MIAMI—More foreign investment is pouring into Miami—this time on the distressed commercial real estate front. Card Sound, a 105-unit bank-owned multifamily property in Homestead, just sold for $4.55 million. That’s $94 per square foot or $43,336 per unit.

A foreign investment group known as 105 Units Homestead Investment, LLC snapped up the multifamily asset from Community Bank of Florida. The multifamily property is located at 27707 South Dixie Highway. CBRE represented the bank in the distressed deal.

“Private capital continues to aggressively seek multihousing investment opportunities in South Florida,” Calum Weaver, director of operations for CBRE’s South Florida Multi-Housing Group, said in a statement. “Seven out of our team’s last eight multi-housing private capital sales have been to foreign buyers, further supporting the region’s allure as an international investment center.”  

CBRE reports that the 48,394-square-foot property was largely vacant when it reverted to bank ownership in 2010. TM Real Estate Group based in Miami was hired to assist in the leasing and management of the property. By early 2012, Card Sound was 50% occupied.

“There are a lot of foreign investors looking for distressed assets,” Warren Weiser, chairman of Continental Real Estate Companies, tells GlobeSt.com. “It runs the gamut in terms of the types of projects they are looking for, from core to core plus to optimistic. South Florida has an appeal to foreign investors. I don't think that will change.”