ISLAMORADA, FL - The Wills Companies, a leading real estate development firm, announced today the acquisition of The Islands of Islamorada luxury resort in Islamorada, Florida, from The Frisbie Group of Palm Beach.
The sale price was $72 million. City National Bank of Florida financed the acquisition, with Metropolis Capital Advisors providing strategic guidance and underwriting.
Located in the picturesque Upper Keys and built in 2020, The Islands of Islamorada resort is a well-appointed private gated enclave of 22 waterfront villas, along with an oceanfront eight-unit suite hotel.
The Wills Companies, together with partners Urgo Hotels, Indigo Hotel Group LLC, Badlands Hotel Capital, Dolben Company and other prominent real estate investors, plans to continue to operate the existing five-star luxury resort and introduce the 22 waterfront villas as a luxury residential offering available for sale to the public for the first time. Each residence offers four bedrooms, full kitchens, and outdoor recreation space.
This unique ownership model will allow homeowners to enjoy a maintenance- free resort lifestyle while also benefiting from passive income generated by the ongoing rental operation. The homes will qualify for 1031 exchanges, providing significant tax advantages to potential buyers. The lushly landscaped gated property has many amenities, including two pools, a Tiki Bar, two Pickle Ball courts, a private beach, a marina, watersports, and a driving range offering biodegradable golf balls into the ocean.
“The Frisbie Group has created a truly special destination in Islamorada, and we are committed to continuing that legacy of excellence,” said Tim Wills of The Wills Companies. “The Islands of Islamorada presents an infinite array of opportunities for future homeowners. Imagine owning a piece of paradise, steps from the beach, with all the amenities of a world-class resort at your fingertips. It’s truly an unparalleled lifestyle.”
Ocean Sotheby's International Realty, a partner in the transaction, will handle the sale of the single-family homes. Their extensive experience and market knowledge were paramount in bringing the deal to fruition. Spearheaded by Russell Post in 2010, Ocean Sotheby's International Realty has created an innovative distinction within the market it serves.
The Islands of Islamorada is situated in Islamorada, Florida, a world-renowned destination in the Florida Keys. Islamorada is known as the “Sportfishing Capital of the World” and offers a variety of outdoor activities, including fishing, diving, snorkeling, and boating. The property is in the Village of Islamorada, with convenient access to a variety of restaurants, shops, and galleries.
About The Wills Companies: The Wills Companies is a full-service real estate development firm with a diverse portfolio of residential, commercial, and mixed-use properties. The company prides itself on a commitment to excellence and fostering strong relationships with its partners. The Company is currently building two high-end spec homes located at the Ocean Reef Club in Key Largo.