Integrated Capital Management (ICM) has launched its fourth investor offering and latest diversified commercial real estate private equity fund, with a target of at least $50 million.
Integrated Realty Capital II targets light value-add to opportunistic commercial real estate investments across the United States spanning across the real estate spectrum, including student housing, workforce and affordable housing, office, industrial, retail, multifamily, self-storage, senior living and select drive-time demand limited-service hospitality.
Like its predecessor vehicle, the fund will primarily target GP or sponsor equity investments averaging $3 million to $5 million for each $50 million to $250 million single-asset or portfolio investment opportunity, which results in an estimated aggregate $1.5 billion in total capitalization.
ICM’s initial investment in the fund is an existing 29-key oceanfront hotel located in Dana Point, Calif. ICM said the property will und