AEW Capital Management and Mast Capital have sold the Remi on the River apartment building in Miami for $108.4 million. The eight-story, 342-unit property is located at 999 Northwest Seventh Street and was completed last year. According to records and real estate database Vizzda, Valeris Capital purchased the building.
The sale price amounts to about $316,813 per apartment. The buyer financed the acquisition with a $72.3 million loan from The Northwestern Mutual Life Insurance Company, which will 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 studios as well as one- to three-bedroom apartments. Rents range from $2,300 to $4,700 per month according to the property’s website.
This building represents the second phase of a larger multifamily project by AEW and Mast along the Miami River. In 2020, they completed an adjacent eight-story, 346-unit building at 1001 Northwest Seventh Street. That property was acquired by Grant Cardone for over $100 million in 2022.
AEW is led by CEO Jonathan Martin; Camilo Miguel Jr. leads Mast Capital.
Investment activity in South Florida’s multifamily sector has slowed since its peak during the pandemic when demand surged due to new residents moving into the area. Data from Avison Young indicates that Miami-Dade County’s multifamily sales volume reached $6.2 billion in 2021 but dropped to $1.5 billion in 2023 and further to $1.2 billion last year. However, sales volume showed signs of recovery this year with $940 million recorded during the first half of the year.
Current buyers often use loans from Freddie Mac or Fannie Mae or secure financing through insurance companies instead of banks due to more favorable terms.
Other recent transactions include Greystar’s purchase of Avana at the Moors for $94 million using a Freddie Mac loan, Blackstone’s acquisition of Solea at Miami Lakes for nearly $116 million, Rudy Rodriguez-Duret’s purchase of Sunset Apartments for $28.3 million, FCP’s acquisition of District West Gables for $111 million, and Legacy Residential Group buying Legacy at Coconut Creek for $77 million.
