BAM Capital has revealed its first asset in Iowa after acquiring The Summit at Heritage on behalf of BAM Multifamily Growth & Income Fund II. The transaction closed on Sept. 15. Formerly known as Ascend at Heritage, The Summit at Heritage is a class A, 309-unit, garden-style apartment complex located in the northwest corridor of Des Moines in Grimes, Iowa.
This is BAM Capital's first property in Des Moines, which is the largest MSA in Iowa with a population of more than 683,500. Grimes, which is 15 miles northwest of downtown Des Moines, is one of the fastest-growing communities in Iowa, with a current annual population growth of 7.9 percent and 110 percent over the past decade.
The Summit at Heritage serves as a prime location asset with high upside opportunities for the BAM Multifamily Growth & Income Fund II. It offers substantial room for revenue growth in a market with great fundamentals. It also allows BAM Capital to maintain its investment thesis of focu
