Peter Calatozzo Of Journey Capital Acquires Rise At Flagler Village Multifamily From Art Falcone For $108M

The multifamily property located at 405 Northeast 2nd Street in Fort Lauderdale features 348 units and encompasses 1.36 acres of land. The sale was finalized at a price of $108 million, resulting in a price per unit of $310,345. This property consists of a 30-story building that was constructed in 2021, with unit sizes ranging from 460 to 1,537 square feet. Notable amenities at this location include a pool, fitness center, coworking spaces, and a fire pit.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $108,000,000
• Buyer: Peter Calatozzo - Journey Capital
• Seller: Art Falcone - Encore Capital Management
• Lender: M&T Realty Capital Corporation
• Units: 348
• Price Per Unit: $310,345
• Asset Size: 1.36 acres

Peter Calatozzo represented Journey Capital in the acquisition, while Art Falcone represented Encore Capital Management in this transaction. The deal was financed with an $88.27 million Fannie Mae loan facilitated by M&T Realty Capital Corporation.