Founded in 2012, ICAP Development is a Milwaukee-based commercial real estate development and investment firm with an active portfolio spanning 11 states and a proven track record of executing complex and diverse projects. The firm has developed or acquired over $500 million in commercial real estate assets, delivering projects across industrial, retail, medical, multifamily, senior housing, hospitality, and specialty asset classes.
ICAP is recognized for its hands-on development approach, managing the full project lifecycle- from site selection and entitlements, to budgeting and capital structuring, to design and construction, and continuing through long-term management and asset optimization.
Each asset acquired or developed by ICAP is structured as a distinct, stand-alone investment. This approach allows for asset-specific capital structuring and enables investors to evaluate and participate in individual opportunities based on their unique risk/return and asset preferences. By maintaining a project-level investment model, ICAP delivers greater transparency, more targeted underwriting, and clear asset-specific reporting on performance and strategy.
ICAP employs a disciplined asset management philosophy centered on operational excellence, tenant relationships, and prudent capital planning. Investment decisions are guided by market conditions and a long-term view of value creation, with a focus on preserving capital and delivering attractive risk-adjusted returns through refinancing, recapitalization, or disposition.
ICAP partners with institutional investors, private equity sponsors, high net worth individuals, tenants, and municipalities to deliver market-leading developments that generate lasting value, while advancing economic growth in the communities they serve.
Led by a multidisciplinary team with deep experience in real estate development, construction management, asset management, and finance, ICAP excels at navigating complex transactions while creating genuine value for its stakeholders.
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