Ryan Reyes, CEO & Managing Partner, Argyle Real Estate Capital

July 2026 — In an interview with Invest:, Ryan Reyes, CEO and managing partner of Argyle Real Estate Capital, discussed the multifamily market’s near-term softness, the return of capital, and the company’s growth strategy. “Over the next few years, the priority is to scale our portfolio, continue building on the team we have, preserve that culture, and grow in a way that is disciplined stays true to how we started,” Reyes said.

What changes over the past year in the market or financial environment have most impacted your company, and in what ways?

In the multifamily space, a significant amount of new supply has been delivered over the past few years, and that has put downward pressure on rent growth, occupancy, and the core fundamentals of the sector. At the same time, the financing environment has improved. Lenders that were on the sidelines for the past couple of years have returned, so while market fundamentals remain soft and likely will for the short term, there are still solid sources of capital available to get deals done.

It has been a slow market overall because liquidity has dried up. Last year, we acquired three deals, whereas historically we were doing six, seven, or eight deals a year. That is not for lack of effort. It is more a reflection of a less liquid market, and staying disciplined in our underwriting. Looking ahead, I believe the market will improve toward the end of this year. Supply has been absorbed at an astronomical rate, and in our business it really comes down to supply and demand. As supply moderates and demand remains strong, rents and fundamentals should improve. I am optimistic and expect a stronger second half of the year.

What recent initiatives, transactions, or partnerships have been particularly notable for the company?

I started this company three years ago, and in that time we have acquired about half a billion dollars in assets. That may not seem like a lot relative to historical transaction volumes, but compared with many of our peers, especially in this market, we continue to outperform the competition. We have been able to succeed by being very disciplined in our underwriting and deal sourcing, and by building strong institutional partnerships. 

We bring in outside institutional capital to every deal we do, so developing those relationships has been essential to our growth. Those partnerships have allowed us to continue expanding despite a challenging environment.

In a competitive real estate and financial services market like Tampa Bay, how are you approaching talent recruitment and development?

A lot of it starts with relationships. We are very intentional about hiring, and we do not hire simply to fill seats. We want people who will create real value and who can grow with us over the next 15 or 20 years. We believe strongly in building a best-in-class team across the organization, whether that is asset management, acquisitions, or other functions.

When we do hire for new positions, we take our time and make sure we are bringing in excellent, top-tierpeople, not just people who are good enough. Rehiring for the same role because the fit was not right is costly and distracting. We would rather invest the time upfront and bring in the best teammates for the organization.

What trends are shaping the real estate capital and advisory space, and how are you positioning yourself to navigate those shifts?

Technology is a major trend. Everyone is talking about AI and how it is going to affect business, and I do think it is already having an impact. There is a very tangible side of our business that technology will never replace. You still have to understand the asset, walk it, and evaluate how it will serve the end consumer. But in a more challenging market, technology has helped us move through deal analysis much faster.

Two years ago, we may have evaluated five to seven deals a week. Now we are able to evaluate 15 to 20. That has effectively tripled our output. We may only pursue one of those opportunities, or none of them, but the more efficiently we can screen deals, the greater our chances of finding the right one. In this market, that kind of efficiency matters.

What are some of the biggest challenges facing the market, and where do you see opportunities emerging?

One of the biggest challenges is the disconnect between what sellers think their properties are worth and what buyers are willing to pay. Buyers are trying to underwrite to realistic valuations, while many sellers have held onto higher expectations. That gap is beginning to narrow, and more owners are coming back to market with a more realistic view.

At the same time, there are capital structures in the market that are simply running out of time. Whether it is loan maturities, preferred equity maturities, or a combination of the two, some owners are being forced into liquidity events. Those are the opportunities we are focused on right now. In many cases, these are not people who want to sell, but people who have to sell, and we can step in and help solve that problem.

How would you characterize the state of real estate investment in Tampa Bay compared with the other markets where you operate?

We focus on markets that share a lot of the same characteristics as Tampa Bay. We own in Tampa Bay, Jacksonville, Charleston, Charlotte, Nashville, Myrtle Beach and we are also pursuing deals in places like  Wilmington, NC. The common denominator is that people want to live in these markets. That matters. There is positive net migration across all of these areas, and in our business location is the number one factor.

If you are in a strong location within a market where people want to live, that gives you a long-term advantage. We are benefiting from migration trends that continue to favor Florida and the Southeast more broadly. Compared with less business-friendly regions, these markets continue to attract people because of quality of life, culture, and economic opportunity. That is one of the reasons we have seen such rapid absorption of the units that have been delivered.

How are you engaging with or supporting the Tampa Bay community and its ongoing development?

A large portion of my free time goes into coaching Little League baseball and softball, so that is a meaningful personal commitment. As a company, we also participate in community cleanups, park projects, and other philanthropic efforts. We believe there is value in being hands-on.

Writing a check is one way to contribute, but getting involved directly and doing something tangible is often more meaningful. Whether that means helping clean up a park or improving a space people use every day, those are the kinds of efforts that make people proud of their city, and that is the type of community engagement we want to be part of.

What are your key goals and priorities for the company over the next two to three years?

I’d like to triple in size in the next 12 to 18 months. That is our goal and what we are working toward. I’d like to be at a billion in assets under management by the end of 2026, which I believe is achievable based on how we started this year.

At the same time, growth is only part of the equation. What matters just as much is maintaining our culture. I want us to keep operating with the same mentality we had when we owned one property, even when we own 20. That startup, scrappy mindset is important to who we are. Over the next few years, the priority is to continue building on the team we have, preserve that culture, and grow in a way that stays true to how we started.