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.

Nuveen Acquires LaVida Lakefront Class-A Multifamily In Miami's Blue Lagoon For $98 Million

The Chicago-based global real estate investment management company Nuveen Real Estate has acquired LaVida for $98 million. LaVida is the first Class-A lakefront multifamily apartments within the prominent Blue Lagoon corporate park. The project was developed by Pinnacle and Ascend Properties, who were also the sellers. The sale of the 272-unit apartment breaks down to $360,294 per unit.

The Cushman & Wakefield team of Robert Given, Troy Ballard, Zachary Sackley, and Mike Mulkern led the marketing efforts and brokered the transaction.

Designed by Behar Font & Partners, LaVida, which opened in 2019, consists of two eight story residential buildings containing 272 units of one, two and three-bedroom homes ranging from 728 to 1,295 SF, each with an outdoor terrace, with top floors offering magnificent south-facing views of Downtown Coral Gables. The elegant apartment residences boast a warm, natural palette with custom details including porcelain flooring throughout, dramatic designer-inspired kitchens and bathrooms, quartz counter tops, energy star-rated appliances, and full-size stackable washer and dryer. Floor-to ceiling exterior doors provide incomparable sunrise, lake and downtown city views with balcony apartments overlooking the lake.

“With the increasing demand for luxury rentals in South Florida and many returning to work in the nearby Blue Lagoon offices, we determined this was the right time to sell,” said Richard Finkelstein and Michael Wohl, partners, Ascend Properties. “LaVida’s central location caters to working professionals and business travelers as well as those looking to live the luxurious Miami lifestyle without having to sacrifice easy access to everything Miami has to offer.”

Located at 6600 NW 7th Street, adjacent to the intersection of the Dolphin and Palmetto Expressways, LaVida offers a live/work option for the 12,000+ working professionals and corporate executives in Blue Lagoon and convenient access to Downtown Miami, Miami International Airport and Doral’s growing business center. LaVida features expansive city and lake views, luxurious design curated by Venus Williams’s V Starr Interiors and a two-story resort-style clubhouse and pool.

“With first-class units, high-quality amenities and a central Miami lakefront location, LaVida continues to transform the way professionals view the Blue Lagoon community,” said David O. Deutch, co-founder, Pinnacle. “The success of LaVida represents the strength of this unique luxury lakefront product in a corporate center in the growing South Florida market.”

Unparalleled community amenities include two covered garages; dog park; two-story lakefront clubhouse with grilling stations; oversized hourglass-shaped pool and jacuzzi with a resort-style sun deck and southern exposure making it the ideal pool experience with poolside cabanas and day beds; state-of-the-art fitness facility with yoga studio and group class space; gourmet coffee bar; media room; Wi-Fi in all common areas, and more.

“LaVida is a Class-A apartment deal, fully occupied, in a high barrier to entry market with access to major employment centers such as Waterford Business District, West Doral and Miami International Airport,” said Carlos Burneo, Senior Director and Florida Housing Sector Lead at Nuveen Real Estate. “South Florida’s continuous employment and population growth is a clear match to Nuveen Real Estate’s investment strategy. We are excited to continue expanding our investments in the Waterford – Blue Lagoon market.”

“The outstanding execution quality and strong operating performance of LaVida led to significant investor demand,” noted Robert Given. “We continue to see robust activity in the market throughout South Florida.”

The Residences at Uptown Boca Trades For $230 Million In Florida's Largest Multifamily Deal In 2021

The developers of Uptown Boca, Boca Raton’s first new retail and Class-A multifamily project to open in West Boca Raton in over 20 years, have sold The Residences at Uptown Boca to the Atlanta-based multifamily real estate investment, development and management company, Cortland for $230 million. The project was developed by Giles Capital Group, Rosemurgy Properties and Schmier Property Group, in partnership with Wheelock Street Capital. This transaction marks Florida’s largest multifamily deal in 2021 and the highest price per square foot for a garden-style product in Florida, to date. Cushman & Wakefield’s South Florida Multifamily Institutional Properties Group, led by Robert Given, Zach Sackley, Troy Ballard and Neal Victor, brokered the transaction.

