Mast Capital & AEW Sell 342-unit Apartment Building in Miami River District

Mast Capital and AEW Capital Management have completed the sale of Remi on the River, a 342-unit luxury apartment community along the Miami River, to Valeris Capital. CBRE’s Robert Given, Troy Ballard, and Michael Mulkern advised on the sale. The transaction highlights continued investor demand for well-located multifamily assets in Miami’s growing urban core.

Delivered in 2024, Remi on the River is located at 999 NW 7th Street, minutes from Brickell, Downtown Miami, and the Miami Health District. The waterfront property spans more than 400 feet of river frontage and offers a mix of studios, one-, two- and three-bedroom units ranging from 465 to 1,334 square feet.

Residences feature European-style kitchens with stainless-steel appliances, select units with built-in wine refrigerators, and expansive views of the river and city skyline. Amenities include a resort-style pool, aqua lounge, fitness center, coworking lounge, clubroom, and access-controlled parking. The project was designed by Corwil Architects.

“The sale of Remi on the River underscores the property’s exceptional lease-up performance, the quality of its design and amenities, and the growing appeal of the Miami River District as a premier destination for waterfront living,” said Camilo Miguel Jr., CEO and Founder of Mast Capital.

The Miami River has emerged as one of the city’s most dynamic residential and mixed-use submarkets. Stretching 5.5 miles through the city, the river corridor is home to commercial cargo operations, boating activity, and a growing number of lifestyle and residential developments.

Remi on the River’s location places residents within reach of Miami’s cultural institutions, including the History Miami Museum, Miami Children’s Museum, and Museum of Graffiti, as well as nearby retail and dining in Brickell, Wynwood, Midtown, and Miami Beach.

For Mast Capital, the deal reflects the firm’s broader strategy of investing in transformative projects across Miami. “This project reflects our commitment to investing in the continued revitalization of this vibrant neighborhood,” Miguel added.

ZOM Living Opens The First completed Section Of Ludlam Trail Linear Park And Phase 1 Of MiLine Miami Apartments

ZOM Living, one of the nation’s leading developers of multifamily housing, in a joint venture partnership with Mattoni Group, Scout Capital and AEW Capital Management, have announced the completion of the first phase of the transformative development MiLine Miami. Phase one includes the delivery of 338 luxury, mid-rise apartments, 4,600 square feet of retail space featuring a brewery and two restaurants, and 1,300 linear feet of the Ludlam Trail for residents and the broader community to enjoy outdoor recreational activities such as walking, biking and hiking.

With direct access to the Ludlam Trail linear park, MiLine Miami’s first phase is comprised of a six-story, upscale apartment building featuring large-scale art murals and a range of street art throughout the property. The first residents are beginning to move in, with studios, one-, two- and three-bedroom apartment options available ranging from 580 to 1,700 square feet. The residential community’s lifestyle-driven amenities include a pool deck with cabanas and grilling area, Zen courtyard, fire pit, social room, membership-quality fitness center, aqua lounge and coworking spaces.

MiLine Miami will feature other one-of-a-kind amenities, including a local brewery named Thorn by the founders of Lincoln's Beard Brewing Co. that will occupy the retail space. The beer garden will be anchored by two additional restaurants to be announced soon. Residents will benefit from having 50,000 square feet of outdoor amenity space, which includes the walking and biking trail, a dog park, an event lawn, and outdoor public and private plazas perfect for recreation and gatherings.

“ZOM is excited to deliver phase one of our MiLine Miami community, including welcoming Lincoln’s Beard brewery Thorn to the property and delivering the first segment of the Ludlam Trail, which will create an exceptional outdoor pedestrian experience for residents and the surrounding community,” said Kyle Clayton, Senior Vice President of ZOM Living. “Our team is already beginning work on the remaining phases of the project that will expand this section of trail to a full half mile, add another 600 apartments and more amenities to the community.”

The Ludlam Trail is being redeveloped into a beautiful linear park that spans six miles, adorned with colorful, public art. The trail path will connect four parks, three waterways, two Metrorail stations at Dadeland North and South and five schools.

“Our vision has always been to engage and activate the Ludlam Trail and have this project be a catalyst for creating a unique mixed-use neighborhood in Miami,” said Ricardo Caporal, Founder and President of Mattoni Group.

The MiLine Miami community also offers convenient access to Miami’s sights and landmarks with its proximity to the Biltmore Hotel and the University of Miami, plus a variety of dining and entertainment options such as the open-air shopping district Miracle Mile and Shops at Merrick Park.

“The transformative and human-centered nature of this mixed-use development fits well with our strategy to invest in real estate projects positioned for sustained, long-term growth,” said Jess Bissey, Chief Sustainability Officer of AEW Capital Management.

