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 includes eight stories with 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. The sale price equates to about $316,813 per apartment unit.
Valeris Capital financed the purchase with a $72.3 million loan from The Northwestern Mutual Life Insurance Company, which will mature in 2030.
Remi on the River was designed by Corwil Architects and features studios as well as one- to three-bedroom apartments. Monthly rents at the property range from $2,300 to $4,700.
This project marks the second phase of AEW and Mast’s multifamily development along the Miami River. In 2020, they completed an adjacent eight-story building with 346 units at 1001 Northwest Seventh Street. That building was acquired by Grant Cardone for more than $100 million in 2022.
AEW is led by CEO Jonathan Martin; Camilo Miguel Jr. heads Mast Capital.
The pace of multifamily investment sales in South Florida has slowed compared to levels seen during the pandemic period when there was high demand driven by new residents moving into the area. In recent years, elevated interest rates and lower rent growth have contributed to reduced transaction activity.
According to data from Avison Young, Miami-Dade County saw multifamily sales volume reach $6.2 billion in 2021 before dropping to $4.2 billion in 2022, then declining further to $1.5 billion in 2023 and $1.2 billion last year. For the first half of this year, sales volume has rebounded somewhat to reach $940 million.
Buyers currently active in this sector often rely on financing from Freddie Mac or Fannie Mae or obtain loans from insurance companies rather than banks due to more favorable terms; some buyers pay cash or assume existing debt tied to properties.
Other notable recent transactions include Greystar’s July 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 buyout of Sunset Apartments for over $28 million; FCP’s purchase of District West Gables for approximately $111 million; and Legacy Residential Group’s acquisition of Legacy at Coconut Creek for $77 million.
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