Real estate veteran Matt Ferrari has launched PXV Multifamily, a new private investment and operating firm based in Miami. With a strategic goal to acquire up to $2 billion in multifamily assets over the next three years, Ferrari aims to capitalize on current market dynamics. The firm will focus on value-add properties and institutional opportunities across key U.S. markets.
PXV Multifamily has secured initial capitalization from BroadVail Capital Partners, marking BroadVail’s entry into the traditional multifamily sector. Ferrari, formerly co-CIO at TruAmerica Multifamily, brings extensive experience in managing institutional relationships, sourcing deals, and overseeing assets nationwide.
Key Takeaways
- Matt Ferrari launches PXV Multifamily, a new private investment firm.
- The firm aims to acquire $2 billion in multifamily assets within three years.
- PXV Multifamily is capitalized by BroadVail Capital Partners.
- Ferrari previously served as co-CIO at TruAmerica Multifamily.
Strategic Vision and Market Approach
PXV Multifamily will target a range of properties, from middle-market value-add opportunities to larger institutional deals. The firm’s strategy involves direct acquisitions, joint ventures, and a focus on properties built from the 1980s onward with 150 or more units in major U.S. markets. Ferrari believes the current market presents a prime opportunity for experienced operators due to resetting values, increased transaction activity, and improving operating fundamentals, further fueled by a significant volume of multifamily loans maturing in the coming years.
Ferrari highlighted the current market as "the most exciting time to be an apartment investor" due to factors like upside-down capital stacks, mismanaged properties by inexperienced operators, and a wide range of seller motivations. He anticipates that the absorption of new supply will lead to improved operational performance, creating an advantageous environment for an operations-focused firm like PXV.
Building the Team and Future Growth
Ferrari plans to assemble PXV’s asset management and acquisition teams with highly qualified professionals in the coming months. While no immediate deal announcements are expected, the firm anticipates team growth in Miami and potentially in satellite offices across the country as PXV expands.
Ferrari’s Extensive Background
Ferrari’s career includes nearly a decade at TruAmerica Multifamily, where he played a significant role in growing the firm’s assets under management from $6.2 billion to $15.2 billion. Prior to that, he held investment roles at AvalonBay Communities Inc. and began his career in operations at Archstone. He holds an MBA from Georgetown University and a bachelor’s degree from Skidmore College.