Ricardo Caporal, Founder & President, Mattoni Group

Invest: sat down with Ricardo Caporal, founder and president of Mattoni Group, to discuss how political uncertainty, affordability pressures, and rising development costs are reshaping real estate strategy in South Florida and beyond. “There’s a lot of debt available, but not a lot of equity,” Caporal said. He also shared why rental housing remains a strong long-term bet, how resident expectations are evolving, and where the firm is focusing its growth over the next few years.

What have been the biggest changes or trends in the South Florida market that are shaping your strategy and priorities?

One of the biggest factors has been politics. After the election, there was a sense that real estate might benefit from a stronger flow of capital and investment, but many investors are still waiting. There is so much uncertainty around tariffs, oil prices, wars, and broader global instability that institutional groups are reluctant to make decisions. 

There is also a disconnect between Main Street and Wall Street. Financial markets are performing well, but everyday life has become much more expensive, which affects real estate differently depending on the product. If you are building and selling a high-end product to wealthy buyers, that is one dynamic. If you are developing rental housing and trying to make it affordable, that is a different equation.

In our segment, which is residential rental, we are seeing more deals happen in Central Florida than in Miami-Dade. We are still building in Miami because we own legacy land and have projects already in motion, but far fewer groups are buying land today to start a new rental community in Miami-Dade. It is simply harder to make the math work.

Governments want to address affordability, but the cost of building keeps going up, including permit fees, impact fees, and other charges. That makes it more difficult to deliver the type of housing people say they want. Overall, it is a harder environment than it was five or 10 years ago.

How do you view the sustainability of Miami’s current momentum, and what signals are you watching?

It is hard to predict. Anyone who says they know exactly what will happen is guessing. South Florida has already proven that it can surprise people, and few would have predicted how much the region would benefit after COVID.

One challenge is that development is not controlled in a way that limits supply. There are a lot of projects in the pipeline, and they are all competing on design, branding, lifestyle, and experience. That is good for the consumer, but it also makes the market more complex.

Miami also remains extremely attractive. People want to live here. The weather, business climate, amenities, and energy of the city all continue to improve. State and local leadership have helped attract companies, and people are coming not only from Latin America but also from New York, California, Europe, and elsewhere. That broader buyer pool is important.

There are still major issues, especially around affordability, traffic, and access to good schools. Miami has not yet solved the challenge for people with lower incomes. But in terms of the broader ecosystem, the city is in a much better position than it was before, and it keeps improving.

You have expanded beyond South Florida into other parts of Florida and the Southeast. What is driving that move?

We invest across the Southeast, essentially from Virginia and Tennessee southward. Our strategy is centered on necessity-based housing, which means providing places for people to live in markets with population growth and job growth.

The decision of where to invest depends on timing, supply and demand, and the specific cycle of each market. In some periods, a market like Charlotte may make more sense than Miami. At other times, the opposite may be true. We are always looking for the right opportunity at the right cost.

One difference between Miami and some other markets is predictability. In places that are less driven by tourism or hype, it can be easier to understand the employment base and project future demand. Miami has a lot of upside, but it can be difficult to measure because growth keeps coming from so many directions.

We believe that in the next 10 to 20 years, a large share of the U.S. population will be concentrated in a limited number of states and cluster cities. Miami, Atlanta, and Charlotte are examples of that. For rental housing, the fundamentals remain the same: safe locations, good schools, strong neighborhoods, and access to transportation.

What are renters looking for today, and how are those expectations changing?

It still comes back to fundamentals. The renter in Coral Gables may be looking for something different from the renter in Lake Nona, but the core factors are the same: price, product, location, school quality, and proximity to work.

Families want a place where they feel safe and where daily life functions well. If someone works in Lake Nona, they often want to live nearby. If they prefer a stronger school district elsewhere, they may choose to commute. While people care about amenities, most decisions still start with those basic lifestyle and budget considerations.

That said, the standard for rental communities has gone up dramatically. The new multifamily product today is much more experience-driven than it was 10, 20, or 30 years ago.

How are lifestyle-oriented and active adult communities influencing your development approach?

We are currently building a 55-plus project in Lake Mary with ZOM, and the amenity package for that community is different from what we would deliver in a more typical multifamily project. Geography, resident profile, and product type all shape what you build.

In general, today’s rental communities are much more like resorts. They have co-working space, dog parks, charging stations, wellness-oriented features, strong fitness offerings, and communal spaces that help create a real sense of community. People want convenience, but they also want an environment where they can connect and feel that their daily needs are being met.

That matters for residents and operators alike. If people enjoy where they live, they stay longer. That improves the experience for the resident and the economics for the owner.

Another major shift is that the gap between renting and buying has widened significantly. Years ago, moving from a rental into ownership might have required a modest increase in monthly cost. Today, in many cases, buying can cost two or three times more. At the same time, rental product has become much better. That makes high-quality rental housing compelling, and I am bullish on where that segment is heading.

How are you seeing workforce and staffing challenges affect the sector?

For us, it is a little different because we hire general contractors and outsource property management. That means many staffing pressures are felt more directly by our partners than by us internally.

There has been concern in the industry around immigration enforcement and how that could affect construction labor. We hear about it, and some contractors are certainly paying attention to it, but I have not seen major disruptions firsthand on our projects.

The bigger challenge right now is transactions. Finding new deals is difficult. Sellers are often reluctant to lower pricing to reflect the new reality, while buyers do not want to pay yesterday’s numbers in today’s market. There’s a lot of debt available, but not a lot of equity. That has made it harder to get deals across the finish line than it was a few years ago.

What are your top priorities for Mattoni Group over the next two to three years?

One is figuring out how to use AI more effectively. We know there is an opportunity there, whether in underwriting, communication, asset management, or reporting, but we are still early in understanding what that looks like in practice.

Another priority is continuing to build the team. We are looking at strategic hires in investor relations and senior investment roles. Talent remains critical if you want to scale thoughtfully.

Beyond that, the focus is on growing the pipeline responsibly while protecting margins in a difficult environment. There is no easy formula for that right now. But we believe in what we build. We create communities that people enjoy living in, and that gives us confidence in the long-term relevance of our work.

Is there anything else you would like to add?

For younger people wanting to improve their real estate skills, I would highlight the importance of the University of Miami’s UMRED program. I currently serve as chair there, and I think it is a tremendous resource for South Florida. It is a meaningful institution for the local industry.

I would also encourage younger professionals to get involved with Urban Land Institute. ULI is a valuable organization for anyone building a career in real estate.

More broadly, I am encouraged to see stronger connections forming between the U.S. and Latin America. Miami has always played that bridging role, and I think deeper engagement across the hemisphere can be positive for the region and for the country as a whole.