What InVictus Development does

InVictus Development, LLC is a Tampa, Florida-based full-service multifamily housing development firm founded in 2015 by Paula Rhodes (President) and Rick Cavalieri (Executive Vice President), who together bring approximately 40 years of affordable housing development experience across the southeastern United States. The company is certified as a Woman-Owned Business Enterprise by the State of Florida and the City of Tampa. InVictus develops affordable, workforce, and mixed-income multifamily housing communities, with additional capabilities in historic renovation and supportive housing for special-needs populations.

The company's portfolio spans completed and pipeline projects across Florida, Alabama, and Georgia. Notable developments include Parramore Oaks in Orlando (120 units across two phases, winner of Golden Brick, Aurora, and NAHB Best in American Living awards), The Lodges on Lincoln in Selma, Alabama (112 total mixed-income units across two phases), Appaloosa Run Apartments in Andalusia, Alabama (56 units), Baytown Apartments in Hillsborough County, Florida (30 units of permanent supportive housing for adults with intellectual and developmental disabilities), and The Flats at Sam Lane in Ringgold, Georgia (72 units). The firm also completed three developments totaling 284 units in Panama City, Florida, replacing housing destroyed by Hurricane Michael, and is renovating two historic Selma, Alabama buildings (Adler Furniture built 1860, Harmony Club built 1908) under National Park Service Paul Bruhn funding.

InVictus operates a relationship-based, sales-led business model with revenue derived from developer fees on housing projects financed primarily through Low-Income Housing Tax Credits (LIHTC), HUD programs (including RAD conversions), HOME funds, and state housing finance authorities (Florida Housing Finance Corporation, Alabama Housing Finance Authority). The company partners with housing authorities, nonprofit co-developers (CDS Monarch, MacDonald Training Center), and financial institutions (Truist, Walker Dunlop, Churchill Stateside, Freddie Mac syndicated by RBC). As a privately held LLC with no disclosed external funding rounds and 1–10 employees, InVictus operates as a boutique developer with project-based, non-recurring revenue tied to the LIHTC allocation cycle rather than a subscription or rental income model — though it retains development, ownership, and management interests in certain properties.

Name

InVictus Development

Legal name

InVictus Development, LLC

Website

https://invictusdev.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

1–10 employees

Short description

InVictus Development is a Tampa-based, woman-owned boutique multifamily housing developer founded in 2015, specializing in affordable, workforce, mixed-income, and historic renovation projects financed primarily through LIHTC and HUD programs across Florida, Alabama, and Georgia.

Ownership category

akta.pro rank

Product category

Affordable Housing Development

NAICS

New Multifamily Housing Construction (except For-Sale Builders) (236116)

SIC

Land Subdividers & Developers (No Cemeteries) (6552)

akta.pro primary industry

Housing Development, Construction & Rehabilitation Programs (BPAIANAB)

akta.pro secondary industries

Affordable Housing & Community Development (Housing, Community Land Trusts) (BPAGALAC), Affordable & Subsidized Housing Property Management (LIHTC, Section 8) (BPAJAFAD)

Keywords

• Affordable housing development
• Multifamily housing projects
• Workforce housing
• Mixed-income housing
• Historic renovation

Headquarters

HQ city

Tampa

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Housing Development Services: InVictus Development generates revenue through development fees from affordable housing projects. Revenue is derived from government-subsidized housing developments funded through tax credits (LIHTC), HUD programs, state housing finance authorities, and municipal partnerships. The company develops, owns, and manages multifamily housing communities.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

InVictus Development is a full-service multifamily housing development firm that develops, finances, and oversees affordable, workforce, mixed-income, and historic-renovation housing communities across the southeastern United States. The firm secures LIHTC, HUD, HOME, and state housing finance funding; partners with municipalities, housing authorities, non-profit sponsors, and financial institutions; and delivers new construction and adaptive-reuse projects ranging from 30 to 284 units in Florida, Alabama, and Georgia.

