Property Details
Asset Profile
Core Plus

BAM Multifamily Growth & Income Fund II - Series B

Midwest

Multi-Family Fund
BAM Capital Indianapolis, IN
BAM Capital
  • IRR 15-20%
  • Equity Multiple 2-2.5x
  • Hold Period 5-7Y
  • Minimum Investment $30K
  • Year 1 Cash on Cash 3.5%
  • Stabilized Cash on Cash 5.65% in Y5
  • First Distribution Feb 2022
  • Distribution Frequency Quarterly
  • Asset Profile Core Plus
  • Loan-to-Value see PPM
  • Current Occupancy N/R

About this Fund

"A core+ Multifamily Fund focusing on upper workforce housing with a Midwest focus. Seeking low-risk assets with in-place cash flows and high appreciation potential through modest value add. In-house Property Management & Construction allowing for predictable cost reduction & value add."

-Curtis Edwards, BAM Capital

Fund Type Multifamily
Investment Timing Equity Called Over Time
Market(s) Midwest
Target Fund Size Up to $75MM
Amount Raised $50MM
Amount Deployed $39MM(1)
Date Opened for Investments April 2021
Est. Time to Next Investment December 2021
Est. Time to Initial Distribution Late April 2022
(1) Series A and Series B Units
 

Fund Assets

Fund Asset Under Contract

Property Addresses

WaterStone at Green River
5300 Crystal Lake Drive
Evansville, IN 47715

The Ventry
5495 Coventry Lane
Fort Wayne, IN 46804

Summit at Heritage
1704 NE Gateway Court
Grimes, IA 50111

Canal Flats
8045 Oriole Avenue
Wayne, IN 46804

Year Built 2016 2020 2019 & 2020 2017
Year Renovated N/A N/A N/A N/A
Average SF/Unit 1,006 895 959 1,042
# of Units 130 180 309 204
Current Occupancy 98% 100% 98% 96.41%
Market Occupancy 95% 96% 96% 96%
Current Average Rents $1,048 $1,169 $1,128 $1,154
Average Market Rents $1,139 $1,233 $1,128 $1,233

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."

"BAM is targeting April 2026 (5-year target) 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 Management (in-house property management company) is not a profit center which allows more returns to be passed along to investors."
  • "Investing with a Midwest focus, in non-boom or bust markets, with expert local knowledge is key to the Fund’s success."
  • "Having a GP that invests 10-20% shows alignment with LP’s."
  • "Potentially doubling your invested capital in ~5 years coupled with a ~55% K-1 Loss in Yr. 1."

 

How has COVID-19 impacted your business plan?:

Curtis Edwards, BAM Capital:

"BAM has seen an increase in occupancy and collections as a result of Covid19 (tenants moving down from luxury into BAM’s value-add and migration from urban core assets into the suburbs). The Fund’s assets are targeted to the “upper workforce housing” demographic in dynamic job markets which have fared well during Covid19. The occupancy for this asset class has been higher with lower delinquencies overall versus pre-covid."

 

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 targets assets with a going in 'break-even' occupancy of ~65%."

"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.

BAM Multifamily Growth & Income Fund II is offering Series A Preferred Units, as well as Series B Preferred Units. This offering page is for Series B Units, to see more information regarding Series A Units please click here and see PPM for details.

About this Fund

"A core+ Multifamily Fund focusing on upper workforce housing with a Midwest focus. Seeking low-risk assets with in-place cash flows and high appreciation potential through modest value add. In-house Property Management & Construction allowing for predictable cost reduction & value add."

-Curtis Edwards, BAM Capital

Fund Type Multifamily
Investment Timing Equity Called Over Time
Market(s) Midwest
Target Fund Size Up to $75MM
Amount Raised $50MM
Amount Deployed $39MM(1)
Date Opened for Investments April 2021
Est. Time to Next Investment December 2021
Est. Time to Initial Distribution Late April 2022
(1) Series A and Series B Units
 

Fund Assets

Fund Asset Under Contract

Property Addresses

WaterStone at Green River
5300 Crystal Lake Drive
Evansville, IN 47715

The Ventry
5495 Coventry Lane
Fort Wayne, IN 46804

Summit at Heritage
1704 NE Gateway Court
Grimes, IA 50111

Canal Flats
8045 Oriole Avenue
Wayne, IN 46804

Year Built 2016 2020 2019 & 2020 2017
Year Renovated N/A N/A N/A N/A
Average SF/Unit 1,006 895 959 1,042
# of Units 130 180 309 204
Current Occupancy 98% 100% 98% 96.41%
Market Occupancy 95% 96% 96% 96%
Current Average Rents $1,048 $1,169 $1,128 $1,154
Average Market Rents $1,139 $1,233 $1,128 $1,233

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."

"BAM is targeting April 2026 (5-year target) 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 Management (in-house property management company) is not a profit center which allows more returns to be passed along to investors."
  • "Investing with a Midwest focus, in non-boom or bust markets, with expert local knowledge is key to the Fund’s success."
  • "Having a GP that invests 10-20% shows alignment with LP’s."
  • "Potentially doubling your invested capital in ~5 years coupled with a ~55% K-1 Loss in Yr. 1."

 

How has COVID-19 impacted your business plan?:

Curtis Edwards, BAM Capital:

"BAM has seen an increase in occupancy and collections as a result of Covid19 (tenants moving down from luxury into BAM’s value-add and migration from urban core assets into the suburbs). The Fund’s assets are targeted to the “upper workforce housing” demographic in dynamic job markets which have fared well during Covid19. The occupancy for this asset class has been higher with lower delinquencies overall versus pre-covid."

 

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 targets assets with a going in 'break-even' occupancy of ~65%."

"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.

BAM Multifamily Growth & Income Fund II is offering Series A Preferred Units, as well as Series B Preferred Units. This offering page is for Series B Units, to see more information regarding Series A Units please click here and see PPM for details.

Offered By

BAM Capital

BAM Capital

Indianapolis, IN

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Assets Under
Management

Currently
$593MM 10+ assets
Exited
$61.5MM less than 10 assets
Portfolio LTV
65%  
Historical
Realized Returns

Total IRR
25.3%  
Equity Multiple
2.87x  
Annual Cash
8%  
Years Of
Experience

As Principals
30+ years  
In Business
11 years  
Size
15 Staff * Dedicated investor relations
* All information is reported by BAM Capital as of 8/19/2021.
Assets Under
Management

Currently
$593MM 10+ assets
Exited
$61.5MM less than 10 assets
Portfolio LTV
65%  
Historical
Returns

Total IRR
25.3%  
Equity Multiple
2.87x  
Annual Cash
8%  
Years Of
Experience

As Principals
30+ years  
In Business
11 years  
Size
15 Staff * Dedicated investor relations
* All information is reported by BAM Capital as of 8/19/2021.

Financials

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Offering Financial

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Diligence Preview

Location Details

Midwest

Curtis Edwards, BAM Capital: "The Midwest (Indianapolis) has nearly 40 years of 2.9% or greater rent growth (4.7% in 2020 per Cushman & Wakefield Report), 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."

Documents

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Offering Agreement Documents

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