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The Real Deal Miami

Bank-owned Homestead multi-family project sells for $4.55 million

March 27, 2012 11:16AM

The Card Sound

The Card Sound, a bank-owned property in Homestead, has sold for $4.55 million, according to CBRE Group, which arranged the sale. The 105-unit project was purchased from Community Bank of Florida by a foreign investment group known as 105 Units Homestead Investment. “Private capital continues to aggressively seek mult-housing investment opportunities in South Florida,” said Calum Weaver, director of operations for the South Florida Multi-Housing Group at CBRE. According to Weaver, seven of the group’s last eight multi-housing private capital sales have been to foreign buyers. The 48,394-square-foot property is now 50 percent occupied. — Alexander Britell