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.”