Property Details
Stabilized Occupancy  Below Market Rents  NOI Growth 
Asset Profile
Core Plus

BAM Multifamily Growth Fund

Midwest

Multi-Family Fund

This deal is oversubscribed

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BAM Capital Indianapolis, IN
BAM Capital
  • IRR 21%
  • Equity Multiple 2.06
  • Hold Period 4-6Y
  • Minimum Investment $25K
  • Year 1 Cash on Cash 7%
  • Stabilized Cash on Cash 8-9% Y2-5
  • First Distribution Dec 2020
  • Distribution Frequency Monthly
  • Co-Investment See Note
  • Preferred Return 7%
  • Investor Profit Share See Financials
  • Asset Profile Core Plus
  • Loan-to-Value 73%
  • Current Occupancy 96.36

About this Fund

"A core+ Multifamily Fund focusing on upper workforce housing located in the Midwest. Seeking low-risk assets with in-place cash flows (exceeding 7%) and high appreciation potential through modest value add. In-house Property Management & Construction allow for predictable cost reduction & value add."

-Curtis Edwards, BAM Capital

Fund Type Multifamily
Investment Timing All Equity Called Upon Close
Market(s) Midwest
Target Fund Size $50MM
Amount Deployed $30MM
Date Opened for Investments June 2019
Est. Time to Next Investment Early November 2020
Est. Time to Initial Distribution December 2020
  Current Assets in Fund Current & Final Raise will Purchase
Property Addresses

The Reserve
700 Reserve Blvd
Evansville, IN

Greenfield Crossing
2011 NE Bay Dr
Indianapolis, IN

Hamilton Station
101 Shamrock Cir
Pendleton, IN

The Bristol
7705 Harborside Dr
Camby, IN

Aberdeen
8680 Walnut Grove Dr
Indianapolis, IN

Pebble Brook
5475 Winding River Rd
Noblesville, IN

Year Built 2008 1997 2000 2004 2002 2001
Year Renovated N/A N/A 2018 N/A 2010 N/A
Average SF/Unit 1074 993 912 1013 1,035 878
# of Units 158 272 192 211 354 236
Current Occupancy 96.2% 96.7% 98.4% 95.3% 98.0% 97.7%
Market Occupancy  95.0% 95.0% 95.0% 95.0% 95.0% 95.5%
Current Average Rents $1,097 $948 $992 $1,073 $994 $938
Average Market Rents $1,020 $877 $1,253  $1,135 $1,195 $,1,151

Top Questions

All answers are provided by the sponsor, BAM Capital, or its representatives.

 

What is your investment strategy/business plan for the Fund?

Curtis Edwards, BAM Capital: "The Fund relies on both Market and Forced appreciation."

"Market: Buying assets in High Growth corridors, with Dynamic Employment, and Top Tier school system allows the fund to maximize market appreciation."

"Forced: Being fully vertically integrated dramatically reduces cost and risk, making the deal analysis more predictable. BAM Capital's Management company is not a profit center which allows more returns to be passed along to investors."

"The Fund will be fully invested at the end of October 2020, and BAM is targeting July 2024 to bundle the entire fund and sell to a larger syndicate."

 

What are the most important aspects of the fund for investors?

Curtis Edwards, BAM Capital:

  • "Being fully vertically integrated dramatically reduces cost and risk, making the deal analysis more predictable. BAM's Management company is not a profit center which allows more returns to be passed along to investors."
  • "Investing in the Midwest, a non boom or bust market, with expert local knowledge is key to the Funds success. Having all 6 assets selected as BAM Capital closes the Fund with this final round, provides further confidence to all investors. Each asset is performing as planned or better."
  • "Having a GP that invests 13%+ shows alignment with LP’s"
  • "Stabilized Cash on Cash return 8-9%, 21% IRR, 2.06x MOIC with a 4-year targeted exit"

 

How has COVID-19 impacted your business plan?:

Curtis Edwards, BAM Capital:

"The Fund has had an increase in occupancy and collections as a result of Covid19 (tenants moving down from luxury into our value-add). The Fund’s assets are targeted to the “upper workforce housing” demographic in dynamic job markets which have fared well during Covid19. Current Fund occupancy is 96.36% and delinquencies have decreased/improved overall."

