ICG History

A foundation of high-quality property management

A team of highly experienced real estate professionals established Investors Capital Group in 2001 to expand their successful apartment project acquisition business model.

Apartment Management Beginnings
In 1989 Mick Halpin, Walt Smith and Mike Christian founded HSC Real Estate Inc., an apartment management company, based in Seattle, Wash. All three had previously worked together at another real estate firm. As HSC grew, Pal Ottesen and Steve Davis became partners in the company.

The partners were committed to providing the highest degree of professionalism in managing apartments for clients, many of them institutional real estate investors. HSC became a respected regional leader in the apartment management business.

Investors Capital Group Founded
Throughout the 1990s, certain management clients presented the group with joint venture and co-investment opportunities that resulted in a number of successful apartment investments. It became clear that property ownership was very different than third-party management. ICG was then formally established by the HSC principals as a dedicated platform with the business plan of investing in apartments.

As with HSC, ICG was created to provide the highest degree of professionalism, customer service and ethics in serving its investor partners. The principals’ extensive experience in management and operations was brought to bear in a business model to make strategic investments in multifamily projects using conservative underwriting, attention to detail and precision execution.

Prior to ICG’s first acquisition, Ward Murphy joined the team as Director of Investor Relations to coordinate raising equity from individual investors. Jim McCullough was also brought over from HSC as a senior analyst and debt specialist. Throughout the early- and mid- 2000s, ICG purchased several thousand apartment units in a number of syndications, several of which have been sold with attractive profits distributed to investors.

Property Management Company Sold to Riverstone
In 2008, the HSC partners sold the management company to Riverstone Residential, having grown HSC to approximately 34,000 managed units. Riverstone became one of the nation’s largest apartment management companies. Three ICG principals moved to Riverstone to serve as senior Riverstone executives including: Walt Smith as Chief Executive Officer, Pal Ottesen as Chief Financial Officer and Steve Davis as Division President of the West.

Return to ICG and Creation of Avenue5 Residential
Under the management of the ICG principals, Riverstone Residential continued to flourish and late in 2013, Walt, Pal and Steve left their positions at Riverstone and returned to full time positions at ICG.

Walt, Pal and Steve began working with the other ICG principals on the creation of a new property management company: Avenue5 Residential. Avenue5 Residential is a propriety company owned and managed by ICG principals, and staffed by highly experienced apartment management veterans. Avenue5 currently manages all of ICG’s portfolio. With experienced ownership and management, Avenue5 Residential is equipped to deftly handle all aspects of property management.

Seeking New Investments
ICG is well-positioned for the future and intends to invest in unique opportunities in the wake of recent market upheavals. ICG will continue to wield the skills honed from years of owning and operating thousands of apartment units, namely rigorous due diligence, conservative underwriting, accurate budgeting, meticulous accounting, reliable reporting, precision project management and comprehensive asset management. ICG will seek out these new investments with a solid foundation.



Investors Capital Group, LLC
3101 Western Avenue, Suite 500 Seattle Washington 98121
United States
Telephone: 206.518.6060

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