AEW Capital Management and Mast Capital have sold Remi on the River, a recently completed apartment building on the Miami River in Miami, for $108.4 million. The eight-story property, located at 999 Northwest Seventh Street, was purchased by Valeris Capital, according to a statement from the sellers.
The sale price equates to approximately $316,813 per unit for the 342 apartments. The buyer financed the acquisition with a $72.3 million loan from The Northwestern Mutual Life Insurance Company that matures in 2030.
CBRE’s Robert Given and Troy Ballard represented AEW and Mast in the transaction.
Remi on the River features studio through three-bedroom units with monthly rents ranging from $2,300 to $4,700. Corwil Architects designed the building.
This property is part of a larger multifamily development along the Miami River by AEW and Mast. The first phase of their project was completed in 2020 and includes an adjacent eight-story building with 346 units at 1001 Northwest Seventh Street. That building was acquired by Grant Cardone for over $100 million in 2022 as part of his real estate investment portfolio.
AEW is led by CEO Jonathan Martin; Mast is headed by Camilo Miguel Jr.
Multifamily investment activity in South Florida has slowed compared to pandemic-era levels when migration drove up demand and prices. 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, though volume reached $940 million during the first half of this year.
Current buyers are often using loans backed by Freddie Mac or Fannie Mae or financing from insurance companies rather than banks due to more favorable terms. Some transactions involve all-cash buyers or buyers assuming existing debt.
Recent notable deals include Greystar’s purchase of Avana at the Moors for $94 million using Freddie Mac financing; 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’s purchase of Legacy at Coconut Creek for $77 million.
