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ICG Expands Portfolio with Acquisition of Utah MF
Investors Capital Group (ICG), a Seattle-based firm focused on multifamily real estate investments, has acquired the Desert Village Townhomes, in St. George, Utah, from CW Group for an undisclosed price above $50 million.
This acquisition adds 184 units in the St. George submarket of Santa Clara, Utah, to ICG’s expanding portfolio. Desert Village will be the fourth property that ICG Apartment Fund 8 LLC has acquired.
Mick Halpin, Principal at ICG, said, “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 units averaging over 1,500 square feet. 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.
