Cars were destroyed in the attack
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Families were forced out of their homes overnight in south Belfast while firefighters dealt with burning cars.
Fire crews were called to Jerusalem Street at 0330 BST where four cars had been set alight. Gas cylinders were later found in a nearby car.
A man in his mid-30s was arrested but has since been released on bail pending further inquiries.
Assistant Group Commander David Patton said people were in great distress due to heat and smoke near their homes.
Mr Patton said it was fortunate that the gas cylinders had not exploded.
A number of families and students were led to safety.
Stephen Henry's car was one of those destroyed
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"This particular street is a lovely street," said Mr Patton.
"There's a good mixture of young families and young students living together side by side. "
He said whoever was responsible caused "a lot of distress for all the young families as well as the students".
A woman whose daughter's vehicle was damaged told the BBC that her daughter rang her screaming in the middle of the night.
She said a total of 11 vehicles had been damaged.
"The news could have been a lot worse. It's ridiculous, but it's only property it can be replaced," she said.
"We don't actually know how badly damaged the car is."
Stephen Henry is one of the students who had his car destroyed.
"It was just a car that would get me from A to B but it's devastating to have it gone," he said.
"As far as I know, there are four cars that are completely undriveable, all burned out and then there are other cars around which have been just hit by the heat - melted wing mirrors and the sides of the cars.
"Even the houses as well have been hit a bit."
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