ICG History
A foundation of high-quality property management
A team of highly experienced real estate professionals established Investors Capital Group in 2001 to expand their successful apartment project acquisition business model.
Apartment Management Beginnings
In 1989 Mick Halpin, Walt Smith and Mike Christian founded HSC Real Estate Inc. (HSC), an apartment management company, based in Seattle, Wash. Previously all three worked together at another real estate management company. Later, Pal Ottesen and Steve Davis became partners in HSC as the business grew.
The founders were committed to providing the highest degree of professionalism in managing apartments for clients, many of them institutional real estate investors. HSC became a respected regional leader in the apartment management business.
Investors Capital Group Founded
Throughout the 1990s, certain management clients presented the group with joint venture and co-investment opportunities that resulted in a number of successful apartment investments. It became clear that property ownership was very different than third-party management. ICG was then formally established by the HSC principals as a dedicated platform with the business plan of investing in apartments.
As with HSC, ICG was created to provide the highest degree of professionalism, customer service and ethics in serving its investor partners. The principals’ extensive experience in management and operations was brought to bear in a business model to make strategic investments in multifamily projects using conservative underwriting, attention to detail and precision execution.
Prior to ICG’s first acquisition Ward Murphy joined the team as director of investor relations to coordinate raising equity from individual investors. Jim McCullough was also brought over from HSC as a senior analyst and debt specialist. Throughout the early- and mid- 2000s, ICG purchased several thousand apartment units in a number of syndications, several of which have been sold with attractive profits distributed to investors.
Property Management Company Sold to Riverstone
In 2008, the founders sold their property management company, having grown HSC to approximately 34,000 managed units, to Riversone Residential. Riverstone became one of the nation’s largest apartment management companies. Three ICG principals not active in ICG day-to-day business are currently serving as senior Riverstone executives, including Walt Smith as chief executive officer, Pal Ottesen as chief financial officer and Steve Davis as executive vice president.
ICG benefits from a close relationship with a management company that enjoys such a large national footprint. Riverstone not only has the broad resources to provide top quality management for ICG’s investment acquisitions, but it also provides access to valuable market data in virtually any market across the country. This allows ICG to widen its scope as it searches for attractive projects to invest in during a highly competitive and challenging period in the apartment market cycle and economy.
Seeking New Investments
ICG is well-positioned for the future and intends to invest in unique opportunities in the wake of recent market upheavals. ICG will continue to wield the skills honed from years of owning and operating thousands of apartment units, namely rigorous due diligence, conservative underwriting, accurate budgeting, meticulous accounting, reliable reporting, precision project management and comprehensive asset management. ICG will seek out these new investments with a solid foundation.