Art Falcone’s firm sold The Rise Flagler Village, a 30-story apartment tower in South Florida, for $108 million to Journey Capital, according to an April 2 report. The sale comes as the region sees increased multifamily transactions despite an oversupply of rental units.
The transaction reflects ongoing activity in the South Florida real estate market. Industry observers note that while supply has surged and rents have declined slightly, investors continue to pursue large deals.
The Rise Flagler Village consists of 348 units and was completed in 2021 on a 1.4-acre site. The property offers studios and one- to three-bedroom apartments with monthly rents listed between $2,300 and $4,500. Falcone’s entity originally purchased the development site for $9.4 million in 2015 and financed construction with a $57 million loan obtained two years later.
Journey Capital financed its acquisition with an $88.3 million Fannie Mae loan set to mature in 2031. Journey is led by Peter Calatozzo and is based in New York.
South Florida’s multifamily sector has experienced record new deliveries—18,600 units were completed in 2024—and average monthly rent dropped by about three percent year-over-year to $2,235 as of February. Some landlords have offered concessions such as free rent months; however, no such incentives are currently listed at The Rise.
Other recent transactions include Maxx Properties’ purchase of The Ellery complex for $70 million and Griffis Residential’s acquisitions totaling over $119 million across two properties this year alone. Journey Capital itself acquired another major complex last year for more than $100 million.
