In Chicago, Icarus started purchasing properties in 2012, with the lowest performance a 9 percent return. Icarus owns around 1500 units now in Chicago, focused on the Woodlawn neighborhood of the South Side, where the Obama Presidential Library will be. We bought, rehabbed and rented 100 units in Woodlawn when people thought we were crazy to invest in the neighborhood.
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Icarus Investment Group partners with IPS Realty to reinvigorate Detroit’s residential real estate landscape. Together, IPS and Icarus have collaboratively purchased and rehabbed 80 units in Detroit’s North End, Russell Woods, Grandmont Rosedale and Warrendale neighborhoods.
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Icarus invested in the Irvington neighborhood, which is a quick 15 minutes from downtown, and walking distance to bars, restaurants, coffee shops and breweries. With a purchase price of $16,000 per unit, the building will be immediately leased up following the completion of their renovation, as Icarus rents units out at less than half the price of an equivalent living space in the heart of downtown.
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Due to recent tax reform, it is now possible with many of the investments that we do to create 100% deferral of capital gains and allow our investors to receive 100% tax-free future gains on our opportunity zone qualified deals.
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