Mast Capital and AEW Sell Miami River Apartments for $108M

Investment and development firms Mast Capital and AEW have sold a new multifamily building along the Miami River for $108.4 million, property records show. 

Valeris Capital acquired the 342-unit apartment property called Remi on the River, according to the sellers. Public records show the entity is based in Puerto Rico and linked to Mohsin Ilyas and Ahmad Abdelaziz. A representative for Valeris did not immediately respond to a request for comment. 

CBRE’s Robert Given, Troy Ballard and Michael Mulkern brokered the transaction. The buyers secured a $72.3 million loan from Northwestern Mutual Life Insurance.

Mast Capital and AEW completed the eight-story building at 999 Northwest Seventh Street last year, thanks in part to a $70.5 million construction loan from Wells Fargo. The 481,385-square-foot development boasts 400 feet of river frontage four blocks east of LoanDepot Park baseball stadium, the home of the Miami Marlins. It’s 93 percent leased, per a spokesperson for the sellers.

Remi on the River features apartment units ranging from studios starting around $2,300 a month to three-bedrooms starting at $4,700, according to its website. Most units feature patios or balconies, walk-in closets, and in-unit washers and dryers.

The deal marks the second Miami River sale for Mast Capital, a prominent Miami-based developer, and for AEW, a Boston-based real estate investment firm. The duo built and sold the building next door for more than $100 million to Grant Cardone’s firm in 2022, The Real Deal reported, though no deed has been recorded. 

Update: The story was updated to include the property’s occupancy. 

Julia Echikson can be reached at jechikson@commercialobserver.com.