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July 25, 2024

ICG fund turns nice profit from recent sales

Based here in Seattle, Investors Capital Group buys and sells multifamily properties up and down the West Coast and into the Sun Belt states. The firm recently announced three dispositions worth about $122.8 million. The 528 units were in Arizona, Utah and Idaho, and the three sales closed in recent months. Buyers weren't named. ICG purchased the trio from its 2018 Fund, then spending about $71.3 million on the three acquisitions. (Two other properties were previously sold from the same fund.) So after a six-year hold, ICG and its investors realized a roughly 19% internal rate of return (IRR), with a past annual rate of return of around 34% per year. ICG's Mike Christian said in a statement, “The 2018 Fund exceeded our year-10 value projections in less than six years, which made a compelling case to unwind the investment. 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.” ICG is also affiliated with Avenue5 Residential, which manages over 140,000 units, about 4,000 of them held by ICG.




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