BAM Capital Enters Southeast Market with North Carolina Acquisition
With a 334-unit purchase in Leland, North Carolina, Indianapolis-based BAM Capital has officially expanded its portfolio into the Southeast. The acquisition of The Marling at Town Creek, completed in 2024, serves as the latest addition to the firm's Multifamily Growth Fund V, signaling a strategic shift toward high-growth coastal markets.
The firm secured the property at an estimated 17.4% discount to replacement cost, aligning with a broader strategy of acquiring institutional-grade assets in regions characterized by strong employment and population gains. CEO Ivan Barratt noted that the company has spent five years evaluating the Wilmington area, identifying the region's demographic trajectory—which includes a 32% population increase since 2010—as a primary driver for the investment.
Located within 25 minutes of 129,000 jobs, including major hubs like Amazon and Novant Health, the property features amenities such as a saltwater pool, co-working suites, and a café. This acquisition marks a diversification for Fund V, which previously focused on Midwest markets like Bloomington and Kansas City. The fund targets a 15-20% net IRR, leveraging the firm’s vertically integrated management platform to extract value from the recent build.
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