the submarket continues to outpace supply, and the fundamentals support rent growth above the MSA average in the near term

Execution

  • Mast partnered with a repeat institutional equity partner to acquire the Property in December 2020
  • Mast will begin the interior, exterior and amenity renovations the first half of 2021 with development of the additional 14 units in the second half of 2021