New housing in Malibu is among the rarest real estate developments, yet a Florida-based investment firm has come to show Southern California how it’s done. 

A 68-unit condominium community in the uber-wealthy coastal enclave, dubbed Privé Malibu, has begun listing residences for sale following renovations by BH3 Management, according to Bloomberg, which first reported the news. Although the residences were previously apartments constructed in 1993, the listings mark the first time in decades that new Malibu condos have hit the market.

BH3 purchased the 10-acre property at 6487 Cavalleri Road for $70 million in 2024. BH3 remodeled the residences and renovated the complex’s amenities to include pickleball and tennis courts, a zen garden, a yoga lawn, a state-of-the-art fitness and “biohacking” studio, and more, per the property’s website.

BH3 is listing the units for between $2 million and $4.5 million. A potential neighbor for would-be buyers is none other than Charlie Sheen, who was a previous apartment tenant at the property, per Bloomberg. It’s unclear if the “Two and a Half Men” actor plans to remain at Privé Malibu long term. 

Malibu is certainly in need of new housing in the wake of the Palisades Fire last year, on top of the years-long availability crisis in Southern California. At least 700 structures in Malibu were destroyed in the 2025 blaze, including about 600 single-family homes, according to the city’s mayor — nearly 10 percent of Malibu’s entire housing stock. That’s on top of nearly 500 homes that burned in the 2018 Woolsey Fire, many of which have still not been rebuilt. The city has to date only issued 25 rebuild permits for homes destroyed in the Palisades Fire, of which zero have yet finished construction, according to a city-run website.

Major commercial real estate trades in general, let alone for multifamily housing or development, are few and far between in Malibu, which is notoriously unfriendly to urban growth. Aside from BH3’s deal, two of the city’s most notable deals within the past few years also occurred in 2024: Hometown America’s $200 million purchase of the Point Dume Club, a collection of 297 mobile homes overlooking the ocean, and Pacific West Management’s $80 million acquisition of Steve Soboroff’s The Park at Cross Creek Shopping Center.

Nick Trombola can be reached at ntrombola@commercialobserver.com.