Art Falcone’s firm sold the 30-story, 348-unit The Rise Flagler Village apartment tower in South Florida for $108 million to Journey Capital, according to an April 2 report. The transaction comes as multifamily property sales have increased in the region despite an oversupply of rentals.
The sale price averages $310,000 per unit. Journey Capital, a New York-based company led by Peter Calatozzo, financed the acquisition with an $88.3 million Fannie Mae loan that matures in 2031. The Rise was completed in 2021 and offers studios as well as one- to three-bedroom apartments on a 1.4-acre site. Monthly rents at the property range from $2,300 to $4,500.
Records show Falcone’s entity acquired the development site for $9.4 million in 2015 and secured a construction loan of $57 million two years later. Despite recent market challenges due to a record number of new units—18,600 delivered in South Florida during 2024—and slower population growth from out-of-state arrivals, properties like The Rise continue to attract buyers.
Market data indicates average monthly rent across South Florida dropped by 3.3 percent year-over-year to $2,235 in February. Some landlords have offered incentives such as several months of free rent; however, The Rise has not listed any concessions on its website.
Other notable transactions this year include Maxx Properties purchasing The Ellery complex for $70 million and Griffis Residential acquiring two properties: Griffis North Olive for $78.5 million and another building in Pompano Beach for $41 million. Dermot Company also bought The Quaye at Palm Beach Gardens complex for nearly $132 million.
Journey Capital has been active in the area previously; last year it paid $102 million for a large multifamily complex in Plantation.
