Key West’s Ocean Walk complex sells for $101.5M

A California firm paid $101.5 million for the 297-unit Ocean Walk apartment complex in Key West’s New Town, a sum that breaks down to about $342,000 per unit.

The announcement Aug. 24 that Mast Capital and Rockpoint Group sold Ocean Walk to Passco Companies came nine days after city leaders approved construction of an 80 additional apartments at the South Roosevelt Boulevard location.

In 2014, Mast Capital and Rockpoint Group paid $75.4 million for the four-building complex, which was built in 1989 on more than 17 acres at 3900 S. Roosevelt Blvd.

Last year, monthly rents at Ocean Walk ran from about $1,775 for a 500-square-foot one-bedroom to $2,825 for a 1,048-square-foot three-bedroom.

The buyer, Passco Companies, is a real estate investment firm based in Irvine, California.

Earlier this year, Mast Capital and Rockpoint sold the West Isle Club Apartments in Key West to Priderock Capital Partners for $56.8 million or $296,000 per unit.

Gwen Filosa: @KeyWestGwen