Mattoni Group is a Private Equity Real Estate Investment company who raises capital, then puts it to use in real estate opportunities. The firm also carries out deals that originate internally, as well as through joint venture structures and strategic partnerships with external sponsors of real estate in multiple locations and different asset classes. Following their recent win of the Real Estate Fund Manager of the Year 2016, the firm’s President Ricardo Caporal speaks to us about winning this prestigious award.
Caporal is very happy to have won the Real Estate Fund Manager of the Year 2016 award, and said “it was unexpected, but it is always nice to receive such awards and be recognized.”
In partnership with ZOM Florida and New York-based Clarion Partners, Mattoni Group recently invested in a 366-unit multifamily apartment development project located on Progress Boulevard. This expanding south Brandon/Riverview submarket is home to a growing number of corporate employers, and an array of retail and entertainment venues is anchored by the nearby Westfield Brandon Mall. Caporal said, “we are very bullish on the Tampa market, and we are obtaining healthy rents per square foot in that area, primarily due to the quality of product being delivered. This is our second development
venture here. ZOM will deliver a first-class project, and we are excited to have partnered with both ZOM and Clarion Partners.”
This is a very recent and apt example of how the firm partners with developers, who already have good opportunities put together, and are seeking for equity. Mattoni Group would therefore come in at this stage and provide the equity required. Mattoni Group has a team of people who raise money on a full-time basis, Caporal explains. They raise money from institutional funds, family offices, high-net-worth individuals (HNWI), so “we look for opportunities to invest in and once we close the deal we carry out construction, asset and development management, looking at leasing reports and a variety of activities around real estate asset management.”
In terms of recent successes, Mattoni Group sold a deal in Summer 2016, when the Chicago-based Waterton purchased Soleste West Gables, a newly built 206-unit apartment community located in West Miami. Waterton bought the asset from the development group comprising Mattoni Group, Estate Investments Group and Fortune Capital Partners for $57.4 million, or $278,000 per unit.
The group’s other projects in the area include the 196-unit Soleste Club Prado and the 221-unit Soleste West Gables II,. Soleste Club Prado began leasing in early in 2016 and offers one, two and three-bedroom units with amenities including a resort-style pool with an over sized sun deck cabanas, poolside gymnasium, community entertainment lounge and Wi-Fi hotspots throughout the property.
In terms of his staff, there are people focused on operations, full-time acquisitions specialists, asset managers, and investor relations people. Half look at the new deals and focus on revenue generation and the remaining half focus on the operations. “My role is to look at all aspects of the business, as well as sourcing capital” Caporal adds. The firm continues to grow and has never lost an investor Caporal reveals, and “one of the challenges today is to find good “non-speculative” opportunities and put your money to work in an efficient and transparent way, and to get good returns.
There are a lot of unknowns politically in the sector Caporal says, “so we need to understand firstly what are the tax implications in terms of short and long-term capital gains will be under a new president elect.” Secondly, interest rates will need to be tracked closely and can influence our industry tremendously. Thirdly, “will Trump close the borders and if so, how will that impact regulation on the tax side and other vehicles
foreigners have to bring in capital?” “We are always looking at technology to help us facilitate and improve our operations, but for us it is more about stepping in and creating opportunity and value where there is an imbalance or undeserved need in the market.
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