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.
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Contacts
For Media Inquiries: Katherine Camara, Lyceus Group, icgpr@lyceusgroup.com
