AEW Capital Management and Mast Capital have sold the Remi on the River apartment building in Miami for $108.4 million. The eight-story property, which was completed last year, is located at 999 Northwest Seventh Street and contains 342 units. The buyer is Valeris Capital, according to a statement from the sellers.
CBRE’s Robert Given and Troy Ballard represented AEW and Mast in the transaction. Each apartment in the building was valued at approximately $316,813 as part of the deal.
Records show that Valeris Capital financed its purchase with a $72.3 million loan from The Northwestern Mutual Life Insurance Company. This loan is set to mature in 2030.
Remi on the River features studio apartments as well as one-, two-, and three-bedroom units, with monthly rents ranging between $2,300 and $4,700 based on information from the property’s website. The building was designed by Corwil Architects.
This project marks the second phase of a larger development by Mast and AEW along the Miami River. In 2020, they completed an adjacent eight-story building at 1001 Northwest Seventh Street with 346 units. That property was acquired by Grant Cardone for over $100 million in 2022 for his 10X brand.
AEW is headed by CEO Jonathan Martin; Camilo Miguel Jr. leads Mast Capital.
The pace of multifamily investment sales in South Florida has slowed since peaks seen during the pandemic period when high demand led to rapid rent growth and increased transactions. Factors such as higher interest rates, falling rents, and decreased migration into the region have contributed to this slowdown. According to Avison Young data, Miami-Dade County saw multifamily sales volume drop from $6.2 billion in 2021 to $1.2 billion last year; however, there has been some recovery with sales reaching $940 million in just the first half of this year.
Current market conditions indicate that most buyers are using loans backed by Freddie Mac or Fannie Mae or securing financing from insurance companies rather than banks due to more favorable terms; some buyers are purchasing properties outright or assuming existing debt held by sellers.
Recent notable deals include Greystar’s acquisition of Avana at the Moors for $94 million using a Freddie Mac loan; Blackstone’s purchase of Solea at Miami Lakes for nearly $116 million; Rudy Rodriguez-Duret’s acquisition of Sunset Apartments for $28.3 million; FCP’s buyout of District West Gables for $111 million; and Legacy Residential Group’s purchase of Legacy at Coconut Creek for $77 million.
