Highlights

• Institutional Quality Asset Built with Best-in-Class Amenities
• Exceptional Location in Kansas City, MO
• Significant Economies of Scale – Up to $800 Savings in Controllable Expenses per Unit Annually
• Ability to Maximize Ancillary Income by over $1,000 per Unit Annually
• In-Place Rents are 7.7% Below the Best Market Comp
• Near Up-and-Coming Economic Drivers
• Submarket Exceeded 25% Total Rent Growth in Last Five Years
• Park Hill School District Ranks in Top 10% of All School Districts in Nation

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Highlights

• Institutional Quality Asset Built with Best-in-Class Amenities
• Exceptional Location in Wexford, PA
• Significant Economies of Scale – Up to $1,400 Savings in Operating Costs per Unit Annually
• Ability to Maximize Ancillary Income by over $800 per Unit Annually
• In-Place Rents are 8.56% Below the Best Market Comps
• Wallet Share of only 16.64% in Wexford, PA
• Nationally-Ranked Education – North Allegheny School District is 27th Best in the US
• Easy Accessibility to Major Economic Drivers

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Highlights

• Institutional Quality Asset Developed in 2022
• Outstanding Location in Whitestown, the Fastest Growing Suburb in Indiana
• Population Growth of 255% Since 2010
• Strong In-Place Cash Flow
• Management/Operations Upside
• Economies of Scale with Other Assets Operated by The BAM Companies
• Best-in-Class Amenities and Unit Interiors/ Finishes
• Exceptional School System

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Highlights

• Institutional Quality Asset Built in 2015
• Exceptional Location in Fishers, IN
• Significant Economies of Scale – Up to $1,000 Savings in Operating Costs
• Easy Accessibility to Major Economic Drivers and Upscale Retail
• Outstanding Demographics with Explosive Population Growth

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Highlights

• Institutional Quality Asset Built in 2021
• Exceptional Location Anchored by Three Fortune 500 Companies
• Strong Occupancy and In-Place Cash Flow
• Significant Management Upside
• Below Market Rent with First Generation Leases
• Proven Leasing Demand – Limited New Class A Supply
• Best-in-Class Amenities
• Highly Visible and Accessible

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Highlights

• Institutional Quality Asset Built in 2019
• Outstanding Location in Noblesville, an Affluent Suburb of Indianapolis
• Population Growth of 191% Since 2010 within a One Mile Radius
• Strong In-Place Cash Flow
• Management/Operations Upside
• Economies of Scale with Other Assets Operated by The BAM Companies
• Limited Nearby New Construction
• Best-in-Class Amenities and Unit Interiors/ Finishes
• Exceptional School System

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Highlights

• Increasing NOI through Management efficiencies
• Economies for scale with 4 other sister assets (1000+ units) in the market within 20 mins
• Rents an average of $250 below competitors

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Highlights

• Increasing net operating income through management efficiencies
• Upgraded amenities package including a new dog park
• Rents $100 below competitors

Metrics

• Total Square Feet: 180,000

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Highlights

• Built in 2017 & 2019
• Below market rent by as much as $290/month
• Significant management upside
• Strong surrounding demographics
• Strong and consistent in-place cash flow
• A diverse set of floor plans and unit mix
• Comprehensive amenity package featuring two swimming pools
• Located near Wells Fargo’s 160-acre campus and major retail area

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Highlights

• Recapitalized from BAM Multifamily Growth Fund I
• Located near Indianapolis International Airport
• Located near upscale shopping centers
• Dynamic employment in logistics & e-commerce
• Rent 11% below market
• Immediate cost reduction (salaries, management fees, insurance)

Metrics

• Total Square Footage: 213,671

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Highlights

• Recapitalized from BAM Multifamily Growth Fund I
• Favorable demographics
• High-paying jobs, population increasing
• Desirable school system
• Within 15 mins of 5,000 medical jobs
• $150 increase from rent restriction lift
• $400 increase in ancillary revenue per unit
• Upscale retail areas
• Prior management deemed weak

Metrics

• Total Square Footage: 175,106

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Highlights

• Economies of scale with Asset 3 – The Summit at Heritage
• #1 Best Place to Live in the Midwest for High Salaries and Low Cost of Living
• Rapidly growing commercial, medical, educational, and cultural hub
• Near Des Moines University, Drake University, and Wells Fargo campus
• Revenue growth
• Current rent trails competitors by $150
• Easy access to 4 major highway systems

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Highlights

• Largest metropolitan statistical area in IA
• Microsoft Corporation and Apple, Inc investing over $5 Billion, combined, in data centers
• 7.4% population growth next 5 years vs. US avg of 4.69% (Des Moines)
• Key renter demo (18 to 35yrs) is expected to grow 56.2% by 2026 (Grimes)
• #5 on Best Place to Live in the US; 2 years running (Des Moines)
• Rapidly growing commercial, medical, educational, and cultural hub
• Revenue growth: current rent trails competitors by $150 – $225
• Easy access to 4 major highway systems

Metrics

• Total Square Footage:  296,237

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Highlights

• Economies of scale with Asset 2
• Assuming favorable debt terms
• Can pursue supplemental financing immediately
• Systematic submarket rent growth due to proximity to Asset 2
• Revenue growth: current rent trails competitors by $100 – $150
• Favorable, larger floor plans
• SW submarket achieved rent growth of 7.7% in 2020
• Commercial, medical, educational, and cultural hub of Northeast Indiana