Product overview

InVictus Development is a full-service multifamily housing development firm based in Tampa, Florida. Founded in 2015 by Paula Rhodes and Rick Cavalieri, the company specializes in workforce housing, affordable housing, mixed-income housing, historic renovation, and commercial development across the southeastern United States. Their portfolio includes completed apartment communities (Parramore Oaks, The Lodges on Lincoln, Appaloosa Run, Baytown Apartments, The Flats at Sam Lane), hurricane recovery projects in Panama City, and ongoing historic renovations in Selma, Alabama. The company is a State of Florida and City of Tampa certified Woman-Owned Business Enterprise (WBE).

Differentiator

Problem solved

Functional benefit

Products and services

• Parramore Oaks Apartments Mixed-income multifamily housing development in Orlando, Florida. Phase I delivered 96 affordable and 24 market rate units; Phase Two added 91 units (11 one-bedroom, 58 two-bedroom, 22 three-bedroom) with income levels at 30%, 40%, 60%, and 80% of Area Median Income. Targets low- to moderate-income households seeking quality rental housing in downtown Orlando.
• The Lodges on Lincoln Apartments Mixed-income affordable housing development in Selma, Alabama. Phase 1 delivers 32 two-bedroom and 24 three-bedroom HOME and tax credit financed units; Phase 2 adds 56 units (9 one-bedroom, 38 two-bedroom, 9 three-bedroom). Targets low-income households in Selma.
• Appaloosa Run Apartments Affordable housing community in Andalusia, Alabama with 34 two-bedroom/two-bath and 22 three-bedroom/two-bath apartments. Units are income-restricted between 30% and 60% of Area Median Income and feature granite countertops, stainless appliances, and 9-foot ceilings. Targets low- to moderate-income families.
• Baytown Apartments Affordable supportive permanent housing community for adults with Intellectual and Developmental Disabilities (I/DD) in Hillsborough County, Florida. The 30-unit development includes residents with severe chronic disabilities and is co-developed with non-profit sponsors CDS Monarch and MacDonald Training Center. Targets adults with I/DD including Autism Spectrum Disorder, Cerebral Palsy, and Down Syndrome.
• The Flats at Sam Lane 72-unit fully affordable housing development in Ringgold, Georgia offering 1-, 2-, and 3-bedroom floor plans with fully equipped kitchens, full-size washers and dryers, ceiling fans, and community amenities including a clubhouse, fitness center, and playground. Pet-friendly. Targets low-income families and individuals.
• Selma Downtown Historic Renovation Adaptive reuse of two historic buildings in downtown Selma, Alabama's Water Avenue district: the Adler Furniture Building (built 1860) and The Harmony Club (built 1908). The project is funded in part by National Park Service Paul Bruhn Historic Revitalization Grants through Opportunity Alabama and will deliver retail and residential uses. Targets downtown revitalization stakeholders and historic district tenants.
• Panama City Housing Developments Three new-construction affordable housing communities in Panama City, Florida (Fletcher Black, Fletcher Black II, and The Park at Massalina) developed in partnership with the Panama City Housing Authority and Royal American Development to replace 284 units of affordable housing destroyed by Hurricane Michael. All phases are completed and fully occupied. Targets low-income residents displaced by the hurricane.
• New River Place 80-unit development in Starke, Florida funded in the 2025 Live Local funding round by Florida Housing Finance Corporation. Offers 1-, 2-, and 3-bedroom units focused on active military personnel and families stationed at or near Camp Blanding Joint Training Center. Targets active-duty service members seeking quality affordable housing near the installation.
• Village at Doyle Pointe

Quantifiable outcome

• Parramore Oaks Phase I: 96 affordable units + 24 market rate units developed
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Twelve partnerships are on record, tiered core and minor.

