Falcone sells Flagler Village rental tower for $108M as i-sales pick up

Art Falcone’s 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.  An entity tied to Falcone’s Boca Raton-based firm 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.  The sale breaks down to $310,000 per unit.  Journey, founded and led by Peter Calatozzo, financed the purchase with an $88.3 million Fannie Mae loan, maturing in 2031.  The Rise consists […]This article originally appeared on The Real Deal. Click here to read the full story.