Art Falcone’s firm sold the 30-story, 348-unit The Rise Flagler Village apartment tower in Flagler Village for $108 million to an affiliate of New York-based Journey Capital, according to records and real estate database Vizzda. The sale, which took place on Apr. 2, comes during a period of increased multifamily transactions in South Florida despite a regional oversupply of rental units.
The transaction reflects ongoing investor interest in the region’s apartment market even as landlords face challenges from record-high completions and slowing rent growth. The price breaks down to approximately $310,000 per unit. Journey Capital financed the purchase with an $88.3 million Fannie Mae loan that matures in 2031.
The Rise Flagler Village was completed in 2021 on a 1.4-acre lot and offers studios as well as one- to three-bedroom apartments with monthly rents ranging from $2,300 to $4,500 according to property records and its website. Falcone’s entity originally paid $9.4 million for the development site in 2015 and secured a $57 million construction loan two years later.
South Florida’s multifamily sector has experienced slower lease-ups due to an influx of new units—18,600 delivered in 2024—and fewer newcomers moving into the area compared with previous years. Average monthly rent reached $2,235 in February but marked a year-over-year decrease of about three percent according to Realtor.com data cited by CoStar Group.
While some landlords have offered incentives such as several months of free rent amid softer demand, The Rise does not currently list any concessions on its website.
Other recent transactions underscore continued activity: Maxx Properties purchased The Ellery complex for $70 million last month; Griffis Residential acquired Griffis North Olive for $78.5 million; Dermot Company bought The Quaye at Palm Beach Gardens for nearly $132 million; and Journey Capital itself acquired another large complex last year for over $100 million.
