How Fund V Is Putting BAM Capital’s Acquisition Strategy to Work

The multifamily market is entering a new phase. After several years of elevated construction, the wave of new supply is beginning to burn off in many markets just as rental demand starts to strengthen. At the same time, the growing gap between the cost of owning and renting continues to make renting more attractive to households.

Financing pressures are also creating opportunities as some owners face higher borrowing costs and maturing debt, putting pressure on their capital structures and, in some cases, forcing sales of well-positioned properties at meaningful discounts.

These market dynamics were among the key points BAM Capital Founder and CEO Ivan Barratt discussed during a recent webinar focused on today’s multifamily market and where disciplined operators are finding opportunities. Those insights are also shaping the strategy behind BAM Multifamily Growth Fund V, which is approaching its third acquisition and expanding into the Southeast.

As Ivan put it during the webinar, “Multifamily is at a discount today.”

Fund V Builds on Early Momentum

BAM Multifamily Growth Fund V is putting that approach to work across a range of markets, looking for opportunities where strong fundamentals and an attractive acquisition basis create the potential for long-term value.

Fund V is targeting a net IRR of 15% to 20% and an equity multiple of 2.0x to 2.5x. The fund’s first acquisition, Hayden Flats in Bloomington, Indiana, closed in October 2025 and offered the opportunity to acquire a brand-new asset at approximately 8% to 9% below its replacement cost. The market also benefits from strong demand, including a large student population and a major medical-device company and naval facility, while new development remains limited.

The second acquisition, Kinsley Forest in the Kansas City area, closed in December 2025 and provided another compelling opportunity. Located in Clay County, the property benefits from strong schools, limited land available for development and only about 300 units of new supply in the area. BAM Capital acquired the property at approximately 12% below replacement cost and brought its management expertise to the asset to help improve operations and reduce costs.

Fund V’s third acquisition represents a new chapter for the fund: its entry into the Southeast. The fund is approaching the acquisition of a 330-unit property in Leland, North Carolina, expanding its footprint into the Wilmington MSA.

Why the Southeast?

BAM Capital has been watching the Southeast for years. The region’s population growth and economic expansion have made it an attractive multifamily market, but the influx of capital made it difficult to find opportunities that met the fund’s investment objectives.

That changed as the market began to work through a major wave of new apartment supply. As Ivan explains:

“Everyone knew the Southeast was growing like crazy, and capital rushed in. We just never found a deal where we could target the investment returns we wanted for our investors. That’s all changed. The Southeast is still growing rapidly, but all that capital also brought a massive amount of new supply to markets like Wilmington. That supply has now been absorbed, with very little new supply expected through 2030, while population growth continues.”

Wilmington also stands out for its strong population and employment growth, with the market growing 32% since 2010 and 129,000 jobs located within a 25-minute drive. Major employers, including Amazon and Novant Health, continue to invest in the area, supporting long-term demand for housing.

Meanwhile, new apartment deliveries have slowed, helping push average market occupancy to 93.3% and creating a more favorable supply-and-demand environment.

The Marling at Town Creek, a 330-unit community within the Wilmington MSA, offered the combination BAM Capital was looking for: strong underlying market fundamentals, an attractive acquisition basis, and an opportunity to grow rents as the property continues to stabilize.

BAM Capital is preparing to acquire The Marling at Town Creek for approximately $208,000 per unit, representing a significant discount. In other words, BAM Capital will be purchasing the property for roughly 80 cents on the dollar compared with the cost to build it today.

Fund V Continues to Grow

Once the acquisition closes, Fund V will have 960 apartments across three acquisitions, with plans to roughly double that number as the fund continues to grow. The fund continues to evaluate opportunities and plans to add units as the right investments become available.

The opportunity today isn’t simply about buying more multifamily. It’s about finding the right assets, in the right markets, at the right price, and having the operating capabilities to create value after the acquisition.

For BAM Capital, that means staying disciplined while looking beyond our traditional markets when the fundamentals make sense. Fund V’s expansion into Wilmington is a good example of how we’re putting that approach to work in today’s multifamily market.

To learn more about BAM Multifamily Growth Fund V, reach out to our investor relations team at invest@bamcapital.com.

 

All Article Disclaimer: 

Disclaimer: This content is for informational purposes only and is not financial, tax, legal, or investment advice, nor an offer or solicitation to buy or sell securities. Investment opportunities offered by BAM Capital and its affiliates are made pursuant to Rule 506(c) of Regulation D, available exclusively to accredited investors, as defined by the Securities and Exchange Commission (SEC) and, if applicable, qualified purchasers, as defined by Section 2(a)(51) of the Investment Company Act of 1940. Verification of accredited investor status is required before participation in any investment.

Contact BAM Capital for details on current offerings. BAM Capital and its representatives are not fiduciaries or investment advisors. The information provided is general and may not reflect individual financial goals. Financial terms, projections, or forward-looking statements contained herein are hypothetical and should not be interpreted as guarantees of future performance or safety. Such statements reflect BAM Capital’s opinion and are subject to market fluctuations, economic conditions, and investment risks. Investing in private real estate securities involves significant risks, including, without limitation, illiquidity, economic downturns, and potential loss of invested funds or capital. Past performance does not predict or guarantee future results. Historical transaction figures represent past performance across multiple deals as of the date this information was published, not a single investment transaction. BAM Capital and its affiliates do not guarantee the accuracy or completeness of this information. Prospective investors are strongly encouraged to conduct independent due diligence and consult with legal, tax, and financial advisors before making any investment decisions.

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