Top1031

Horizon North

Multifamily property in Phoenix, AZ · sponsored by IDEAL Capital Group Holdings

HistoricalLast Form D, filed Jan 8, 2024, reports the offering fully sold (opens in a new tab)

Horizon North was a DST sponsored by IDEAL Capital Group Holdings that owned a multifamily property in Phoenix, AZ (292 units). Its last Form D, filed Jan 8, 2024, reports the offering fully sold.

How it ended

No outcome recorded · under 7 years

The last Form D, filed Jan 8, 2024, reports the offering fully sold.

IDEAL Capital Group Holdings has 1 active offering on record →

Key facts

Minimum investment
$25,000
From the Form D
Offering size
$47,200,000
Equity offered, per the Form D
Sold
100%
Form D, Jan 8, 2024; the % is our arithmetic
Investors reported
120
Form D, Jan 8, 2024
Selling commissions
$2,832,000 · 6.0% of offering
Form D Item 15; the % is our arithmetic
Financing
Leveraged. This offering reports mortgage debt on the property.
How it is financed ↓
Offered under
Rule 506(c)
May be advertised publicly. Every buyer’s accredited status must be verified.

Figures come from SEC Form D filings unless a source is cited. Sponsor-stated figures are as reported by the sponsor; Top1031 does not independently audit them. On a 45-day clock? Find day 45 and day 180 →

Using this record to judge the sponsor? A licensed 1031 specialist from our affiliated partner can talk it through with you.

Ask a 1031 specialist about this recordFree. About: Horizon North. Top1031 is not a broker-dealer.
Horizon North image

Horizon North · Phoenix, AZ · Photo: thebusinessjournal.com

What did Horizon North own?

Greenlight Communities completed the community in 2023 as Cabana Happy Valley, on nine acres in North Phoenix. 2 IDEAL Capital Group bought it on or about September 21, 2023 for $79,250,000, its third Phoenix acquisition since 2021. 3 Institutional Property Advisors' Steve Gebing and Cliff David represented the seller and procured the buyer, which renamed the property Horizon North. 2 The sponsor's page markets it as minutes from TSMC's new semiconductor plant.

Reported location
Phoenix, AZ
Property size
292 units

How was it financed, and what did it cost to sell?

Leveraged means the property carries mortgage debt, so investor equity sits behind a lender's claim. CBRE Capital Markets arranged a $43.59 million Freddie Mac acquisition loan when the property changed hands in September 2023.

Debt

Financing
Leveraged. This offering reports mortgage debt on the property.

Costs and terms from the Form D

Selling commissions
$2,832,000 · 6.0% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$3,131,323 · 6.6% of offering
Form D Item 16
· The filing’s note: “Estimate includes Marketing and Due Diligence Allowance, Wholesaling Allowance, Managing Broker-Dealer Fee, Closing Costs, Acquisition Fee and Structuring, Financing and Loan Fees that may be paid to one or more related persons.”
Broker-dealers named in the Form D
11 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Oct 2, 2023
Minimum investment
$25,000

Form D Item 15 and Item 16 amounts may be the issuer’s estimates; each percentage is Top1031’s arithmetic on two Form D figures. Item 16 can overlap Item 15, so Top1031 does not add them together. The issuer marked these amounts as an estimate.

What does the SEC record show?

The Trust was offered under Rule 506(c), which permits general advertising but limits buyers to verified accredited investors — those meeting SEC income or net-worth tests. The issuer reported its first sale on October 2, 2023. 7 Each later amendment updated the raise's progress until the record closed.

Legal Trust name
ICG Deer Valley, DST
SEC CIK
1994737
First Form D
Sep 22, 2023
Latest Form D
Jan 8, 2024
Filings on record
4
Offered under
Rule 506(c)
May be advertised publicly. Every buyer’s accredited status must be verified.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount soldInvestors
Form D/A$47,200,000
$47,200,000+$15,717,903
120+42
EDGAR
Form D/A$47,200,000
$31,482,097+$16,724,671
78+45
EDGAR
Form D/A$47,200,000
$14,757,426+$14,757,426
33
EDGAR
Form D$47,200,000
$0
EDGAR

Amounts, investor counts and minimums are as filed with the SEC on Form D. The change lines are Top1031’s arithmetic between consecutive filings; a new Form D notice starts a new count.

A Form D is the notice a sponsor files when it starts raising money. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.

Common questions

What happened to Horizon North?
Horizon North is a Historical offering. The last Form D, filed Jan 8, 2024, reports the offering fully sold.
What exactly is the property?
Horizon North is a garden-style Class A multifamily community at 24825 N 19th Avenue, Phoenix, AZ 85085, in the North Phoenix/Deer Valley submarket. It was built in 2023 by Greenlight Communities on nine acres and originally marketed as Cabana Happy Valley before IDEAL Capital Group bought and renamed it.
Is there a mortgage on the property?
Yes. The Trust is leveraged. CBRE Capital Markets arranged a $43.59 million Freddie Mac acquisition loan at the September 2023 purchase. The loan's rate, term, amortization and current balance are not stated in the Form D filings; those terms would appear in the offering documents and loan documents.
Who are the tenants?
There is no single corporate tenant. Horizon North is an apartment community, so income comes from resident leases; a third-party listing dated August 6, 2026 advertises 12-month terms. Occupancy is not disclosed in any primary record reviewed.
What is the March 2025 investor alert about this Trust?
A plaintiff-side securities law firm published a blog post dated March 22, 2025 discussing ICG Deer Valley, DST and the offering costs disclosed in its Form D. It is commentary from a firm that solicits investor claims, not a primary record. No underlying complaint, arbitration award, or SEC enforcement action against the issuer was located.

In the news

Horizon North property pageSponsor page marketing Horizon North (formerly Cabana Happy Valley) as a 292-unit community in Phoenix's North Phoenix/Deer Valley submarket, located minutes from TSMC's new semiconductor plant and held long-term by IDEAL.
Ideal Capital Group ↗

Sources

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These links support the record as a whole; individual details may come from different sources.

DST interests are illiquid private securities. You may lose some or all of your investment. Distributions, tax treatment, and exit timing are not guaranteed. Review the current offering documents before investing.