About Us

InVictus Development, LLC is a full service, multifamily affordable housing development company based in Tampa, Florida.  The operations of InVictus are directed by Paula Rhodes, President, and Rick Cavalieri, Executive Vice President. InVictus was founded in 2015 and is a State of Florida certified WBE.  The co-founders of InVictus are highly experienced professionals with a combined 22 years of multifamily affordable housing development experience as well as prior careers that lend perspective, judgment, and additional talent to their affordable housing joint venture.  While their affordable housing experience with Norstar focused exclusively on mixed-income, mixed-finance communities developed in partnership with public housing authorities, Ms. Rhodes and Mr. Cavalieri successfully competed to become the development partner of the Central Community Redevelopment Agency of Bradenton, Florida, Norstar’s first local government joint venture in Florida.

InVictus, Latin for “unconquered,” encapsulates the determination evidenced by the principals throughout their respective careers.  You will not find two more committed individuals than Paula Rhodes and Rick Cavalieri, as anyone who has worked with them will readily tell you.  No matter how meager the resources, no matter how difficult the competitive funding challenge, and no matter how long it takes, they will persevere until they succeed.  Whether it is winning the support of a community or local government reluctant to see affordable housing built nearby, working with state and local governments and agencies to enlighten them on the unmet need to be addressed by a particular project and why that project is important to target for funding, navigating new federal and state and programs and regulations, addressing onsite issues during construction that require creative, cost-effective solutions, or clearing any number of other hurdles that arise, the InVictus principals are tireless in their efforts until the goal is accomplished and the job is done.


Paula McDonald Rhodes is the President and co-founder of InVictus Development with responsibility for managing or monitoring all aspects of the development process from inception through completion, lease-up, and operations. Prior to forming Invictus, Ms. Rhodes was Norstar Development USA’s Director of Project Development in charge of development of all Norstar multifamily, affordable, and workforce housing projects in the States of Florida and Alabama.  From 2006 – 2015, Ms. Rhodes was responsible for managing on behalf of Norstar all aspects of the Florida and Alabama development process from beginning to end, including identification of projects, site development, construction, financing, operation, and compliance.  Ms. Rhodes brings over 20 years of legal experience in the areas of real estate and business financing, having worked for more than 15 years for the law firm of Carlton Fields in Tampa, Florida where she was an equity shareholder.  After leaving Carlton Fields in 2001 and prior to joining Norstar in 2006, Ms. Rhodes served as embedded counsel for Raymond James Tax Credit Funds, Inc. in St. Petersburg, Florida where she was responsible for all aspects of the syndication of low-income housing tax credits at both the investor and developer level.  Ms. Rhodes received her Bachelor’s degree from the Institute of Policy Sciences and Public Affairs, Duke University, and her law degree from Duke University School of Law.  Immediately following graduation from law school, Ms. Rhodes served as a judicial law clerk on the United States Court of Appeals for the D.C. Circuit.  From March 2016 – March 2019, Ms. Rhodes has served as the Chair of the Board of Directors and President of the Coalition of Affordable Housing Providers, Florida’s affordable housing industry vehicle for advocating legislative initiatives, promoting the affordable housing industry through networking and disseminating information, and acting as liaison to Florida Housing Finance Corporation to promote the private sector, local government, and public housing authority interests.  She remains an active member of CAHP’s Board.  Ms. Rhodes is a frequent invited speaker at various industry conferences, including the Florida Housing Coalition Annual Conference, Novogradac’s Annual Tax Credit Developers Conference, and the Affordable Housing Investor’s Council Spring Meeting, addressing topics such as Fair Housing in the wake of the Supreme Court’s Decision in Inclusive Communities, NCSHA’s Updated Best Practices for state allocating agencies, Florida response to the effects of climate change and its impacts on building affordable housing.

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Richard E. Cavalieri is the Executive Vice President and co-founder of InVictus in charge of preliminary site selection, entitlements, development and design, project management, and all construction activities of the InVictus multifamily projects.  From 2005 – 2006, Mr. Cavalieri was responsible for site selection and due diligence on commercial retail and multifamily housing projects for Primerica Group One, Inc., a Tampa development company specializing in Publix-anchored shopping centers.  In 2006, Primerica became joint venture partners with Norstar Development USA, LP on the development of affordable housing projects in Florida.  Mr. Cavalieri was then focused exclusively on Norstar projects and served as owner’s representative on all Florida affordable housing developments.  As Norstar’s Development Manager, Mr. Cavalieri was responsible for securing site entitlements, coordinating the efforts of architects, planners, engineers, and other professionals involved in the design process as well as the general contractor and oversaw all site planning, permitting, and approval processes.   Before coming to Norstar, Mr. Cavalieri was President of Heritage Construction & Development from 1981 through 1988 focusing on the purchase and renovation of existing market rate apartment complexes.  In 1988, Mr. Cavalieri became a founding partner in Impact Business Technologies.  Impact was an accounting software consulting group with 30 plus employees that tailored software to match the needs of the client.    Mr. Cavalieri as principal founder and president then transitioned Impact to Computer One, Inc., a computer consulting and support company focusing on accounting software and local area networking.  Computer One was sold in 2004 to another computer provider.  In addition to his development role at Primerica and Norstar, Mr. Cavalieri was responsible for all Primerica information systems, coordination of Primerica and Norstar information systems, and initial setup of information systems utilized by property management at each of Norstar’s Florida developments.  Mr. Cavalieri received his Bachelor’s degree in Economics from the University of Michigan.  Mr. Cavalieri is currently qualified as a Florida Building Contractor and serves as the President of IVD Construction, LLC.

Michael Sherard

Career Focus

Real estate development executive with substantial experience in affordable housing equity investments utilizing Low-Income Housing Tax Credits (LIHTC), tax exempt bonds, state/federal capital programs, and mixed-finance structures.  Mr. Sherard joined InVictus in December of 2017 as Vice President of Acquisitions.

Principals History

Prior to forming InVictus, Ms. Rhodes and Mr. Cavalieri were responsible for the development, financing, and construction of 1,233 units of mixed-income, multifamily housing in Florida, all but 200 of which had completed construction and been placed in service at the time the InVictus principals left Norstar.  Since forming InVictus, Ms. Rhodes and Mr. Cavalieri have secured a competitive 9% LIHTC award for a 120-unit family development in Orlando, Florida for which InVictus was competitively selected by the City of Orlando and the City of Orlando Community Redevelopment Authority to develop a mixed-income community on land owned by the City and the CRA, a 9% LIHTC allocation with HOME funds for a 56-unit family development in Selma, Alabama, and another 9% LIHTC allocation with HOME funds for a 56-unit family development in Andalusia, Alabama.  In addition, InVictus is under contract with the City of Orlando and Orlando CRA to construct a 91-unit second phase to the Orlando development.  The following chart provides details on each of the twelve projects developed while at Norstar and the four projects under development since forming InVictus.