Uniquely designed, the apartment units at MiLine Miami are equipped with a smart home system that allows residents to use voice commands to control the unit’s lighting, see who’s at the front door and let them in, set the home’s temperature and play their favorite tunes – all with the touch of an app. Unit interior finishes include exposed concrete ceiling, quartz counter tops and hard-surface luxury flooring throughout the apartment.

The three-phase, mixed-use development of MiLine Miami spans an 11.4-acre site with a mix of uses that include approximately 975 apartments and 23,000 square feet of retail space. The second phase will comprise 337 apartments including 32 townhome units and is slated to start construction by the end of the year. The third phase will deliver an additional 300 apartments and 18,000 square feet of retail space.

Mast Capital Breaks Ground On Second Phase Of Waterline Miami River Multifamily Development

A partnership between Mast Capital and global real estate investment firm AEW Capital Management has launched the second phase of Waterline Miami River, which will bring the full development to a combined 688 apartment units. The second phase will consist of 342 rental units on a 2.7-acre development site with over 400 feet of unobstructed water frontage along the Miami River. The joint venture has secured financing from Wells Fargo for the project’s construction set to begin in January 2022.

One of the early developers to recognize the Miami River’s potential as an active waterfront community, Mast Capital acquired its first piece of land along the riverfront in 2018, developing the initial phase of Waterline Miami River with AEW, and since then, the Miami River District has continued to thrive with restaurants, outdoor entertainment and residential living. Mast Capital delivered the first phase of Waterline Miami River, a 346-unit luxury multifamily community, in late 2020 and reached stabilization just eight months after its completion. 

The second phase will be comprised of studios, one-, two-, and three-bedroom units spanning approximately 280,000 rentable square feet and masterfully crafted community amenities. The project’s general contractor is Kaufman Lynn and the architect is Corwil Architects.

Residences will feature European kitchens, modular European closets, washer and dryer, private large balconies, premium quartz countertops, and stainless-steel appliances. Residents at Waterline Miami River will enjoy breathtaking views of the Miami River and the Downtown and Brickell skyline.

Amenities will include state-of-the-art fitness center, a one-acre park, a dog park and open recreational area, 24/7 package and dry-cleaning lockers, tech hub and flex office spaces for residents working remote, conference rooms, WiFi in social hubs, private access parking, pet spa with washing station, and secure bike room with repair station.

“The Miami River has long been seen as a working waterway, but it’s also becoming a thriving residential neighborhood. The population growth and strong demographics Miami is experiencing will continue to fuel growth along the riverfront,” said Camilo Miguel, Jr., CEO and Founder of Mast Capital. “Since pre-leasing commenced at Waterline Miami River, we saw high demand for the apartment community given the lifestyle offerings in the surrounding neighborhood and strategic location near Miami’s thriving urban core. We are confident that phase two will experience similar demand given the need for additional rental housing and the increased desirability of the Miami River District.”

Waterline Miami River is located just half a mile south of the Miami Health District, which employs 45,000 and draws 160,000 annual visitors and is recognized as the second largest health district in the U.S., and within 1.5 miles of Downtown Miami and the Brickell Financial District.

According to the Miami River Commission, Miami River’s shorelines feature public river walks, nine major parks, five major hotels, over 11,910 new residential units, 25 restaurants and over a dozen boatyards, marinas and historic sites. There’s also an additional 6,667 approved units, five planned hotels with 1,200 new rooms and 22 planned restaurants in the works.

Related Companies To Acquire The Phillips Point Office Complex In West Palm Beach

The New York-based Related Companies, led by Stephen Ross, is under contract to acquire the Phillips Point office complex in West Palm Beach for roughly $282 million. The seller, AEW Capital Management, acquired the property for $245 million in 2015. Related Companies will oversee asset management and leasing.

Phillips Point is located at 777 South Flagler Drive, at the foot of the Royal Palm Bridge, and was developed in 1985. The twin-tower Class A office complex has a tenant list that includes top financial firms Goldman Sachs and Morgan Stanley as well as law firms Greenberg Traurig, Gunster and Akerman. The transaction comes at a time when a number of financial firms are moving from high tax northern states to Florida.

Stephen Ross and Related Companies are no stranger to West Palm Beach, having developed Rosemary Square, previously called CityPlace, a mixed-use project with dining, shopping and residential components. Related Companies is also planning to break ground on One Flagler, a 270,000 square foot, 25-story office tower in on Flagler Drive and OkeeChobee Blvd. in West Palm Beach. Stephen Ross also owns the Miami Dolphins.