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.