AEW Capital Management and Mast Capital sold the Remi on the River apartment building on the Miami River for $108.4 million.
Boston-based AEW and Coconut Grove-based Mast sold the eight-story, 342-unit property they completed last year at 999 Northwest Seventh Street in Miami, according to records and real estate database Vizzda. The buyer is Valeris Capital, according to the sellers’ news release.
Robert Given and Troy Ballard were part of the CBRE team that represented the sellers.
The deal breaks down to $316,813 per apartment.
The buyer borrowed $72.3 million for the purchase from The Northwestern Mutual Life Insurance Company, Vizzda records show. The loan matures in 2030.
Designed by Corwil Architects, Remi on the River consists of studios and one- to three-bedroom apartments. Monthly rents range from $2,300 to $4,700, the property’s website shows.
Remi on the River is the second phase of Mast and AEW’s Miami River multifamily project. In 2020, they finished the first phase consisting of an eight-story, 346-unit building at 1001 Northwest Seventh Street, adjacent to Remi on the River. Grant Cardone, a motivational speaker who crowdfunds his real estate investments, bought the building for more than $100 million in 2022, incorporating it into his 10X brand.
AEW is led by CEO Jonathan Martin, and Mast is led by Camilo Miguel Jr.
South Florida multifamily investment sales have calmed compared to during the pandemic, when an influx of out-of-staters prompted unprecedented demand, record rent growth and a flurry of sales. More recently, investment sales slowed amid elevated interest rates, a drop in rents and less demand due to slower in-migration.
In Miami-Dade, multifamily sales volume reached $6.2 billion in 2021 and $4.2 billion in 2022, according to data from Avison Young. Sales dropped to $1.5 billion in 2023 and $1.2 billion last year. So far this year, sales volume has picked up, hitting $940 million during the first half of this year, Avison’s data shows.
Generally, buyers still purchasing apartments are either relying on Freddie Mac or Fannie Mae loans, or loans from insurers, which usually have better terms than bank financing. Some are all-cash buyers, and others are assuming sellers’ existing debt on properties.
In July, Greystar paid $94 million for the 358-unit Avana at the Moors apartment complex at 6200 Northwest 173rd Street in unincorporated Miami-Dade County. The buyer used a $65.5 million Freddie Mac loan.
Blackstone bought the 359-unit Solea at Miami Lakes apartment complex at 17405 Northwest 94th Court in Miami Lakes for $115.9 million in April.
Last month, health care honcho Rudy Rodriguez-Duret bought the 129-unit Sunset Apartments at 8951 Sunset Drive in Miami-Dade’s Kendall neighborhood for $28.3 million; and FCP bought the 427-unit District West Gables at 2001 and 2101 Ludlam Road/Southwest 67th Avenue in West Miami for $111 million.
Also last month, Legacy Residential Group paid $77 million for the 416-unit Legacy at Coconut Creek complex at 4303 West Atlantic Boulevard in Coconut Creek.
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