As the appetite for apartment living in Miami Beach continues to soar, Mast Capital, a Miami-based development firm led by Camilo Miguel, Jr., in partnership with Boston-based real estate private equity firm Rockpoint, have topped off construction on its newest luxury rental community on Alton Road. The nine-story, multifamily development, comprising of 178 units, is located at 3900 Alton Road and will serve as a gateway to the Mid-Beach neighborhood with convenient access to the Julia Tuttle Causeway.
Mast Capital and Rockpoint secured a $64 million construction loan from PNC Bank in November 2022 and broke ground on the development earlier this year. The project is slated to deliver the first units in Fall 2024.
“As we reach this major construction milestone, we are one step closer to delivering our newest rental community located on Miami Beach’s Alton Road corridor,” said Camilo Miguel Jr., CEO and Founder of Mast Capital. “Given the lack of available land in Miami Beach and the land trade value, most new developments in prime locations on Miami Beach consist of for-sale product. With this luxury multi-family project, we have an opportunity to meet the pent-up demand for a highly amenitized and professionally managed rental community in one of South Florida’s most sought-after neighborhoods.”
Designed by award-winning global architecture firm Arquitectonica, the upscale property will consist of 178 apartments, spanning studios to three-bedroom units. The residences will range in size from 560 square feet to 1,410 square feet and will feature luxury design elements including Italian cabinetry, porcelain flooring, floor-to-ceiling glazing, and wrap-around balconies with glass railings. The development will also incorporate high-end, lifestyle-driven amenities for residents, including an elevated pool deck with bay views, a BBQ area, an outdoor gaming area, fitness and yoga studios, a resident lounge, co-working spaces, and a pet washing station.
“We are pleased to near the completion of this important development site and look forward to helping meet the significant demand for high-quality rental units in the Miami Beach submarket, which continues to exhibit low vacancies and strong rental growth,” said Dan Domb, Managing Member at Rockpoint. “This investment reflects our acquisition and development strategy for multifamily residential properties in the desirable and supply-constrained South Florida housing market. We are eager to continue our strong partnership with the team at Mast Capital and benefit from its established residential development expertise.”
Mast Capital has emerged as one of Florida’s most active real estate development and investment firms, with a diverse portfolio of residential and commercial properties throughout the region. The firm continues to expand its portfolio, with acquisitions representing over $3.5 billion in total project capitalization. These investments include new-build development of over 4,000 residential units across South Florida, and the Fort Myers and Tampa metro areas.
