Journey Capital scooped up a 404-unit multifamily complex in Plantation for $102 million.
The New York-based investment manager bought Rise at Plantation Walk at 333 North University Drive from Boca Raton-based Encore Capital Management, according to records and real estate database Vizzda. The deal breaks down to $252,500 per unit.
Journey borrowed $89.7 million from Houston-based Corebridge Financial.
Rise at Plantation Walk consists of a pair of seven-story buildings completed in 2021 and 2022 on a roughly 2.3-acre site, property records show. It offers studios and one- to three-bedroom apartments, with monthly rents ranging from $2,172 to $4,415, according to Apartments.com.
The complex is part of Encore Capital’s mixed-use Plantation Walk project on a 32-acre site that used to be Fashion Mall.
Encore, led by Art Falcone, bought the then-vacant mall in a bankruptcy auction in 2015 for $37.7 million. In 2019, Plantation city officials approved the redevelopment with up to 700 apartments, about 250,000 square feet of offices and 225,000 square feet of retail.
Encore has sold completed portions of Plantation Walk over the years. In 2021, it sold the seven-story, 177,000-square-foot office building at 261 North University Drive to Vision Properties for $57.5 million.
Journey Capital hasn’t been a high-profile player in South Florida’s market. The firm, founded in 2023, buys, develops and manages multifamily, industrial and mixed-use properties across the U.S., according to its website. It’s led by CEO Peter Calatozzo.
Previously, Calatozzo was with Praedium Group, his LinkedIn shows.
South Florida’s multifamily investment sales market has experienced an uptick during recent months after a slowdown over the past two years. Sales volume was $4.3 billion last year and $3.4 billion in 2023, down from $9.2 billion in 2022 and $15.4 billion in 2021, according to data from Avison Young. In 2021 and 2022, South Florida became a magnet for out-of-state residents, fueling unprecedented demand from tenants and record rent hikes, but in the later years the market slowed due to elevated interest rates and hefty new supply, which tempered tenant demand.
Last month, FCP paid $90 million for the 400-unit Arium Sunrise complex at 1501 Northwest 124th Terrace in Sunrise. That came on the heels of TA Realty buying the 300-unit Bell Pembroke Pines complex at 16700 Sheridan Street in Pembroke Pines for $118 million.
