Desert Mirage Apartments
North Gate Apartments
Retreat at River Ranch, 248 Units in Ft Worth, TX.
Boulder Creek, 250 Units in Sparks (Reno), NV.
Canyon Park, 192 units in Sandy, UT.
Heather Estates, 156 Units in Clearfield, UT.
Oaks of Kyle, 204 units in Kyle, TX.
The 2016 Fund’s final project, Cottages on Edmonds in Lewisville, TX, sold on Tuesday, December 7th. Fund 2016 Fund was comprised of 5 total projects, all of which sold this year.
We launched ICG Apartment Fund 6 LLC, on April 8th and are approaching 75% subscribed just about two weeks later.
River Park produced attractive returns for River Park investors as shown below:
ICG sold the first project in Portfolio 9, Hillside Creek in Austin, TX, in February, 2020. ICG closed the sale on the second and final project, Polo Club in Austin, TX, on July 31, 2020. Investment returns on Portfolio 9 are expected to be approximately:
After the final distribution later in 2020, Investors who invested $100,000 in Portfolio 9 in 2014 will have received back approximately $236,450 by the end of 2020, including their original $100,000 returned plus approximately $98,100 in gain from sales plus $38,450 in cumulative monthly cash flow.
On July 1, 2020, ICG sold the Arbors, the third and final project in ICG Apartment Portfolio VIII LLC. On December 19, 2019 the first project sold, Willowbrook Apartments in Spokane Valley, WA. On January 17, 2020 the second project sold, The Eastmont in Dallas, TX. Investment returns on Portfolio VIII are expected to be approximately:
On June 17, 2020 ICG closed on the acquisition of Copper Run at Reserve apartments, a 192-unit market rate multifamily project in Missoula, Montana. Copper Run is the sole asset in Copper Run ICG LLC.
The 2019 Fund has now closed on 1,031 apartment units in 4 states including the following 5 projects:
On Monday, March 16, 2020, ICG closed on the sale of 280-unit River Park Apartments in Fort Worth, TX, the sole asset in the River Park ICG LLC investment. Investors originally contributed $9,000,000 in capital back in 2014. In 2016, we returned $2,800,000, approximately one third of the original capital, leaving $6,200,000. In March, 2020, ICG returned all $6,200,000 in remaining capital, plus approximately $6,225,000 more in gain from the sale, for a total post-sale distribution of approximately $12,424,000 to the collective investors, not including the approximately 8% per year cash yield that River Park also distributed to investors each month over the six year holding period. Investors received approximately a 22% simple annual return and an IRR of approximately a 15.5% over the approximate six-year life of the investment.
Tuscany at Lakepointe was a 168-unit one-off investment in Dallas, TX which sold in September 2019. Most of the proceeds were returned to investors after that sale and the final holdback was released in January 2020 and the investment was dissolved. Tuscany investors who contributed $100,000 received their $100,000 back plus additional proceeds of approximately $118,887 for a total return of approximately $218,887. Final investor returns over the approximate 6.5-year term were:
ICG launched ICG Apartment Fund 2019 LLC with 2 projects identified and 3 more to be named later. The first two projects are 168-unit Fruitland Meadow Apartments in Salem, OR, and 289-unit Domain 3201 Apartments in Tucson, AZ.
The company sold all three apartment projects in ICG Apartment Portfolio VI, including: Canon De Arrowhead in Albuquerque, NM, Cedar West in Bend, OR, and Riverwalk in Logan, UT. Investors received a 13.5% IRR, a 18.3% simple annual return and a 2.43x investment multiple over the nearly 8-year term. Included in the return was an approximate annual cash yield of 5.9% paid in monthly distributions. In rough numbers investors contributed $9 million in capital and after 7.8 years they received their original $9 million back plus approximately $13 million more in combined cash flow and gain from sale.
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.
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.
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.
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:
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:
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:
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.