Our Secret

It all comes down to making sound decisions, building strong relationships, and following our principles.

Our Approach to Acquisitions

While our business focuses on the bottom line, we pride ourselves on knowing our brokers and lenders personally. Our relationships are built on trust, communication, and shared values.

Our Investment Philosophy

Our investors trust us to preserve their capital, and deliver positive returns.

Our Specialty

Our singular focus on multifamily apartments means we deeply understand the market and know how to generate value for our investors.

Our Experience

We've successfully guided our investors through a variety of economic cycles.

Our History

ICG is a multifamily investment company based in Seattle, WA, founded in 2001. ICG’s Principals and senior staff have decades of experience in the apartment business. Between 2001 and 2022, ICG has purchased over 100 apartment communities totaling over 17,000 apartment units with an acquisition value over $1.6 billion. Approximately three-quarters of these have sold, going full circle on their business plans, and generating investment returns averaging over 20% per year to investors.


The company traces its roots back to 1989 when Mick Halpin, Walt Smith and Mike Christian founded HSC Real Estate, Inc. Pal Ottesen and Steve Davis joined as principals in the 1990’s. HSC evolved into a large and respected regional apartment management company with institutional investor clients and over 30,000 apartment units under management. The group began investing in apartment projects and a separate business plan emerged.


In 2001, ICG was formed as a dedicated investment platform. Mick and Mike moved full-time to ICG, where they have worked ever since. Ward Murphy joined as Director of Investor Relations and became a Principal. Jim McCullough came on board as a Senior Financial Analyst. During this time ICG syndicated over a dozen multifamily communities with investors.

Key investments during this time include Orchard Pointe, Meridian Glen, The Crossings, Stone Ridge, and Falcon Valley Apartments, among others.

Mid-2000’s to Early-2010’s

In the Mid-2000’s and Early-2010’s, ICG purchased several thousand apartment units packaged in multiple investment portfolios that produced attractive returns for investors.

ICG managed multiple investments through the challenging years of the Great Recession, every one of which generated positive returns for investors.

The HSC management company was sold to Riverstone Residential in 2008, where Walt, Pal and Steve assumed top leadership positions. Riverstone’s large national platform was acquired by Greystar in 2013.

Key investments during this time include ICG Apartment Portfolio’s I thru VIII, ICG Apartment Fund 2014, as well as stand-alone offerings including Mayflower, Tuscany, and River Park Apartments, among others.

Mid-2010’s to Present

ICG continued to acquire dozens of apartment projects along with its investor partners.

ICG principals also launched Avenue5 Residential, which has grown to over 100,000 units under management. Avenue5 manages the vast majority of ICG’s investments.

Investment offerings during this time include ICG Apartment Portfolio’s 9 and 10, ICG Apartment Funds 2016, 2017, 2018, 2019, ICG Apartment Funds 6 and 7, and stand-alone projects such as Constitution Square and Copper Run.

Investments going full circle continued to produce attractive investment returns.

ICG expects to continue to apply its conservate approach to acquire additional apartment projects in the future, as well as utilize its steady hand on the asset management side. We strive to achieve our investment proforma goals going forward, while providing investors with transparency and support for an overall positive experience.

Share our success