BAM Capital Amplifies Portfolio with Strategic Acquisition of Altitude 970 in Kansas City
As the multifamily apartment industry progresses, it’s evident that strategic investment and management can significantly enhance property value and provide substantial returns for investors. The recent acquisition of Altitude 970 by BAM Capital underlines this very approach, leveraging the strengths of its strategic location, luxury amenities, and a burgeoning economic environment in Kansas City, Missouri.
Altitude 970 emerges as a voguish linchpin within the BAM Multifamily Growth & Income Fund IV portfolio—completed in 2018, it comprises 291 luxury apartment units, superior to its competitive set. Its strategic proximity to Kansas City International Airport and the KCI 29 Logistics Park marks not just a convenience for residents but ensures a consistent draw in light of growing employment opportunities. Such attributes are indispensable for maintaining a robust rental performance.
At a 98% occupancy rate, the proactive and seasoned property management approach BAM Capital is known for, comes sharply into focus. “Our company’s foundation is property management and operations,” asserts Tony Landa, Chief Investment Officer at The BAM Companies. Indeed, this operational expertise is at the heart of BAM Capital’s sustained success. “The operations team is paramount to our success,” Landa emphasizes, acknowledging the critical role of their on-site personnel.
The allure of Altitude 970 extends beyond its location and into its premium offerings—amenities like a pedestrian-friendly trail, resort-style pool, fitness center, movie theater, and rooftop lounge all add to a lifestyle that resonates with modern renters’ expectations.
However, it’s not just about offering luxury; it’s about strategic investment with a vision. BAM Capital’s ability to recognize the unique selling propositions embedded in an asset exemplifies their expertise in the market. “Evaluating key differentiators that separate the asset you seek to acquire from the competitive set is critical when acquiring property. It strengthens the underlying rent assumptions to your acquisition proforma,” Landa clarifies.
With the Northland submarket demonstrating a strong rent growth trajectory and the local economic landscape flourishing, Altitude 970 sits poised for continued prosperity. “The year-over-year rent growth stands at 3.7% as of Q2-2024, which is ranked #3 nationally according to Yardi,” Landa apprises, pointing out how the scarcity of new deliveries in the market bolsters apartment fundamentals.
The philosophy at BAM Capital is engagingly pragmatic yet optimistic. “The best opportunities come when others see pitfalls. Fortunately, BAM Capital has acquired trophy assets at an attractive investment basis,” Landa says, exemplifying a kind of strategic tenacity that turns potential challenges into thriving real estate ventures.
The Altitude 970 acquisition marks a significant milestone for BAM Capital, fortifying its promise of premium assets and palpable returns to its partners and stakeholders. Through deliberate management and discerning market positioning, BAM Capital upholds its reputation as a leader in the multifamily apartment industry, continually setting the bar for innovation and investment sagacity.