“As lifelong Boca Raton residents and local developers, it has been truly special to create such a unique project for our local community. Our team devoted countless hours and meticulous attention to detail in developing what we consider to be one of South Florida’s premier mixed-use communities,” said Alex Rosemurgy, CEO of Rosemurgy Properties. “The Residences at Uptown Boca provides an unparalleled living experience that includes best-in-class amenities and a carefully curated restaurant and retail component just steps from our residents’ front door. Our lease-up success represents the distinct quality of the project in the South Florida market.”

The Residences at Uptown Boca, which opened in 2020, is a seven-building multifamily development managed by Park Partners Residential. Offering 456 Class-A luxury rental apartments, the development features one, two, three and four-bedroom units ranging in size from 718 SF to 1,737 SF. Just steps from The Residences, Uptown Boca’s retail component provides 179,000 SF of shops and fifteen different dining retailers. The developers of the project will remain the owners of the retail component of Uptown Boca.

"We have experienced incredible leasing performance as demand for high quality apartments in south Florida has never been higher. Our leasing team did a phenomenal job in getting the property leased up in record time, and as a result the Uptown Boca ownership team determined that this is the right time to sell," said Rick Giles, president of Giles Capital Group. "We have made every effort to create great experiences for our residential and retail customers, and we wish continued success to the new owners of this unique development."

Located at 9560 Glades Road on the corner of Glades Road and 95th Avenue South, just east of US441/SR7, Uptown Boca is a 38-acre project bringing a curated “shop, dine, live” experience to the area. The development provides residents with walkability to dining, entertainment and living options all within one vibrant local destination.

“The sale of The Residences of Uptown Boca culminates years of planning and execution by our partners Giles Capital, Rosemurgy Properties and Schmier Property Group. We are extremely proud of the community they have developed and the results for our investors,” said Hunter Jones, Principal for Wheelock Street Capital.

The Residences at Uptown Boca offers a number of amenities including a 24-hour fitness center with TRX and an indoor/outdoor CrossFit area, a yoga, spin and stretching room, a 24-hour business center that includes 3 private conference rooms, and 24-hour package pick-up lockers and cold storage. The project also includes a resident theater and entertaining lounge, a kids’ gaming and activity area, rideshare pick-up lounge, 3 dog parks, as well as a soccer field and customized 9,570 SF playground.

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Abbhi Capital Acquires 1-Acre Miami Worldcenter Development Parcel For $20 Million

The master developer behind Miami Worldcenter, the $4 billion, 27-acre mixed-use development now underway in the heart of Downtown Miami, has sold a 1-acre parcel to Coral Gables-based investment firm Abbhi Capital for $20 million. The property is the west parcel of Miami Worldcenter’s “Block A,” which is located between NE 10th and 11th Streets along NE 1st Avenue. The parcel is zoned for a mixed-use project, with a base development capacity of nearly 850 residential units and 1.2 million square feet. The Cushman & Wakefield team of Robert Given, Troy Ballard, and James Quinn represented the seller, “MWC Block A, LLC” in the transaction.

The sale marks the second parcel of Miami Worldcenter land purchased by Abbhi Capital within the last year. In August 2020, the firm bought the neighboring center parcel of Block A for $24 million.

“Abbhi Capital's investment in Miami Worldcenter's mixed-use master plan is the latest example of sustained interest from like-minded firms that see value in aligning with our best-in-class team of developers and operators. We look forward to collaborating with the Abbhi Capital team as our vision for a 'city within a city' in the heart of Downtown Miami comes to life with an array of residential, retail, commercial, entertainment, and hotel uses," said Nitin Motwani, Managing Partner of Miami Worldcenter Associates.

“Abbhi Capital is excited to expand our commitment to Miami Worldcenter and we are proud to be a part of the strategic vision of a ‘city within a city.’ We look forward to the bright future of this incredible location and project," said Sankesh Abbhi, Managing Partner of Abbhi Capital.

Miami Worldcenter’s master plan continues to deliver in phases. As the largest private development underway in Florida, the development will feature a diverse mix of residential, commercial and hospitality uses complemented by a total of approximately 300,000 square feet of retail, restaurant and entertainment space.

Two residential buildings have been completed, the 60-story Paramount Miami Worldcenter condominium and the 43-story Caoba luxury apartment tower. Approximately 150,000 square feet of retail has been completed for tenant build-out, with another 130,000 square feet currently under construction and nearing delivery. Construction has topped off at ZOM’s 43-story Bezel Miami Worldcenter, a 434-unit rental tower slated to open later this year, and at Miami Worldcenter’s 351-room citizenM hotel, which is expected to open in December.