"Rent collection the past six months:
March: 97.3%
April: 97.2%
May: 97.1%
June: 98.0%
July: 97.7%
Aug: 97.8%
September will be no exception."

 

What are the risks and how are you mitigating those risks?

Curtis Edwards, BAM Capital:

  • "Cost Overrun Risk: In house property management control reduces cost overruns, eliminates loss of control of boots on the ground, prevents a lack of "ownership mentality" within management. Property management is execution driven vs profit motivated (a common problem with 3rd party management)"
  • "Acquisition Risk: Acquiring assets with in place cash flows located in growing markets. Much risk can be avoided simply by having a disciplined approach to acquisition criteria and underwriting with a consistent Investment Thesis. BAM Capital target assets with a going in "break even" occupancy of ~65%."
  • "Refinance & Maturity Risk: Use of long term, fixed rate debt locks in debt service and greatly reduces "refinance " risk, "maturity" risk and the risk of having to sell into a bad market."
    • "BAM’s approach to risk management gives its investors’ confidence in the stewardship of their capital. With steady income streams along with capital appreciation over the hold period, BAM achieves the highest risk-adjusted returns possible."


      All answers are provided by the sponsor, BAM Capital, or its representatives.

About this Fund

"A core+ Multifamily Fund focusing on upper workforce housing located in the Midwest. Seeking low-risk assets with in-place cash flows (exceeding 7%) and high appreciation potential through modest value add. In-house Property Management & Construction allow for predictable cost reduction & value add."

-Curtis Edwards, BAM Capital

Fund Type Multifamily
Investment Timing All Equity Called Upon Close
Market(s) Midwest
Target Fund Size $50MM
Amount Deployed $30MM
Date Opened for Investments June 2019
Est. Time to Next Investment Early November 2020
Est. Time to Initial Distribution December 2020
  Current Assets in Fund Current & Final Raise will Purchase
Property Addresses

The Reserve
700 Reserve Blvd
Evansville, IN

Greenfield Crossing
2011 NE Bay Dr
Indianapolis, IN

Hamilton Station
101 Shamrock Cir
Pendleton, IN

The Bristol
7705 Harborside Dr
Camby, IN

Aberdeen
8680 Walnut Grove Dr
Indianapolis, IN

Pebble Brook
5475 Winding River Rd
Noblesville, IN

Year Built 2008 1997 2000 2004 2002 2001
Year Renovated N/A N/A 2018 N/A 2010 N/A
Average SF/Unit 1074 993 912 1013 1,035 878
# of Units 158 272 192 211 354 236
Current Occupancy 96.2% 96.7% 98.4% 95.3% 98.0% 97.7%
Market Occupancy  95.0% 95.0% 95.0% 95.0% 95.0% 95.5%
Current Average Rents $1,097 $948 $992 $1,073 $994 $938
Average Market Rents $1,020 $877 $1,253  $1,135 $1,195 $,1,151

Top Questions

All answers are provided by the sponsor, BAM Capital, or its representatives.

 

What is your investment strategy/business plan for the Fund?

Curtis Edwards, BAM Capital: "The Fund relies on both Market and Forced appreciation."

"Market: Buying assets in High Growth corridors, with Dynamic Employment, and Top Tier school system allows the fund to maximize market appreciation."

"Forced: Being fully vertically integrated dramatically reduces cost and risk, making the deal analysis more predictable. BAM Capital's Management company is not a profit center which allows more returns to be passed along to investors."

"The Fund will be fully invested at the end of October 2020, and BAM is targeting July 2024 to bundle the entire fund and sell to a larger syndicate."

