Mast Capital and Rockpoint recently marked the completion of the structural phase of their nine-story residential venture at 3900 Alton Road in Miami Beach. Crafted by Arquitectonica with landscape architecture by Within Hults + Partners, the project brings 178 high-end rental units to the Miami Beach housing scene. Securing a $64 million construction loan from PNC Bank in November 2022, the development anticipates welcoming its inaugural residents by the fall of 2024.
The CEO and Founder of Mast Capital underscore the project's importance in Miami Beach, highlighting the scarcity of available land for development in the area. In contrast to the predominant trend of new developments being for-sale products, this project prioritizes meeting the demand for luxury rental housing.
The development provides a range of studio to three-bedroom apartments, showcasing upscale finishes including Italian cabinetry, porcelain flooring, and floor-to-ceiling glazing. Residents can indulge in amenities such as an elevated pool deck with bay views, a BBQ area, fitness and yoga studios, a resident lounge, co-working spaces, and a pet washing station.
The Managing Member at Rockpoint comments on the project nearing completion, emphasizing the robust demand for high-quality rental units in the Miami Beach submarket. This development aligns with Rockpoint's investment strategy in the South Florida housing market, characterized by limited supply.
Mast Capital's growing impact on Florida's real estate sector is apparent in its varied portfolio, encompassing residential and commercial properties throughout the region. The firm's expansion is reflected in a total project capitalization exceeding $3.5 billion and the successful development of over 4,000 residential units in South Florida's Fort Myers and Tampa metro areas.