• Panama City Housing AuthoritycoreStrategic or Co-development Partner · 31 December 2020Partnership for development of three housing complexes (Fletcher Black, Fletcher Black II, and The Park at Massalina) bringing back 284-units of affordable housing destroyed by Hurricane Michael. All phases completed and fully occupied.
• Royal American DevelopmentcoreStrategic or Co-development PartnerCo-development partner on Panama City hurricane recovery housing projects. Partnership for new construction affordable housing developments.
• CDS Monarch, Inc.coreStrategic or Co-development PartnerMission-based 501(c)3 non-profit sponsor with over 40 years of experience delivering supportive services and housing for individuals with intellectual and developmental disabilities. Co-developer of Baytown Apartments for adults with I/DD.
• Royal American Management, Inc. (RAM)coreImplementation/ SI/ Consulting PartnerProperty management company chosen by CDS Monarch to manage Baytown Apartments. Extensive experience operating affordable housing communities including those with Permanent Supportive Housing populations.
• Lovelady ConstructionminorImplementation/ SI/ Consulting PartnerWell-established historic renovation contractor for Selma downtown projects.
• Eastlake DevelopmentcoreStrategic or Co-development PartnerDevelopment partner on The Lodges on Lincoln Phase 2 (56 units of mixed income affordable housing in Selma, Alabama).
• Hollyhand DevelopmentcoreStrategic or Co-development PartnerDevelopment partner on The Lodges on Lincoln Phase 2 in Selma, Alabama.
• Olympia ManagementcoreChannel Partner/ Reseller/ DistributorProperty manager for The Lodges on Lincoln (Phase 1 and Phase 2) and Appaloosa Run Apartments. Provides leasing and property management services.
• First Florida ConstructorsminorImplementation/ SI/ Consulting PartnerGeneral contractor for Parramore Oaks Phase Two development.
• Marmer ConstructionminorImplementation/ SI/ Consulting PartnerContractor for New River Place development in Starke, Florida.
• MacDonald Training Center (MTC)coreStrategic or Co-development PartnerPrivate 501(c)(3) non-profit established in 1953 by J. Clifford MacDonald, one of the first pre-schools in the nation for children with disabilities. Transforms lives through innovations in vocational training, employment pathways, residential supports and life enrichment. Co-developer of Baytown Apartments.
• Zimmerman PropertiesminorStrategic or Co-development PartnerDevelopment partner on The Flats at Sam Lane (72-unit fully affordable housing in Ringgold, Georgia).

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Pennrose: National developer of affordable, mixed-income, and mixed-use multifamily housing with active southeastern operations. Same core product (LIHTC, mixed-income, mixed-use) as InVictus but at vastly greater scale, with both development and property management capability.
• WinnCompanies: National developer and manager of affordable, mixed-income, and market-rate multifamily housing with strong LIHTC execution. Comparable as a vertically integrated affordable housing operator; relevant for benchmarking what InVictus could scale toward with property management integration.
• Dominium: Large US affordable housing developer with a substantial southeastern portfolio including Florida and Georgia. Develops and manages LIHTC-financed multifamily communities, closely aligning with InVictus's core business model but with materially greater scale and integrated property management.
• McCormack Baron Salazar: National affordable and mixed-income housing developer with strong southeastern presence, including historic tax credit expertise. Comparable to InVictus across affordable, mixed-income, and historic renovation product lines though at substantially larger scale.
• The NRP Group: One of the largest developers of affordable and workforce multifamily housing in the US, operating nationwide with deep LIHTC expertise. A scaled incumbent whose LIHTC-driven, multifamily focus most closely mirrors InVictus's product, though at materially larger scale and broader geographic reach.

Direct peers

• Royal American Development: Co-development partner on InVictus's three Panama City hurricane-recovery projects (284 units). Operates as a developer and management company specializing in affordable multifamily housing across the southeastern US, making it the closest comparable peer in both product and geography.
• Hollyhand Development: Co-development partner with InVictus and Eastlake on The Lodges on Lincoln Phase 2. Operates as an Alabama-focused affordable housing developer with similar project profile and funding structures, making it a directly comparable peer in size, geography, and product.
• Eastlake Development: Co-development partner with InVictus on The Lodges on Lincoln Phase 2 in Selma, Alabama. Both firms are mid-sized affordable housing developers operating in the southeastern US targeting LIHTC and HOME-financed multifamily projects.
• Zimmerman Properties: Development partner with InVictus on The Flats at Sam Lane (72-unit fully affordable project in Ringgold, Georgia). Comparable as a mid-sized affordable housing developer in the Southeast operating similar LIHTC-financed multifamily projects.

Others

• WNC & Associates: One of the largest LIHTC syndicators in the US, providing equity capital for affordable housing developers including many that operate as InVictus's competition. While not a direct developer peer, it represents the equity capital ecosystem InVictus taps for project funding.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/invictus-development-llc

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about InVictus Development