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Ivan Barratt
  • Investor
  • Indianapolis, IN
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Closed: 434 Unit Apartment Community | Syndicated Deal

Ivan Barratt
  • Investor
  • Indianapolis, IN
Posted Nov 22 2022, 10:22

The real thanks goes to my team and our partners! Without quality people, I'd still be managing a hundred houses by myself instead of 6,000+ apartment units and more than $700 Million in AUM. Great deals are tough to find, but persistence and determination pays off!

Here are some details:

434 Units in Des Moines, IA | Institutional Quality Multifamily Asset

Equity Raise: ~$29 Million

BAM Capital received this compelling opportunity off-market because of BAM’s credible reputation with property owners and investment sale brokers. The asset was acquired ~$80k/unit less than similar vintage deals in the Midwest and well under replacement cost.

We also have a phenomenal debt relationship with a publicly traded bank that provides us with a wide array of financing options better than market rate.

BAM’s holdings are now up to ~1,000+ units in the Des Moines market giving us economies of scale which directly benefits our investors.

Business Plan: BAM Capital acquires an asset with exceptional in-place cash flows that also has a light value-add component. The current in-place rents are below market, and BAM will take advantage of its operating platform to increase operational efficiencies.

Investors have their choice between a 10% annualized monthly distribution or a 7% preferred return with a targeted IRR of 15-20+%.

This is part of the BAM Multifamily Growth & Income Fund III – a $100MM equity Fund

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Andrew Hogan
  • Specialist
  • Indianapolis, IN
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Andrew Hogan
  • Specialist
  • Indianapolis, IN
Replied Nov 22 2022, 10:28

Such a great acquisition! Honored to part of such a high-quality team :)

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Percy N.
  • Developer
  • Philadelphia, PA
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Percy N.
  • Developer
  • Philadelphia, PA
Replied Nov 23 2022, 16:35

Congratz @Ivan Barratt

We love markets with strong fundamentals that "fly below the radar" and we have a few closings before the end of the year in our Multifamily Fund II in the Huntsville, AL market.

Assuming you use your own property management function for your assets in Des Moines, IA like we do in Huntsville?

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Drew Sygit#2 Managing Your Property Contributor
  • Property Manager
  • Birmingham, MI
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Drew Sygit#2 Managing Your Property Contributor
  • Property Manager
  • Birmingham, MI
Replied Nov 24 2022, 06:32

Congrats

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Ivan Barratt
  • Investor
  • Indianapolis, IN
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Ivan Barratt
  • Investor
  • Indianapolis, IN
Replied Nov 24 2022, 07:38
Quote from @Percy N.:

Congratz @Ivan Barratt

We love markets with strong fundamentals that "fly below the radar" and we have a few closings before the end of the year in our Multifamily Fund II in the Huntsville, AL market.

Assuming you use your own property management function for your assets in Des Moines, IA like we do in Huntsville?

Yes @Percy N., we love deploying our in-house management in these emerging Midwest markets to maximize operational efficiencies while benefiting from the influx of growth.  

We're able to reduce expenses by 2,000/unit/yr in some cases by bringing management in-house.

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Ivan Barratt
  • Investor
  • Indianapolis, IN
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Ivan Barratt
  • Investor
  • Indianapolis, IN
Replied Nov 24 2022, 08:00
Quote from @Drew Sygit:

Congrats


 Thanks Drew, just focusing on climbing the mountain one step at a time. 

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