Investors Capital Group (ICG) Closes Fund 2018 for Combined Sales of Over $120 Million USD in 2024
2024年7月24日 - 2:21AM
ビジネスワイヤ(英語)
Further Demonstrating Strong Demand for Housing
Continues
Investors Capital Group (ICG), a boutique multifamily investment
firm headquartered in Seattle, Washington, has recently sold the
final three properties in their ICG Apartment Fund 2018, completing
an investment cycle that shows a continuing demand for housing even
amongst economic and global uncertainties.
ICG Apartment Fund 2018 originally acquired five apartment
communities in 2018 and 2019 for a collective purchase price of
$140,600,000. The Fund placed $61,000,000 in investor equity in the
portfolio, which totaled 1,012 apartment units. The five projects
were sold for total sales proceeds of $239,350,000. The first two
properties were sold in previous years, returning all original
investor capital in the process along with some profit, meaning the
proceeds from the recent 2024 sales were all gains.
“The 2018 Fund exceeded our year-10 value projections in less
than 6 years, which made a compelling case to unwind the
investment,” Mike Christian, ICG Managing Member and Director of
Asset Management, said. “Additionally, we benefited from strong
investor demand as we listed the properties in the first quarter of
2024 when very little product was coming to market at that
time.”
Collectively the three properties that closed in 2024 were
acquired for a combined $71,350,000 and sold for a total of
$122,750,000.
The three properties included:
- 72-unit Citra Apartments (formerly known as Juniper Meadows),
in Phoenix, AZ, which closed on April 30, 2024.
- 288-unit Falls at Canyon Rim Apartments, in South Ogden, UT,
which closed on May 30, 2024.
- 168-unit Eagles Landing Apartments in Ammon, ID, which closed
on June 4, 2024.
The sales allowed investors in ICG Apartment Fund 2018 to go
full circle on the investment in just under 6 years. Investors
realized attractive investment returns, including just over 19% IRR
and a simple annual return of approximately 34% per year on their
invested capital. The annual cash yield on invested capital
averaged over 8%.
The Fund exceeded original underwriting expectations as ICG was
able to apply its strong management expertise to improve
operations. During ICG’s ownership period, Net Operating Income
growth at the three properties that were liquidated in 2024
averaged approximately 10%, 13%, and 18% per year, at Citra, Falls
at Canyon Rim, and Eagles Landing, respectively.
About Investors Capital Group (ICG)
ICG is a Seattle-based real estate investment firm that focuses
on opportunistic acquisitions and quality management of multifamily
residential properties across the Western United States to provide
attractive returns for accredited investors.
With over two decades of experience, ICG has purchased more than
18,000 units with a cumulative value exceeding $2 billion. The firm
is rooted in a philosophy of adding value to acquisitions, building
strong relationships with investors, providing quality-managed
properties, and adhering to conservative underwriting and financing
principles to preserve capital and deliver above-market returns
through diverse economic cycles.
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version on businesswire.com: https://www.businesswire.com/news/home/20240723176125/en/
Matt Yemma Managing Director Lyceus Group myemma@lyceusgroup.com
909-633-9396