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DeBartolo Adds More Apartments to Portfolio

TAMPA, FL-The retail developer pays $28 million for Falcon Square, marking his third recent purchase.

By Carl Cronan | Updated on January 14, 2010

TAMPA, FL-Prominent retail developer Eddie DeBartolo appears to be expanding his interests in multifamily properties. Locally based DeBartolo Development LLC announced this week its acquisition of the 379-unit Falcon Square Apartments in Winter Garden, a suburb of Orlando, for $28 million.

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.

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