DeBartolo bought the asset directly from its developer, BocaRaton-based Falcone Group, for less than half its maturing debt.The complex, which opened just two years ago, has 86%occupancy.

Ed Kobel, president and COO of DeBartolo Development, statedthat the Falcon Square purchase "was an excellent investmentopportunity." He said the company's strategy involves buyingdistressed multifamily assets in desirable locations and expects toclose soon on another property in the Orlando market.

Falcon Square represents the third such acquisition by DeBartoloin recent months. In October, the firm partnered with three otherinvestors to buy Georgetown Apartments in Tampa for $30 million, afraction of its previous sale price, and also paid $25.4 millionfor the Palms of Monterrey in Fort Myers, which had been under a$69-million mortgage by Corus Bank.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.