Our Strategy:

Prior to acquisition, a site will undergo a detailed physical needs assessment to determine what improvements should be made to increase the safety, longevity and marketability of the asset.  Additional investments are made to provide these upgrades and add amenities that make the property more attractive and valuable to the residents.  Upgrades increase rental value, improving property income and valuation over time.


Our Acquisition Criteria:

Following is the general minimum acquisition criteria for ICG:

Asset Qualities

  • Market-rate multifamily
  • 100+ units
  • Purchase price: $5M-$100M (ranging from one property to portfolios)
    • Below replacement cost
  • Built 1960+
  • Value-add potential
    • Rent growth opportunity due to under market rents, mis-management, and/or deferred maintenance
    • Rehabilitation and repositioning potential

Geography

  • California
  • Secondary and tertiary markets
  • Limited rental supply, low vacancy, slow/no apartment growth horizon
  • Stable, diverse, growing employment base

Financials

  • CAP rate 5%+ on current operations
  • Rents below market

Investment Opportunities:

At ICG, we offer a range of fund options for our investors.  We work with both individual investors and large institutions that seek to acquire and diversify into California multifamily real estate.  We also offer custom tailored funds for investors who seek one-on-one solutions for their financial objectives, including personalized 1031 Exchange solutions or longer-term holds on behalf of high net worth individuals or family offices.

We position our projects to achieve:

  • A lower risk profile
  • Comparable team expertise
  • Passive income with limited liability
  • 7% preferred returns, 6-8% cash on cash, 13-15% IRR
  • Securing long term debt with low interest rate
  • Existing trusting relationships and accountability

Community Involvement:

ICG and its affiliated companies AHDC and REDS have been the leading community supporters of Fresno’s unique Family Self Sufficiency (FSS) program.  The FSS Corps, Inc. is a 501(c)3 non-profit organization that provides funding support for the purposes of financial literacy and home ownership education, scholarships, emergency loan assistance, and homeowner down payment assistance grants to low-income families throughout Fresno County, the home of our corporate headquarters and our area of highest concentration among our California affordable housing activities.  The FSS Corps supports, encourages and helps to develop skills and education base among AHDC’s core clientele, the working low-income families of central California.

Through our years of support, we have seen FSS change the life paths of hundreds of low-income families, providing the tools necessary for them to break the often multi-generational cycle of public assistance.  FSS supports their client families to pursue higher education and ambitious career goals, accomplish economic self-sufficiency and achieve the “American Dream” of responsible home ownership.


Our Affiliated Companies:

ICG has worked with some of the best in the industry including:  Winn Residential, AHDC (Affordable Housing Development Corporation), REDS (Real Estate Development Services), and Ashwood Construction.


Our Property Management Partner:

WinnResidential 

WinnResidential has grown by earning a national reputation for excellence over four decades, now ranking as the 5th largest multifamily manager in the United States, as well as the largest manager and privatized military housing. Winn currently manages more than 100,000 units in more than 570 properties in 22 states and the District of Columbia. Their portfolio features mid to large sized communities and every type of multi-family housing, from  market-rate to mixed income, from urban and suburban garden-style and high-rise apartment buildings to office, hotels, and retail spaces. They are trusted to manage properties owned by more than 70 entities including private developers, entrepreneurs, financial institutions, nonprofits and government agencies.

A representative list of management clients includes Lend Lease, DuPont, SunTrust Bank, Fidelity Investments, the Canyon-Johnson Fund, Harvard University, AEW Capital, Common Ground Community, NHP Foundation, the Diocese of Bridgeport, Homes for America, the U.S. Army, Navy, Air Force, Marines and Coast Guard, and dozens of public housing authorities from coast to coast.

WinnResidential’s extensive operations capacity addresses the full scope of onsite property management, including leasing, maintenance, accounting, financial reporting and asset-management evaluation. Its experience, problem-solving focus and broad operations underscores the expertise and scale to efficiently improve the quality of life and the value of individual properties.