Last year, Matt Ferrari launched the private multifamily investment and operating firm PXV Multifamily to build a national portfolio of apartments.
On Aug. 5, PXV Multifamily announced its first acquisition. The Miami-based firm partnered with Pamera North America to buy the 216-unit Village on the Green property in Atlanta for $29.5 million, according to a press release.
The seller was not identified in the press release, but the property was formerly managed by Peak Living, according to RentCafe. Peak Living manages communities owned by Peak Capital, according to its website.
The property came to market last December, and Ferrari said that it was the first deal that his analysts looked at under the PXV banner. “We just did a loan assumption, and so it just took a little while to get the loan assumption,” he told Multifamily Dive.
PXV Multifamily will rebrand the gated property as The Grove at Ben Hill. The asset, which sits on a 16-acre site, has a mix of one-, two- and three-bedroom apartments and townhomes across 15 residential buildings, per the release. Its amenities include a resident clubhouse with a business and fitness center, a swimming pool and pool house, tennis courts, a grilling and picnic area and a playground.
Many of the units in the property, built in 2004, are in their classic condition or have been only partially renovated. PXV will address deferred maintenance issues, install washers and dryers in all units and replace the roofs, Ferrari said.
“It's not this play where you're trying to spend tons of money to increase rents a whole lot,” Ferrari said. “We just want to operate the property well.”
PXV Multifamily plans to do a full renovation on the property’s 12 townhome units, which have attached garages. “We view those as being unique units in the market,” Ferrari said. “There are not a lot of those in this submarket.”
Ferrari said The Grove at Ben Hill’s proximity to Hartsfield-Jackson Atlanta International Airport and location in southwest Atlanta made the property attractive. “It’s a great blue-collar pocket of Atlanta, where there are jobs nearby,” he said.
The Atlanta-based Cushman & Wakefield team of Travis Presnell, Wesley Lacefield, Mike Kemether and James Wilber marketed the property on behalf of the seller.
Ferrari expects The Grove at Ben Hill to be the first of several acquisitions PXV pursues in 2026. But securing deals still depends on sellers bringing properties to market at attractive pricing.
“We're trying to buy from what I'll call the accidental long-term owner,” Ferrari said. “So that could be a developer who's owned a deal for five years instead of three. That could be an end-of-fund life [situation]. That could be a syndicator.”
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