MIAMI—Bleu Lion Capital, a local private capital group, just disposed of three South Beach multifamily assets. Bleu Lion sold the assets for $5.5 million. The sale price equals $141,026 per unit or $261 per square foot.

The CBRE Multi-Housing Private Capital Group arranged the sale of three buildings totaling 39-units. The multifamily projects are located at 1348 Drexel Avenue, 1135 8th Street, and 951 Jefferson Avenue. Bar Invest Group, a private capital group based in Miami, FL, snapped up the multifamily properties.

“Multi-housing investment opportunities are highly sought after by domestic and foreign private capital investors,” says Calum Weaver, director of Operations for CBRE's Private Capital Group, who represented Bleu Lion in the transaction. “Excellent occupancy levels, record rents, positive long-term fundamentals and South Beach's international appeal provide significant investor interest as was the case with this transaction.”