The S&P 500 has bounced back sharply from its bear market bottom last year on optimism that the economy can avoid a recession. That broad market index currently sits less than 5% below its all-time high after being down more than 20% last fall. 

However, some stocks still haven't recovered from their bear market thrashing. Brookfield Infrastructure Partners (BIP -0.80%) and Prologis (PLD 0.69%) remain down more than 20% from their peaks despite their continued strong growth. That makes them look like great buys right now for those investors with around $2,000 that they want to invest in growth stocks trading at a relatively bargain price. 

1. Brookfield Infrastructure: An incredibly cheap growth stock

Brookfield Infrastructure has an exceptional growth track record. The global infrastructure operator has delivered 11% compound annual funds from operations (FFO) per unit growth over the last decade. That has given it the power to grow its cash distribution at a 9% compound annual growth rate.

These strong growth rates have helped increase wealth for investors. Brookfield has grown a $2,000 investment into nearly $8,000 over the last decade.

The company expects its FFO per unit will grow by more than 10% this year, powered by inflation-driven rate increases, recently completed capital projects, and acquisitions. That would put it around $3.00 per unit.

With units recently changing hands for about $36 apiece, Brookfield Infrastructure trades at roughly 12 times forward earnings. That's dirt cheap compared to the broader market. The S&P 500's forward P/E ratio is over 21 times, while the Nasdaq 100 trades at more than 30 times forward earnings. Brookfield Infrastructure Partners is also cheaper than its economically equivalent corporate twin, Brookfield Infrastructure Corp. (BIPC -1.04%). That entity sells for around $47 per share, or nearly 16 times its forward earnings. 

Brookfield Infrastructure has a lot of momentum to continue growing at a healthy rate in the future. Its trio of organic growth drivers (inflation-driven rate increases, growing volumes as the global economy expands, and expansion projects) should grow its FFO per unit by 6% to 9% per year. It could deliver organic growth near the high end of that range next year due to continued elevated inflation levels and the upcoming completion of another major expansion project.

Meanwhile, the company has signed deals to invest in the acquisitions of the world's largest owner and lessor of shipping containers (Triton International) and two data center operators (Data4 and Compass Datacenters). These drivers position Brookfield to potentially deliver double-digit FFO per unit growth again in 2024. 

2. Prologis: A good value for all the embedded growth

Prologis has delivered above-average growth in recent years. The leading industrial REIT has grown its core FFO per share at a 12% compound annual rate over the last five years. That's faster than its logistics REIT peers (9%) and the S&P 500's average (11%).

The company has also rapidly increased its dividend (12% compound annual growth over the last five years, double the S&P 500's pace). That has enabled it to enrich investors. Over the last five years, it has grown a $2,000 investment into over $4,500. 

The REIT expects core FFO to be between $5.56 and $5.60 per share this year, up about 9% from last year. With shares of Prologis recently selling for around $129, the company trades at about 23 times its FFO. That's a pretty good price for a fast-growing REIT, and cheaper than many of its closest peers. 

Prologis should continue growing at a decent clip for the next several years. The REIT's warehouse portfolio has significant rental income upside. The current rental rates in its markets are 66% above the average existing lease rate across its portfolio. That represents $2.85 per share of incremental earnings as legacy leases expire and Prologis rolls rents to market rates.

Prologis estimates this will drive 8% to 10% annual net operating income growth across its portfolio for several years. This forecast assumes no further rent growth, which seems unlikely given the supply and demand dynamics, implying additional upside potential. 

In addition to embedded rent growth, Prologis will also continue to benefit from new investments. It recently agreed to acquire $3.1 billion of real estate in a deal that should immediately boost FFO while delivering future upside from rent growth. The company also has a vast land bank, giving it a long growth runway to invest in additional value-enhancing developments. 

Proven ability to grow value for investors

Brookfield Infrastructure Partners and Prologis haven't rebounded along with the market in recent months. Because of that, investors can still scoop up shares of these top growth stocks at compelling values. That potentially sets them up to earn strong total returns as these companies continue growing their earnings and dividends at above-average rates in the coming years.