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Falcone sells Flagler Village tower for $108M

Source: therealdeal.com

TL;DR

Art Falcone's firm sold the 348-unit The Rise Flagler Village apartment tower in Fort Lauderdale for $108 million to Journey Capital.[[1]](https://therealdeal.com/miami/2026/04/02/falcone-sells-fort-lauderdale-rentals-to-journey-capital/)[[2]](https://therealdeal.com/miami/2026/04/02/falcone-sells-fort-lauderdale-rentals-to-journey-capital)
The 30-story building, completed in 2021, fetched $310,000 per unit, with buyer financing via an $88.3 million Fannie Mae loan.[[1]](https://therealdeal.com/miami/2026/04/02/falcone-sells-fort-lauderdale-rentals-to-journey-capital/)
Sale signals rising multifamily activity in South Florida despite rental oversupply and softening rents.[[1]](https://therealdeal.com/miami/2026/04/02/falcone-sells-fort-lauderdale-rentals-to-journey-capital/)

The story at a glance

Art Falcone’s Boca Raton-based firm sold its 30-story, 348-unit apartment tower, The Rise Flagler Village, in Fort Lauderdale’s Flagler Village to an affiliate of New York-based Journey Capital for $108 million.[[1]](https://therealdeal.com/miami/2026/04/02/falcone-sells-fort-lauderdale-rentals-to-journey-capital/) The deal, recorded recently, comes amid a pickup in South Florida multifamily sales even as the market grapples with oversupply.[[1]](https://therealdeal.com/miami/2026/04/02/falcone-sells-fort-lauderdale-rentals-to-journey-capital/) Journey Capital, led by Peter Calatozzo, financed the purchase with an $88.3 million Fannie Mae loan maturing in 2031.[[1]](https://therealdeal.com/miami/2026/04/02/falcone-sells-fort-lauderdale-rentals-to-journey-capital/)

Key points

Property details: 348 units (studios to three-bedrooms) on a 1.4-acre lot at 405 NE 2nd Street, completed in 2021, with monthly rents from $2,300 to $4,500; includes about 2,200 square feet of retail.[[1]](https://therealdeal.com/miami/2026/04/02/falcone-sells-fort-lauderdale-rentals-to-journey-capital/)[[3]](https://traded.co/deals/florida/multifamily/sale/405-northeast-2nd-street-1)
Falcone's group bought the development site for $9.4 million in 2015 and secured a $57 million construction loan in 2017.[[1]](https://therealdeal.com/miami/2026/04/02/falcone-sells-fort-lauderdale-rentals-to-journey-capital/)
Recent comparable sales: Maxx Properties bought 250-unit The Ellery in Plantation for $70 million; Griffis Residential acquired two properties in West Palm Beach and Pompano Beach for $78.5 million and $41 million; Dermot Company paid $131.8 million for 340-unit The Quaye in Palm Beach Gardens.[[1]](https://therealdeal.com/miami/2026/04/02/falcone-sells-fort-lauderdale-rentals-to-journey-capital/)
South Florida context: Record 18,600 multifamily units delivered in 2024, slower lease-ups, average rents at $2,235 in February (down 3.3% year-over-year); some landlords offer free rent concessions, but not at The Rise.[[1]](https://therealdeal.com/miami/2026/04/02/falcone-sells-fort-lauderdale-rentals-to-journey-capital/)

Details and context

Falcone, through entities like Rescore Property and Encore Capital Management, developed the project after acquiring the site amid Fort Lauderdale's growth in walkable areas near the Brightline station.[[1]](https://therealdeal.com/miami/2026/04/02/falcone-sells-fort-lauderdale-rentals-to-journey-capital/) Journey Capital, active in the region, bought a 404-unit complex in Plantation for $102 million last year.[[1]](https://therealdeal.com/miami/2026/04/02/falcone-sells-fort-lauderdale-rentals-to-journey-capital/)

The sale reflects investor interest in stabilized assets despite headwinds like reduced migration from out-of-state and high supply, which has pressured occupancy and rents.[[1]](https://therealdeal.com/miami/2026/04/02/falcone-sells-fort-lauderdale-rentals-to-journey-capital/)

Why it matters

South Florida's multifamily sector shows resilience with bigger deals despite oversupply and declining rents, pointing to value in premium, newer properties.[[1]](https://therealdeal.com/miami/2026/04/02/falcone-sells-fort-lauderdale-rentals-to-journey-capital/) Investors like Journey Capital gain foothold in Fort Lauderdale's urban core, while sellers like Falcone cash out on 2010s developments. Watch for more trades in stabilized towers and any rent stabilization as supply absorption continues.[[1]](https://therealdeal.com/miami/2026/04/02/falcone-sells-fort-lauderdale-rentals-to-journey-capital/)