AEW Capital Management and Mast Capital have sold the Remi on the River apartment building, located at 999 Northwest Seventh Street in Miami, for $108.4 million. The eight-story property, completed last year, contains 342 units and was purchased by Valeris Capital, according to a news release from the sellers.
CBRE’s Robert Given and Troy Ballard represented AEW and Mast in the transaction. The sale price equates to approximately $316,813 per apartment.
Valeris Capital financed the acquisition with a $72.3 million loan from The Northwestern Mutual Life Insurance Company, which is set to mature in 2030.
Remi on the River was designed by Corwil Architects and offers studios as well as one- to three-bedroom apartments. According to the property’s website, monthly rents range from $2,300 to $4,700.
This development marks the second phase of AEW and Mast’s Miami River multifamily project. The first phase was completed in 2020 at 1001 Northwest Seventh Street with an eight-story building containing 346 units. In 2022, Grant Cardone acquired that building for over $100 million as part of his 10X brand.
AEW is led by CEO Jonathan Martin; Mast Capital is headed by Camilo Miguel Jr.
The South Florida multifamily investment market has slowed compared to activity during the pandemic period when demand surged due to increased migration into the area. More recently, higher interest rates and lower rent growth have contributed to decreased sales volume and demand.
In Miami-Dade County, multifamily sales volume reached $6.2 billion in 2021 but declined to $4.2 billion in 2022 and further dropped to $1.5 billion in 2023 and $1.2 billion last year. Data from Avison Young indicates that sales volume has begun recovering this year with transactions totaling $940 million during the first half of the year.
Current buyers often rely on financing through Freddie Mac or Fannie Mae loans or obtain loans from insurance companies that offer more favorable terms than traditional banks; some transactions are all-cash purchases or involve assuming existing debt on properties.
Recent notable deals include Greystar’s July purchase of Avana at the Moors 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.
