Portfolio & Track Record
BAM Capital Geography
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Current Portfolio Performance
Across ~$1B of Assets Currently Under Management
June 30, 2023 – June 30, 2024 | Q2 Metrics
Rent Growth
5.5%
Year over Year
Occupancy
91.3%
Q2 Occupancy
Collections
99%
Q2 Collections
Reserves
$55,612,477
Portfolio Reserves
Loan to Value
61.4%
Loan to Value
Debt Coverage
1.41
Debt Coverage
Definitions
Rent growth in real estate is the rate at which rental prices increase over time.
This is the percentage of units that are occupied by a resident. The higher the percentage, the better the occupancy is.
Collections show the percentage of residents who are paying their rent. The higher the percentage, the more our residents are adhering to their payment schedules.
In real estate, reserves are funds set aside to cover future costs and financial obligations, especially those that are unexpected. This can be used for things such a storm damage and capital expenditures.Â
The lease trade-out percentage is an indicator of whether new leases are renting above or below the average rents in place, and indicates whether rents to new residents are trending up or down.
Debt coverage is the net operating income divided by the annual debt service. For example, Freddie and Fannie’s minimum is 1.25 for most of their products. And they are conservative.Â
Track Record
Sold
11/2021
11/2021
Single Asset
Woods Edge Apartments
Muncie, IN
112
Units
26%
Realized IRR
4.2x
Realized Equity Multiple
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
Year Built: 1996
Class B
Sold
12/2021
12/2021
Single Asset
Abbey Court Apartments
Evansville, IN
250
Units
37%
Realized IRR
3.2x
Realized Equity Multiple
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)
Year Built: 1976
Class B-
Sold
06/2021
06/2021
Single Asset
Fountain Parc Apartments
Indianapolis, IN
241
Units
31%
Realized IRR
2.38x
Realized Equity Multiple
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
Year Built: 1965
Class B-
Sold
01/2023
01/2023
Fund I
Pebble Brook Village
Noblesville, IN
236
Units
39%
Realized IRR
1.91x
Realized Equity Multiple
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%)
Year Built:
Class
Refi
Single Asset
Oakdale Square Apartments
Bloomington, IN
200
Units
%
Targeted IRR
x
Targeted Equity Multiple
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.)
Year Built: 1972
Class B
Sold
11/2018
11/2018
Single Asset
White River Village Apartments
Anderson, IN
89
Units
44.67%
Realized IRR
2.51x
Realized Equity Multiple
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
Year Built: 1967
Class C+
Sold
12/2019
12/2019
Single Asset
Fox Brook & Walnut Manor Apartments
Muncie, IN
161
Units
24.16%
Realized IRR
1.80x
Realized Equity Multiple
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
Year Built: 1996
Class B
Sold
10/2020
10/2020
Single Asset
Lexington Green Villa Capri Apartments
Speedway, IN
237
Units
25.13%
Realized IRR
2.33x
Realized Equity Multiple
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
Year Built: 1968
Class C+
Sold
11/2021
11/2021
Single Asset
Woods Edge Apartments
Muncie, IN
112
Units
26%
Realized IRR
4.2x
Realized Equity Multiple
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
Year Built: 1996
Class B
Sold
12/2021
12/2021
Single Asset
Abbey Court Apartments
Evansville, IN
250
Units
37%
Realized IRR
3.2x
Realized Equity Multiple
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)
Year Built: 1976
Class B-
Sold
06/2021
06/2021
Single Asset
Fountain Parc Apartments
Indianapolis, IN
241
Units
31%
Realized IRR
2.38x
Realized Equity Multiple
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
Year Built: 1965
Class B-
Private equity real estate fund for cash flow stability, long-term appreciation, and accelerated tax benefits. Targeting 15-20%+ IRR and 2.0x – 2.5x equity multiple in 3-5 years.
