**Mast Capital and AEW Capital Sell Miami Apartments for $108M**
Mast Capital and AEW Capital Management have sold Remi on the River, a recently completed apartment complex located along the Miami River. The property was purchased for $108.3 million—equating to approximately $317,000 per unit—by Valeris Capital.
The 342-unit complex is located at 999 N.W. 7th Street. Financing for the acquisition was secured with a five-year, $72.25 million mortgage provided by Northwestern Mutual Life Insurance Co., according to data from Commercial Edge. The terms of the deed include a restriction prohibiting a condominium conversion for the next 10 years.
Completed in 2024, the 481,385-square-foot development sits on a 2.7-acre site and rises eight stories. Remi on the River offers a range of unit sizes—from 465 to 1,367 square feet—with rental rates between $2,246 and $4,822 per month. Amenities include a swimming pool, clubroom, aqua lounge, fitness center, and a resident lounge featuring coworking space.
CBRE’s Robert Given, Troy Ballard, and Michael Mulkern brokered the sale on behalf of the sellers.
