Matt Ferrari leaves TruAmerica to start new apartment firm

Core Insights - Matt Ferrari has launched PXV Multifamily after nearly a decade at TruAmerica Multifamily, where he significantly contributed to the firm's growth, increasing its assets under management (AUM) from $6.2 billion to $15.2 billion [3] - PXV Multifamily will target a wide range of assets, including middle-market value-add properties and institutional quality opportunities, with a goal to build over $2 billion in AUM within the next 36 months [6] Company Background - Ferrari previously served as investments director for AvalonBay Communities and began his career at Archstone as operations director, managing multifamily and retail assets in New York City [4] - BroadVail Capital Partners is funding PXV Multifamily, marking its entry into the conventional multifamily sector after closing $4 billion in other real estate sectors [6] Market Outlook - Ferrari believes the multifamily investment market is poised for a turnaround, with resetting values, increased transaction activity, and improved operating fundamentals [6] - He noted that the influx of new entrants during the past cycle, many of whom are not operators and took on excessive leverage, has led to mismanagement in the market, creating investment opportunities [7]