The Camilo Miguel-led company plans to develop a luxury residential project on the 4000 Alton Road site, which has existing approvals for 162,000 square feet of residential space. Mast’s acquisition closed on Friday and has not been recorded by Miami-Dade County. The purchase price was not disclosed in Monday’s written announcement.

“The Miami Beach for-sale residential market is driven by a mix of international and domestic buyers who are attracted to the area’s lifestyle, culture and business-friendly investment climate,” Miguel said. “Extensive recent investment in mid-Miami Beach has made this area one of the most desirable places to live on the island.”

Other recent investments by Mast include the $29.5 million purchase of a Coconut Grove office building in April and the $39.5 million acquisition of a Key West multi-family community in June. — Eric Kalis