Matt Ferrari, Founder, PXV Multifamily

July 2026 — In an interview with Invest:, Matt Ferrari, founder of PXV Multifamily, discussed PXV’s launch, Tampa Bay’s multifamily fundamentals, and why operations matter in today’s cycle. “If you’re going to be successful, you have to fall in love with the process,” Ferrari said.

What inspired you to launch PXV Multifamily, and why was this the right moment to build your own platform?

After a decade leading a big part of TruAmerica’s business, there has been a reset in the multifamily cycle, which I think will create tremendous opportunity across the country, including in the Tampa MSA. I was also able to align myself with a very strategic capital partner that will allow me to scale PXV quickly. If you combine the new cycle we have entered with the right strategic partner, it made sense to take the leap and launch the platform.

PXV has set an ambitious goal of buying more than $2 billion in multifamily assets. What are your key milestones for the next three to five years?

That goal is ambitious, but attainable. We would like to do that over the next three years and scale the platform on a national level in all the markets we are targeting. Tampa is one of those markets, and I have transacted there numerous times.

To do that, you need the right people. We are building out the team in Miami and eventually around the country. The first wave is pretty much complete, and we are already actively under contract on properties across the country. We are well on our way. It is not going to be easy, but if it were easy, it would not be fun to do.

How do you assess Tampa Bay’s strengths today, and where do you see the greatest opportunities?

Tampa Bay, and the broader state of Florida, benefits from in-migration. When you look at the most desirable places to live in Florida, you have Southeast Florida, Orlando, and Tampa. Tampa attracts a variety of people. It is affordable, but still a great place to live.

There are also industries moving into the city. You are near CENTCOM, so there are defense companies, financial and professional services, and manufacturing. In the previous multifamily cycle, a lot of apartments were built, but supply is trending down, which is positive for owning apartments.

A lot of housing has been built, which means it is an affordable place to rent, and that should be a tailwind. You also cannot beat the weather, lifestyle, taxes, and business-friendly climate that encompass Tampa, which means it should have long-term tailwinds.

What differentiates PXV from other multifamily investors operating in the region today?

In the previous multifamily cycle from 2010 to 2020, the mistake was not buying or building. You could buy or build almost anywhere in the country, and it was pretty easy to make money. Then the cycle turned in 2022 and 2023. Operations started to matter. We were dealing with higher interest rates, expense inflation, and decelerating rents to the point where rents were going down. All of a sudden, people who were good at raising capital or transacting got exposed.

I started my career with Archstone on the property management side of the business. Years later, I pivoted into the transaction world, so I have an operations-first background and then learned the transaction piece after that. Going forward, the operators that can buy right, capitalize right, and operate the heck out of real estate are going to be the ones who outperform.

That is the key differentiator for us. Before, you could hide behind outsized rent growth and cap rate compression if you did not have a great operating platform. That is not the case now, because the returns are going to be done at the margin.

I compare it to mountain climbing. When you are hiking an easy mountain in Colorado, who guides you does not really matter. But when you are on a Himalayan peak at 8,000 meters with thin air, bad weather, and difficult logistics, your guide matters. It is no different in multifamily. This is an operations-intensive business, and in the current environment, you need people running your assets who have that experience and focus.

What trends are most attractive to PXV, and what characteristics do you look for when evaluating a new investment opportunity?

Today, we are focused on buying from the accidental medium-term owner. There are a lot of people who own multifamily who never intended to own it for five or more years. They intended to build it and sell it. They intended to buy it, fix it, and sell it in a couple of years. Maybe they are a lender who never intended to own it. That is because of changes in the capital markets and operations.

Ultimately, those people will need to sell, and we would like to provide some relief and buy those assets. Ideally, it is an asset where we can add value operationally, implement the right technology, or implement the right capital plan to improve it and fix it up.

We are more focused on the story around the asset in markets we really believe in. Tampa is one of those markets where we have high conviction. We think the demographic trends, job growth trends, supply trends, and business-friendly climate are all positives, especially compared with markets that have high regulatory risk or are not owner-friendly.

How are technology, data analytics, and AI influencing how you source deals, manage assets, and make investment decisions?

Everything from underwriting a deal to analyzing a market can be done more quickly using AI. There are also benefits to the resident experience. Our management teams can use technology to be more responsive to prospects when they want to move in and to existing residents when they have a question, need something resolved, or have a service request.

Back in the day, the maintenance team had to go to a computer to print out a service request and then go to the unit. Now they can do everything from their phone. As soon as they fix the problem, they can close out the service request, and the resident will instantly know the problem is resolved.

Our teams can be more efficient, and residents get a better customer experience. If you want to interact with a staff member, you can. If you want a self-guided property tour, technology allows that. From the investment and analysis side, we can track property performance more efficiently and assess which properties may be lagging in service requests or resolving issues. At the end of the day, our goal is to provide the best resident experience so residents want to continue living at our properties.

Looking ahead, what are your key goals and priorities for the next three to five years?

We focus on process goals more than outcome goals. We like to create a system or process to get to the outcome goal, then follow that system and process day in and day out. We take feedback along the way so we can refine the process. If you’re going to be successful, you have to fall in love with the process, and I think we have a team here that does.

We are in an environment where apartment supply is going to be trending down. We are also in a higher-risk interest rate environment, which we have to accept, and that will probably keep a lid on future development. Ultimately, I think supply and demand will come back into balance in Tampa and across the country. That will create a healthy apartment market that is good for both apartment owners and renters, with modest rent growth.

Our outlook is very positive. There has been a reset in values, and I think that will create opportunity for real estate investment companies across the country. There will be choppiness to it, and it will not be easy, but that is what will make it exciting and rewarding.