MIAMI BEACH, FL—Mast Capital has acquired a nearly two-acre parcel at 4000 Alton Road in mid-Miami Beach and plans to build a luxury residential development at the site, according to its CEO Camilo Miguel, Jr.

No purchase price was disclosed for the 1.87-acre parcel. The transaction closed on Oct. 3, according to Miami-based Mast Capital. The property has existing approvals for the development of approximately 162,000 square feet of floor area ratio (FAR).

“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,” says Miguel. “Extensive recent investment in mid-Miami Beach has made this area one of the most desirable places to live on the island. A shortage of developable land and high barriers to entry limit the potential for future supply, and the near-term completion of the Faena district, Marriott Edition, and Ritz Carlton Residences will further increase the area’s appeal.”

Some of Mast Capital’s notable acquisitions this year include a deal in April that saw Mast Capital, along with Miami-based 13th Floor Investments and Greenwich, CT-based Wexford Capital, purchase a prime bayfront nine-story office building located at 2699 South Bayshore Drive in Coconut Grove, FL for $29.5 million. In June, in a joint venture with the Rockpoint Group, Mast Capital acquired West Isles Club, a 192-unit multi-housing community in Key West, FL for $39.5 million or $205,700 per unit.