KANSAS CITY, MO – BAM Capital announced the latest addition to the BAM Multifamily Growth & Income Fund IV portfolio, Altitude 970, a premier institutional-quality apartment community. Completed in 2018, Altitude 970 sits in the thriving Kansas City, Missouri market, comprising 291 luxury apartment units that are superior to the competitive set.
Altitude 970 is strategically located in an area experiencing robust economic growth, a growing population, and thriving job markets. The property’s proximity to the Kansas City International Airport and the KCI 29 Logistics Park offers residents exceptional access to current and incoming employment opportunities. This favorable economic profile supports strong rental performance and enhances the property’s appeal to potential residents.
Altitude 970 presents a significant investment opportunity within BAM Multifamily Growth & Income Fund IV. The property has the potential for rent increases consistent with market comps, enhanced ancillary income, and reduced expenses through operational efficiency. With a 98% occupancy rate, The BAM Companies’ vertically integrated platform is committed to maintaining high occupancy levels through its proven methods and strategic operational expertise.
“Our company’s foundation is property management and operations,” says Tony Landa, Chief Investment Officer at The BAM Companies. “The firm is only as good as its people on the ground and on-site. The operations team is paramount to our success.”
The acquisition underscores BAM Capital’s commitment to providing premium assets and tangible returns for its partners and stakeholders. Altitude 970 enhances the Fund IV portfolio, offering substantial income potential for investors that aligns perfectly with BAM Capital’s strategic vision and investment criteria. Located in the economically vibrant area of Kansas City, Missouri, Altitude 970 is poised to deliver strong returns through strategic management and market positioning.
The property features unique amenities that enhance the living experience for residents, including a pedestrian-friendly trail to upscale retail, a resort-style pool, a fitness center, a movie theater, recreation areas, a rooftop lounge, and more.
“BAM Capital isn’t a commodity buyer,” Landa declares. “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.”
The Northland submarket, where Altitude 970 is located, has experienced substantial rent growth and is projected to continue this trend, further enhancing the investment’s potential. Additionally, the area around Altitude 970 is seeing significant economic developments.
“The year-over-year rent growth stands at 3.7% as of Q2-2024, which is ranked #3 nationally according to Yardi,” Landa reports. “Deliveries relative to total inventory in this mark is well below the national average, and it plays a significant role in apartment fundamentals.”
“BAM Capital has been actively acquiring. The best opportunities come when others see pitfalls. Fortunately, BAM Capital has acquired trophy assets at an attractive investment basis,” says Landa. BAM Capital’s commitment to strategic management ensures that Altitude 970 maintains high occupancy levels, optimizes rents, and manages controllable operating expenses. The property’s prime location near significant economic drivers and unique amenities makes it an attractive option for residents, further supporting its strong rental performance.