 

What are the most important aspects of the fund for investors?

Curtis Edwards, BAM Capital:

  • "Being fully vertically integrated dramatically reduces cost and risk, making the deal analysis more predictable. BAM's Management company is not a profit center which allows more returns to be passed along to investors."
  • "Investing in the Midwest, a non boom or bust market, with expert local knowledge is key to the Funds success. Having all 6 assets selected as BAM Capital closes the Fund with this final round, provides further confidence to all investors. Each asset is performing as planned or better."
  • "Having a GP that invests 13%+ shows alignment with LP’s"
  • "Stabilized Cash on Cash return 8-9%, 21% IRR, 2.06x MOIC with a 4-year targeted exit"

 

How has COVID-19 impacted your business plan?:

Curtis Edwards, BAM Capital:

"The Fund has had an increase in occupancy and collections as a result of Covid19 (tenants moving down from luxury into our value-add). The Fund’s assets are targeted to the “upper workforce housing” demographic in dynamic job markets which have fared well during Covid19. Current Fund occupancy is 96.36% and delinquencies have decreased/improved overall."

"Rent collection the past six months:
March: 97.3%
April: 97.2%
May: 97.1%
June: 98.0%
July: 97.7%
Aug: 97.8%
September will be no exception."

 

What are the risks and how are you mitigating those risks?

Curtis Edwards, BAM Capital:

  • "Cost Overrun Risk: In house property management control reduces cost overruns, eliminates loss of control of boots on the ground, prevents a lack of "ownership mentality" within management. Property management is execution driven vs profit motivated (a common problem with 3rd party management)"
  • "Acquisition Risk: Acquiring assets with in place cash flows located in growing markets. Much risk can be avoided simply by having a disciplined approach to acquisition criteria and underwriting with a consistent Investment Thesis. BAM Capital target assets with a going in "break even" occupancy of ~65%."
  • "Refinance & Maturity Risk: Use of long term, fixed rate debt locks in debt service and greatly reduces "refinance " risk, "maturity" risk and the risk of having to sell into a bad market."
    • "BAM’s approach to risk management gives its investors’ confidence in the stewardship of their capital. With steady income streams along with capital appreciation over the hold period, BAM achieves the highest risk-adjusted returns possible."


      All answers are provided by the sponsor, BAM Capital, or its representatives.

Offered By

BAM Capital

BAM Capital

Indianapolis, IN

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Assets Under
Management

Currently
$400MM 10+ assets
Exited
$16MM less than 10 assets
Portfolio LTV
65%  
Historical
Realized Returns

Total IRR
35.1%  
Equity Multiple
2.06x  
Annual Cash
8%  
Years Of
Experience

As Principals
25+ years  
In Business
10 years  
Size
15 Staff * Dedicated investor relations
* All information is reported by BAM Capital as of 9/23/2020.
Assets Under
Management

Currently
$400MM 10+ assets
Exited
$16MM less than 10 assets
Portfolio LTV
65%  
Historical
Returns

Total IRR
35.1%  
Equity Multiple
2.06x  
Annual Cash
8%  
Years Of
Experience

As Principals
25+ years  
In Business
10 years  
Size
15 Staff * Dedicated investor relations
* All information is reported by BAM Capital as of 9/23/2020.

Financials

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Offering Financial

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Diligence Preview

Location Details

Midwest

Curtis Edwards, BAM Capital: "The Midwest (Indiana) has 32 years of 2.9% or greater rent growth, the market doesn’t boom or bust. The Midwest has diversified dynamic employment with great Logistics (FEDEX #2 hub, Amazon fulfillment centers, Walmart fulfillment centers), e-commerce, and Healthcare jobs. Indianapolis, IN and Columbus, OH are experiencing record population growth in the secondary and tertiary markets. The Yardi Matrix stated “Of our top 30 markets, the best performer, Indianapolis, had 3.5% year-over-year rent growth in August."

Documents

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Offering Agreement Documents

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