DeBartolo bought the asset directly from its developer, Boca Raton-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, stated that the Falcon Square purchase "was an excellent investment opportunity." He said the company's strategy involves buying distressed multifamily assets in desirable locations and expects to close soon on another property in the Orlando market.
Falcon Square represents the third such acquisition by DeBartolo in recent months. In October, the firm partnered with three other investors to buy Georgetown Apartments in Tampa for $30 million, a fraction of its previous sale price, and also paid $25.4 million for the Palms of Monterrey in Fort Myers, which had been under a $69-million mortgage by Corus Bank.
DeBartolo, whose father is credited with introducing the indoor shopping mall concept, remains involved in retail development nationwide. The former head of the San Francisco 49ers football team also owns a professional sports agency.
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