For years the numbers didn't work for me. In my opinion, as of October 2026, that may be changing. Here's what I'm watching, and what would prove me wrong.
I'm Josh Ax, a principle-based investor. For years, I didn't believe the multifamily market supported raising money from investors, so I didn't. We buy, renovate, and operate apartment communities in northeastern Pennsylvania. This is my opinion, not a forecast or a promise.
What I'm watching in the multifamily market (my opinion, as of October 2026)
For years, the numbers I look at didn't support asking anyone else to invest, so I didn't. In my opinion, as of October 2026, that may be changing. If you're an accredited investor who may want to review a future offering, this may be a reasonable time to get your capital ready: talk with your own advisors, decide what you could afford to have tied up for years or lose, and go at your own pace. No offering exists today, and there is no deadline. Here is what I'm watching:
In our view, many apartment values are below their 2021–2022 peaks.
In many markets, construction starts have fallen sharply from their recent highs, which over time can tighten available supply.
Owners who bought with short-term, floating-rate debt are facing refinancing pressure, and some will need to sell.
Several of our acquisitions came from relationships with owners that took years to develop.
What could prove me wrong
- Interest rates stay high or rise, keeping cap rates and borrowing costs elevated.
- Rents stay flat or fall, or occupancy weakens in the markets we focus on.
- Pricing doesn't actually reset where we buy, because sellers hold on or buyers bid prices back up.
- Operating costs (insurance, taxes, labor, repairs) keep rising faster than rents.
- Construction starts recover sooner than expected, or a recession hits renter demand.
If these happen, I may change my view, and I'll say so here and in the monthly update.
Read our latest market commentary →Operators first.
Ax Multifamily is led by Josh Ax, a full-time real estate investor. His experience buying and operating real estate, along with our hands-on multifamily operating experience, shapes how we underwrite, buy, and manage apartment communities.
Properties were acquired by Josh Ax personally or through affiliated entities, before Ax Management LLC was formed, using his own capital plus lender and creative financing arrangements. No outside equity investors have participated to date. Figures are property counts, not investor returns.
Parkway ManorKingston, PA · 35 units · sold 2022
Capitol Hill ApartmentsMountain Top, PA · 22 units · sold 2025
Wyoming AveKingston, PA · 8 units · currently owned
Managed under our own roof.
We manage our properties in-house. Keeping management under our own roof helps us control costs and stay close to every building, backed by deep roots in property and asset management.
- Rentals managed in-house, not handed to a third-party manager
- A streamlined approach to operating costs
- Deep roots and experience in property and asset management
Managing in-house is how we operate. It does not ensure lower costs or any particular investment result, and every investment involves risk, including loss of principal.
Our approach
New to investing as a limited partner?
In a syndication, investors own an interest in an apartment property alongside other investors, without managing it day to day. Syndications also involve real risks, long hold periods, and limited liquidity. We'd rather you understand both sides first.
Stay informed.
Join the Ax Multifamily list for our monthly market commentary and educational content. Joining the list does not make you eligible for any offering.
Any offering will be limited to accredited investors whose status we verify.