Spring 2019: ICG closed final three projects for ICG Apartment Fund 2018 LLC
In January 2019, ICG closed on 300-unit Crossings at Chapel Hill. In February 2019, ICG closed on 184-unit Greentree Apartments in Glendale, AZ, and 72-unit Juniper Meadows in Phoenix, AZ. These acquisitions brought the 2018 Fund’s apartment unit count to 1,012 units, right in line with expectations. Also in line with expectations, ICG apartment Fund 2018 LLC is capitalized with $61 Million in investor equity and owns 5 attractive apartment projects that are diversified into four vibrant markets. ICG’s business plan is to hold these assets for a term 7-10 years.
Winter 2018: ICG Raises $61 Million for ICG Apartment Fund 2018 LLC, Acquires 5 projects
In October 2018, ICG launched the ICG Apartment Fund 2018, LLC, targeting $60-65 million in investor equity to acquire 4-5 apartment projects totaling 900-1,200 apartment units. By ICG’s Investor Holiday Party in December of 2018, the Fund’s equity was fully committed, and three of the five projects were identified and heading to closing. These included: 168-unit Eagles Landing in Idaho Falls, ID, 300-unit Crossings at Chapel Hill in Pasco, WA, and 288-unit Falls at Canyon Rim in Ogden, UT, outside Salt Lake City. Eagles Landing and Falls at Canyon Rim closed before year end.
August 2018: ICG sells Mayflower ICG LLC, netting 22% IRR to investors over 8 years
ICG sold Mayflower Apartments, the sole asset in Mayflower ICG LLC, that resulted in a 22% IRR to investors over an 8-year holding period. Mayflower Apartments is a 192-unit apartment community outside Salt Lake City, UT. ICG purchased the project in 2010. The project was refinanced in 2016, at which time investors received 100% of their original capital back in the refinance. The project sold in August 2018 and generated a 22.1% IRR over 8 years. Investors who contributed $100,000 received over $230,000 in gain when the project sold in addition to their $100,000 in capital that was returned to investors in 2016. Mayflower also generated healthy annual cash flow that was distributed monthly over the 8 years in addition to the attractive gain on sale.
Summer 2018: ICG sells ICG Apartment Fund 2014 LLC – 2X return over 4 years
ICG Apartment Fund 2014 sold after just 4 years (out of a 7 to 10-year original plan), due in part to high current values and prompted by a strong unsolicited offer for one of the assets. The 2014 Fund included three Texas apartment projects, 164-unit Audubon Square in Austin, 276-unit River Park at the Galleria in Dallas, and 249-unit Hillside Villas in Austin. Investors received the following returns:
• 2X return over 4 years
• 24.2% annual simple return
• 20.1% IRR
Spring 2018: ICG Closes out ICG Portfolio VII LLC – 24.3% IRR over 6.5 years
The sold projects in Portfolio VII include 248-unit Paradise Oaks Apartments in Austin, TX, 293-combined units at Southridge/Skyline/Skyview Apartments in Reno, NV, and 288-unit Villa Hermosa Apartments in Albuquerque, NM. ICG Apartment Portfolio VII LLC delivered strong investor returns over nearly seven years, including:
• 24.3% IRR
• a simple annual return of 41.7% per year simple return based on invested capital
• 7.2% annual cash distributions
Spring 2018: Final Asset Sale for ICG APARTMENT PORTFOLIO II LLC
In late April 2018, ICG sold the final asset in ICG Apartment Portfolio II, LLC. ICG Apartment Portfolio II LLC was assembled in 2006. It consisted of two projects in Montana and one in Maple Valley, WA. Portfolio II generated attractive investor returns including the following:
• 16.3% IRR
• 32.5% Simple annual return on invested capital.
• 3.97X Investment Multiple over 11.5 years
ICG’s 4th annual Investor Holiday Party will be held in ICG’s Seattle office on the evening of December 7th. For more information please call Nicole at 206-838-2424.
ICG closed the fifth and final project in the ICG Apartment Fund 2017 LLC. ICG raised $42 million in investor equity to purchase 1,050 apartment units for a collective purchase price of over $113 million in the 2017 Fund. The projects included two apartment projects in Salt Lake City, one in Dallas, one in Austin and one in Reno.
ICG’s lunch series concluded with six events held at Daniel’s Broiler, South Lake Union, Seattle. Each event included ICG Principals and staff as well as 12-16 investors and spouses in a round-table format. ICG discussed existing and sold projects as well as new acquisitions. Participants engaged in free-flowing discussions on current events and market conditions, with ICG as well as investors of diverse backgrounds giving their perspectives. Keep an eye out for the 2018 lunch series.
ICG raises $7 million in investor equity for Constitution Square Apartments ICG LLC.
Mayflower ICG LLC was refinanced allowing ICG to return to investors 100% of their original capital and nearly double the investor cash flow going forward to an approximately 13% cash on cash return on their original capital. Investors will receive strong cash flow with no capital remaining in the deal.
ICG raises $24.5 million in investor equity for ICG Apartment Fund 2016 LLC.
ICG Apartment Portfolio V LLC is sold for a 26.75% annual return over eight years.
The final project in ICG Apartment Portfolio I LLC was sold netting investors a 27.5% IRR over nine years.
ICG raises $9.5 million in investor equity for ICG Apartment Portfolio 10 LLC.
ICG raises $14.8 million in investor equity for ICG Apartment Portfolio 9 LLC.
ICG raises $18.7 million in investor equity for ICG Apartment Fund 2014 LLC.
ICG raises $9 million in investor equity for River Park ICG LLC.
Falcon Valley Apartments NW LLC (name later changed to Monterra) was sold netting investors 21.5% annual returns for nine years of ownership.
ICG raises $12 Million in investor equity for ICG Apartment Portfolio VIII LLC.
ICG raises $5 million in investor equity for Tuscany at Lakepointe ICG LLC.
ICG raises $13.8 Million in investor equity for ICG Apartment Portfolio VII LLC.
The Crossings Apartments NW LLC was sold netting investors a 23.6% annual return over nine years of ownership.
ICG raises $9 Million in investor equity for ICG Apartment Portfolio VI LLC.