BAM Multifamily Growth Fund V

Fund 1 has performed ok so far and have received nearly 80% of my investment in distributions/dispositions since 2019 (underperforming performa) and Fund II is severely underperforming at about a 2.8% YoY return due to obvious interest rate headwinds. Communication is quarterly. I've heard their more recent fund III might not be performing as well but I'm hoping for the best for them. Not quite sure yet if I would invest with the again at this moment.

I am invested in 2 different BAM deals as an LP. One is a development which is 2 years in and it is a couple months behind but they share quarterly updates and I see the units are listed so it is looking positive. The other is a fund and similarly, they provide quarterly updates that seem promising. I like how proactive with market trends and based on their track record, I trust the team and their experience. Overall I have been happy investing with BAM and would plan to invest with them again once these 2 deals are full cycle and successful.

Overall, this was a very good, small investment company about 6 years ago. They enjoyed a few successes in hose first few years but that success clearly went to the owners head who has since been constantly almost solely focused on company expansion at any cost. Communication has declined as well as getting far less consistency on the return of investments. In 2018, I made two separate investments to BAM. One excited in 2022 and the returns were as expected. However the second investment, which should have excited last year, has continued to languish and in the current market conditions I can see no possible way for it to sell anytime soon. In the meantime, I am still receiving distributions but in no way does change the fact that I do not expect a sale anytime in the future. Furthermore, every deal they have offered since 2022, requires a minimum investment amount of 250k which is far more then what I would feel comfortable placing in a single deal. Especially considering any deal they have offered since because forced the investor to decided between receiving distributions during the deal or receiving no distributions until the deal has completed its full cycle. The reason I began investing as an LP was to receive both distributions as well know the value of my original investment would also increase. These investments are riskier then some others but, the rewards typically balance them. BAM has chosen to remove some of the possible rewards yet still raise the minimum contribution amounts which makes them far riskier but less lucrative for the average investor. Hopefully, one day they are able to realize the problems they have created and reevaluate how they do things but until then, I'm content finding other sponsors for my capital. I was anxiously waiting to exit one investment that they decided to wait until mid-December of 2022 to distribution, I was annoyed again and again. For several months leading up the distribution, I was peppered with email and phone calls regarding giving them fresh investment towards their new fund even after I made it perfectly clear that I wasn't interested. Additionally, when BAM finally did sell the property, I was sent a notice that stated the new buyer was once again BAM as they were purchasing my investment for their fund. And by being both the seller and the buyer, I saw this as a clear conflict of interests.