MIAMI—A 20-unit multifamily asset in Miami Beach’s Sunset Harbour submarket has traded for $2.2 million. The multifamily property sold in an off-market deal.

Mika Mattingly, of Metro 1 Commercial, represented the seller, MLBT, Inc. in the transaction. Oscar Gastaudo, of Florida Select Realty, represented the undisclosed buyer.

“The owner held the property for more than 25 years, waiting until the market was ripe to sell at the optimum price,” Mika Mattingly, a broker at Metro 1, tells GlobeSt.com. “We had several offers, but obviously this one was the best. Due to strong demand from foreign investors--more demand than we have inventory--cap rates are at sub 5%.”

Located at 1828 Bay Drive, the multifamily asset was one of the few remaining properties in the area. Mattingly says the new owner sees the current and future potential of the property and may decide to capitalize on its existing hotel license.

The Sunset Harbour neighborhood is currently undergoing a transformation, attracting millions of dollars in new investment. Fresh Market’s flagship store recently opened there, and Scott Robins’ new five-story municipal parking garage with street-level retail will soon open. Three new mixed-use boutique development projects have also been approved.

“From the Design District to Downtown to Brickell, Miami continues to experience a strong revival of its urban core neighborhoods with convenient, walkable, 24-hour urban lifestyles,” Tony Cho, president and CEO of Metro 1, said in a statement. Metro 1 Commercial recently closed on the sale of 1790 Alton Road in Miami Beach, which will open later this year as Modani’s flagship showroom. The property is well located on the corner Alton and Dade Boulevard.