Metrics

• Total Square Footage:  212,558

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Highlights

• Second largest metropolitan statistical area in Indiana
• Newest product in area with substantial revenue growth
• current rent trails competitors by $100 – $150
• SW submarket achieved rent growth of 7.7% in 2020
• Commercial, medical, and cultural hub of Northeast Indiana
• Easy access to six major highway systems
• Major regional education hub with five award-winning higher education institutions such as Purdue University
• Economies of scale with Asset 3 – Canal Flats

Metrics

• Total Square Footage: 161,060

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Highlights

• Located on Main Street in the middle of Indianapolis’s most affluent northern suburb of Carmel
• Record population growth since 2000: Westfield (229%), Noblesville (105%), Carmel (45%) and Fishers (135%)
• Current submarket rent comparable properties have average rents $537+ per unit higher than The Gallery
• Ability to reduce management cost by $800 per unit per year through managerial efficiencies
• Extensive value-add to units and amenities (new pool, dog park, grilling area)
• Short term hold (2-3yrs vs 5-7 typical hold)

Metrics

• Total Square Footage: 63,274

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Highlights

• Ideally located in Champaign (250k population), home to the University of Illinois (45k students)
• Strong market employment including IBM, Kraft Heinz, FedEx, Yahoo!, AMD, Caterpillar, John Deere and Dow Chemical
• Resort-style clubhouse and pool, state-of-the-art fitness center, yoga studio, full indoor basketball court, 1500sq ft business center, coffee bar, dog park, sand volleyball court, car care center, sundeck, grilling stations, and tennis court

Metrics

• Total Square Feet: 333,970

Highlights

• Upgraded the amenity package with a new poolside fitness center and business center in the old fitness location and bark park.
• Expense reduction through a more hands-on management approach
• Ideally located adjacent to Dayton mall and other bustling employment
• Easy commute to region’s largest employers (I-75, I675, SR 725 and SR 743)

Metrics

• Total Square Feet: 218,002

Highlights

• Immediate management cost reduction per unit of $900
• Highest average income in Indianapolis MSA
• Desirable school system
• Easy commute to over 5,000 medical jobs
• Prior management deemed weak
• Record population growth since 2000: Westfield (229%), Noblesville (105%), Carmel (45%) and Fishers (135%)

Highlights

• 90% value increase in under 3 years
• All initial capital returned after a cash-out refinance (investors still retain their equity shares)
• Renovation resulting in ~$200 in per door rent increases.
• Ancillary revenue is up ~60% (applications fees, pet rent, water/sewer, trash, garage rent, admin fees, etc.)

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Highlights

• 7-year business plan was achieved in 3 years
• Significant management expense reduction
• Replaced roofs, full interior renovation, redesigned sewage system and plumbing

Economics

• Targeted Hold time: 7 yrs
• Realized Hold Time: 3 Yrs
• Targeted IRR: 17%
• Targeted Equity Multiple: 2.09X
• Realized Equity Multiple: 2.55X

Highlights

• Shared management teams with sister property within close proximity which resulted in reduced maintenance expenses.
• Light upgrades to units and amenities

Economics

• Targeted Hold Time: 7 yrs
• Hold Time: 3 yrs
• Targeted IRR: 19%
• Realized (Net) IRR: 23%
• Targeted Equity Multiple: 2.8X
• Realized Equity Multiple: 1.8X

Highlights

• 10-year business plan was achieved in year 4; exceeding multiple and IRR return projections.
• Infused $3M into unit and common area upgrades
• Fully renovated 200 Units
• Substantial capital expenditures: roofs, clubhouse pool

Economics

• Targeted Hold Time: 10 yrs
• Hold Time: 4 yrs
• Targeted IRR: 17%
• Realized (Net) IRR: 23%
• Targeted Equity Multiple: 3.3X
• Realized Equity Multiple: 2.33X

Highlights

• Renovated all 112 units in the first two years solely with in-house maintenance team changing to modern grey paint scheme, adding new black appliances, new flooring, new countertops, new nickel hardware
• Major Amenity Upgrades: Replaced several roofs, new playground equipment, redecorated clubhouse, replaced all exterior and common area lighting with LED fixtures, parking lot repairs and seal coat/restripe
• Total rent grew 29.6% during operations
• Average rent grew 19% during operations

Metrics

• Targeted Hold Time: 10 yrs
• Hold Time:7 yrs
• Targeted IRR: 17%
• Realized (Net) IRR: 27.3%
• Realized Equity Multiple: 4.21X

Highlights

• $1.062M in capital expenditures completed organically over the 4 year hold period, ranging from common area painting, washer/dryer hookup installation, balcony repairs, roof replacements, green repairs (done completely in-house), masonry repairs, and HVAC replacement.
• Average lease rent grew 19% over 4 year hold period (avg 4.8% Y-o-Y)
• Total rent income grew 22.6% over 4 year hold period (avg 5.7% Y-o-Y)
• NOI grew 81% final BAM T12 versus previous owner T12 ($796k to $1.44mm)
• Total Operating Expense reduction of $675/unit from the previous owner

Metrics

• Hold Period: 4 years
• Actual IRR: 37% (Target – 19.261%)
• Actual Equity Multiple: 3.2x (Target – 2.79x)

Highlights

• Renovated 200 units
• Major amenity upgrades: new leasing center, renovated fitness center, upgraded playground, new dog park, new bocce ball court
• Average rent growth of 22.9% during operations
• Total rent income grew 21.4% during operations

Metrics

• Targeted Hold Time: 10 yrs
• Hold Time: 3.5 yrs
• Targeted IRR: 33%
• Realized (Net) IRR: 32%
• Targeted Equity Multiple: 2.3X
• Realized Equity Multiple: 2.42X