AEW Capital Management and Mast Capital have sold the Remi on the River apartment building, located at 999 Northwest Seventh Street in Miami, for $108.4 million. The eight-story property, completed last year, contains 342 units and was purchased by Valeris Capital, according to a statement from the sellers.
The sale price amounts to approximately $316,813 per apartment. Public records show that Valeris Capital financed the acquisition with a $72.3 million loan from The Northwestern Mutual Life Insurance Company, which is set to mature in 2030.
Robert Given and Troy Ballard of CBRE represented AEW and Mast in the transaction.
Remi on the River was designed by Corwil Architects and features studio through three-bedroom apartments. Rents range between $2,300 and $4,700 per month as listed on the property’s website.
This project represents the second phase of AEW and Mast’s development along the Miami River. The first phase, an adjacent eight-story building with 346 units at 1001 Northwest Seventh Street, was completed in 2020. That property was acquired by Grant Cardone for over $100 million in 2022 as part of his 10X brand portfolio.
AEW is led by CEO Jonathan Martin; Camilo Miguel Jr. heads Mast Capital.
Multifamily investment sales activity in South Florida has slowed compared to levels seen during the pandemic period when there was heightened demand due to increased migration into the region. In Miami-Dade County, multifamily sales volume peaked at $6.2 billion in 2021 before declining to $4.2 billion in 2022 and dropping further to $1.5 billion in 2023 and $1.2 billion last year. However, recent data indicates that sales volume is rebounding this year, reaching $940 million during the first half of this year.
Current buyers are often using financing from Freddie Mac or Fannie Mae or securing loans from insurance companies rather than banks because insurers generally offer more favorable terms. Some buyers pay entirely in cash or assume existing debt attached to properties.
Recent notable transactions include Greystar’s July purchase of Avana at the Moors for $94 million using a Freddie Mac loan; Blackstone’s April acquisition of Solea at Miami Lakes for nearly $116 million; Rudy Rodriguez-Duret’s purchase of Sunset Apartments for just over $28 million; FCP’s acquisition of District West Gables for $111 million; and Legacy Residential Group’s purchase of Legacy at Coconut Creek for $77 million.
