{"id":216328,"date":"2026-04-02T17:35:14","date_gmt":"2026-04-02T17:35:14","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-fl\/216328\/"},"modified":"2026-04-02T17:35:14","modified_gmt":"2026-04-02T17:35:14","slug":"falcone-sells-fort-lauderdale-rentals-to-journey-capital","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-fl\/216328\/","title":{"rendered":"Falcone Sells Fort Lauderdale Rentals to Journey Capital"},"content":{"rendered":"

Art Falcone\u2019s firm sold a Flagler Village apartment tower for $108 million, amid a recent uptick in South Florida multifamily deals despite a regional oversupply of rentals.\u00a0<\/p>\n

An entity tied to Falcone\u2019s Boca Raton-based firm<\/a> sold the 30-story, 348-unit The Rise Flagler Village to an affiliate of New York-based Journey Capital, according to records and real estate database Vizzda. Falcone leads Falcone Group, Rescore Property and Encore Capital Management.\u00a0<\/p>\n

The sale breaks down to $310,000 per unit.\u00a0<\/p>\n

Journey, founded and led by Peter Calatozzo, financed the purchase with an $88.3 million Fannie Mae loan, maturing in 2031.\u00a0<\/p>\n

The Rise consists of studios and one-bedroom to three-bedroom apartments and was completed in 2021 on a 1.4-acre lot, according to records and the property\u2019s website. It lists monthly rents ranging from $2,300 to $4,500.\u00a0<\/p>\n

Falcone\u2019s entity paid $9.4 million for the development site in 2015, financing construction with a $57 million loan obtained in 2017, records show.\u00a0<\/p>\n

South Florida\u2019s multifamily market has felt the sting of oversupply in the past year due to hefty completions \u2013\u2013 a record 18,600 units delivered in 2024, CoStar Group data shows \u2013\u2013 and a slower influx of out-of-staters, leading to slower lease-ups. The average monthly rent hit $2,235 in February, a 3.3 percent year-over-year decrease, according to Realtor.com.\u00a0<\/p>\n

Some landlords have resorted to concessions, including several months of free rent, though The Rise\u2019s website lists no concessions.\u00a0<\/p>\n

Despite the softer market, several properties have traded this year. Maxx Properties paid $70 million<\/a> for the 250-unit The Ellery complex in Plantation last month, and Griffis Residential paid $78.5 million<\/a> for the 263-unit Griffis North Olive complex in West Palm Beach.\u00a0<\/p>\n

In February, Griffis also paid $41 million<\/a> for an eight-story, 144-unit building in Pompano Beach, and Dermot Company paid $131.8 million<\/a> for the 340-unit The Quaye at Palm Beach Gardens complex.\u00a0<\/p>\n

Journey is no stranger to South Florida multifamily. Last year, the firm paid $102 million<\/a> for a 404-unit complex in Plantation.\u00a0<\/p>\n

\tRead more
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\n\t\t\t\t\t\t\t\t\tDevelopment\t\t\t\t\t\t\t\t<\/p>\n

\n\t\t\t\t\t\t\t\t\tSouth Florida\t\t\t\t\t\t\t\t<\/p>\n

\u201cDon\u2019t kill the market\u201d: Developers keep building apartments in South Florida, despite supply overhang<\/p>\n

\t\t\t<\/a>
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\t\t\t\t\t\t\t\t\t\t\t\t\t\"\"\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

\n\t\t\t\t\t\t\t\t\tDevelopment\t\t\t\t\t\t\t\t<\/p>\n

\n\t\t\t\t\t\t\t\t\tSouth Florida\t\t\t\t\t\t\t\t<\/p>\n

\u201cThe world turned\u201d: Why developers are selling South Florida multifamily sites\u00a0<\/p>\n

\t\t\t<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Art Falcone\u2019s firm sold a Flagler Village apartment tower for $108 million, amid a recent uptick in South…\n","protected":false},"author":2,"featured_media":216329,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[98571,249,251,250],"class_list":["post-216328","post","type-post","status-publish","format-standard","has-post-thumbnail","category-fort-lauderdale","tag-art-falcone-flagler-village","tag-fort-lauderdale","tag-fort-lauderdale-headlines","tag-fort-lauderdale-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/216328","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=216328"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/216328\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/216329"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=216328"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=216328"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=216328"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}