Investors Capital Group Expands Portfolio with Acquisition of Desert Village Townhomes
April 24 2024 - 4:36PM
Business Wire
ICG Bolsters Real Estate Holdings with Notable
Acquisition in Utah's Growing Market
Investors Capital Group (ICG), a firm focused on multifamily
real estate investments, is pleased to announce the acquisition of
Desert Village Townhomes, in St. George, Utah, from CW Group for an
undisclosed price above $50 million. This acquisition adds 184
high-quality units in the St. George submarket of Santa Clara,
Utah, to ICG’s expanding portfolio, further solidifying their
presence in rapidly growing regions. Desert Village will be the
fourth property that ICG Apartment Fund 8 LLC has acquired.
Mick Halpin, Principal at ICG, emphasized the strategic
importance of the acquisition stating, “Desert Village Townhomes
complements our overall portfolio and is an important part of our
most recent investment opportunity, ICG Apartment Fund 8. This
acquisition is part of our strategy to provide high quality
multifamily investments in Western US markets for both capital
appreciation and cash flow.”
Completed in three phases between 2022 and 2023, Desert Village
Townhomes offer modern amenities and large livable units averaging
over 1,500 square feet. The property features 184 units and a
strategic location that caters to the growing demand for upscale
residential options in Santa Clara sprawled across more than 17
acres with breathtaking views of the surrounding red rock
mountains.
The St. George metro area is among the fastest-growing metro
areas in the U.S. with its population of approximately 200,000
projected to more than double by 2060. The acquisition of Desert
Village reflects ICG’s targeted approach of investing
opportunistically in multifamily properties with cash flow and
value creation at the core of their investment strategy.
About Investors Capital Group (ICG)
ICG is a Seattle-based real estate investment firm that focuses
on opportunistic acquisitions and quality management of multifamily
residential properties across the Western United States to provide
attractive returns for accredited investors.
With over two decades of experience, ICG has purchased more than
18,000 units with a cumulative value exceeding $2 billion. The firm
is rooted in a philosophy of adding value to acquisitions, building
strong relationships with investors, providing quality-managed
properties, and adhering to conservative underwriting and financing
principles to preserve capital and deliver above-market returns
through diverse economic cycles.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240424303596/en/
For Media Inquiries: Katherine Camara, Lyceus Group,
icgpr@lyceusgroup.com