Miami Worldcenter occupies 10 city blocks within walking distance of Museum Park, home to Perez Art Museum Miami and the Frost Museum of Science; AmericanAirlines Arena; the Adrienne Arsht Performing Arts Center; and Miami-Dade College’s Downtown Miami campus. It is also adjacent to Brightline’s MiamiCentral station, which will soon offer direct train service to Fort Lauderdale, West Palm Beach and Orlando, together with access to TriRail, the Metromover and the Metrorail, making Miami Worldcenter the largest and most-connected transit-oriented development in Florida.

Royal Palm Companies Acquires 1.53-Acre Future Site of Legacy Hotel & Residences In Miami Worldcenter For $33.9 Million

Miami Worldcenter Associates, the master developer behind Miami Worldcenter, the $4 billion, 27-acre mixed-use development under construction in the heart of Downtown Miami, has sold a 1.53-acre parcel to Royal Palm Companies (RPC). The transaction includes 66,656 square feet of developable land that was sold for $33.9 million. The property, which is situated at 942 Northeast First Avenue, will be home to the Legacy Hotel & Residences, a 50-story mixed-use tower with 274 branded residences atop a 256-room hotel. The Cushman & Wakefield team of Robert Given, Troy Ballard and James Quinn represented the seller, Miami Worldcenter Associates, in the transaction.

Legacy Hotel & Residences’ developer, Dan Kodsi of RPC, previously partnered with Miami Worldcenter Associates developers, led by Nitin Motwani and Art Falcone, on the newly completed Paramount Miami Worldcenter luxury condominium tower, which opened to residents in 2019 across the street.

“Legacy Hotel & Residences is one of our most anticipated developments. The project’s iconic architecture and state-of-the-art amenities featuring a world-class restaurant and medical facility are just some of the components that will make it a standout addition to our city-within-a-city at Miami Worldcenter,” said Nitin Motwani, Managing Partner of Miami Worldcenter Associates. “We’re committed to working with best-in-class developers to create a diverse and vibrant eco-system for the ultimate live, work, play Miami experience, and our recent collaboration with Dan Kodsi on Paramount is a testament to that vision.”

Legacy Hotel & Residences will feature first-of-its-kind amenities and offerings, including a sophisticated members-only international business lounge, a dramatic Singapore-inspired cantilevered pool, downtown’s largest hotel pool deck set on one acre, a highly-anticipated 100,000 square foot medical and wellness center, and stylish microLUXE residences – all topped with the project’s signature amenity: the city’s first enclosed rooftop atrium, taking up the top seven floors of the tower.

“We are looking forward to breaking ground in early 2021 on what we expect will be one of the iconic centerpieces of Miami Worldcenter,” said Dan Kodsi, CEO of RPC. “Legacy Hotel & Residences is setting the stage for the future of mixed-use developments and branded-residences that prioritize health and wellness without sacrificing luxury lifestyle experiences and resort-style amenities that discerning homeowners and travelers are accustomed to.”

The Miami Worldcenter master plan, delivering in phases, features an array of residential, commercial and hospitality uses. These include approximately 300,000 square feet of retail, restaurant and entertainment space; the 60-story Paramount Miami Worldcenter condominium tower; Caoba, a 444-unit apartment tower that opened in 2019; a 348-room CitizenM hotel which is now under construction; and Bezel, a 434-unit rental tower by ZOM Living which is also underway. In addition, Hines is preparing to build a new tower that will comprise up to 500,000 square feet of Class A office space and MDM Group is planning a 1,700-room Marriott Marquis hotel and adjacent 600,000 square foot expo center.

Miami Worldcenter occupies 10 city blocks within walking distance of Museum Park, home to Perez Art Museum Miami and the Frost Museum of Science; AmericanAirlines Arena; the Adrienne Arsht Performing Arts Center; and Miami-Dade College’s Downtown Miami campus. It is also adjacent to Virgin Trains’ MiamiCentral station, which will soon offer direct train service to Fort Lauderdale, West Palm Beach and Orlando, together with access to TriRail, the Metromover and the Metrorail, making Miami Worldcenter the largest and most-connected transit-oriented development in Florida.