Tony Cardoza: Today is where you have to show up. You might as well have fun.

On this episode, Kevin chats with Tony Cardoza, Principal and Managing Director of Cityview, a vertically integrated institutional asset manager and multifamily developer based in LA. Tony brings over 20 years of real estate experience, previously helping acquire and develop 5,000 units for Real Estate Capital Partners and working in land and multifamily acquisitions at Prometheus. The conversation gets technical as Tony breaks down how top-tier developers think about the component parts of the development business, from initial site selection and entitlement risk to construction management and capital stacking. They discuss the complexities of multifamily development today, how sophisticated operators evaluate markets and underwrite deals, the interplay between debt and equity in the capital structure, and the challenges of navigating zoning, permitting, and political landscapes. Tony shares insights on timing the market, managing construction risk, building relationships with municipalities and capital partners, and the operational expertise required to successfully execute large-scale development projects. His personality and approach to the acquisitions role come through as he unpacks the intricate decision-making process behind institutional multifamily development.