AEW Capital Management and Mast Capital have sold the Remi on the River apartment building in Miami for $108.4 million. The property, located at 999 Northwest Seventh Street, was completed last year and consists of eight stories with 342 units. According to records and real estate database Vizzda, Valeris Capital is the buyer.
CBRE’s Robert Given and Troy Ballard represented the sellers in this transaction. The sale price equates to about $316,813 per apartment.
The purchase was financed with a $72.3 million loan from The Northwestern Mutual Life Insurance Company, which matures in 2030.
Remi on the River offers studios as well as one- to three-bedroom apartments, with monthly rents ranging from $2,300 to $4,700 according to its website. Corwil Architects designed the building.
This development marks the second phase of AEW and Mast’s Miami River multifamily project. In 2020, they completed an adjacent eight-story building at 1001 Northwest Seventh Street with 346 units. That property was purchased by Grant Cardone for over $100 million in 2022 and became part of his 10X brand.
AEW is led by CEO Jonathan Martin; Mast Capital is headed by Camilo Miguel Jr.
Multifamily investment sales in South Florida have slowed since their peak during the pandemic when there was high demand and rapid rent growth due to increased migration into the area. Recently, higher interest rates and reduced rental demand have contributed to a decline in sales activity.
In Miami-Dade County, multifamily sales volume reached $6.2 billion in 2021 but dropped to $4.2 billion in 2022 and further declined to $1.5 billion in 2023 and $1.2 billion last year based on data from Avison Young. However, there has been some recovery this year with sales totaling $940 million during the first half of the year.
Buyers currently active in this market often use loans from Freddie Mac or Fannie Mae or turn to insurance companies for financing due to more favorable terms compared to traditional bank loans; some buyers pay all cash or assume existing debt on properties.
Recent notable transactions include Greystar’s July purchase of Avana at the Moors—a 358-unit complex—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 over $28 million; FCP’s acquisition of District West Gables for $111 million; and Legacy Residential Group buying Legacy at Coconut Creek for $77 million.
