Horizon North
Multifamily property in Phoenix, AZ — sponsored by IDEAL Capital Group Holdings
Show sources (10)Hide sources (10)
These links support the historical public record; individual details may come from different sources.
- Horizon North resident/leasing site (Mark-Taylor Residential branding) ↗
- REBusinessOnline ↗
- The Business Journal (Fresno/Clovis) ↗
- SEC EDGAR — Form D/A filed 2023-10-27 ↗
- Fairway ↗
- The White Law Group ↗
- SEC EDGAR — Form D/A filed 2024-01-08 ↗
- idealcapgroup.com ↗
- thebusinessjournal.com ↗
- whitesecuritieslaw.com ↗
What is this, in one paragraph?
Horizon North is a garden-style Class A apartment community at 24825 N 19th Avenue in Phoenix's Deer Valley submarket.1 IDEAL Capital Group Holdings bought it in September 2023 and holds it through ICG Deer Valley, DST — a Delaware Statutory Trust, the pass-through structure 1031 exchangers use to own fractional real estate. The Trust's Form D offering is closed to new investors; its last amendment was filed January 8, 2024.
Minimum investment
$25k
Offering size
$47.2M
How much has sold
100.0%
Financing
Leveraged. This offering reports mortgage debt on the property.
Sponsor-reported, from SEC filings and cited sources.
On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.
What exactly is the property?
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
Who is the tenant, and what's the lease?
Multifamily has no single tenant: income comes from individual apartment leases, commonly advertised at 12-month terms, so rents reset continually rather than resting on one corporate credit.5 The resident-facing site names Mark-Taylor Residential as property manager; no trust-level management agreement appears in the public record.1
How did it end?
Still operating
No evidence of sale or exit; JRW Investments lists the Deer Valley DST as 'Active' and IDEAL Capital Group's news page contains no disposition announcement for Horizon North; the White Law Group 'investor alert' is a generic risk-disclosure page, not an actual sale [1][2][3].
Horizon North (formerly marketed as Cabana Happy Valley) is a 292-unit, garden-style Class A multifamily community in the North Phoenix/Deer Valley submarket. Acquired by IDEAL Capital Group in September 2023 for ~$79.25M. The ICG Deer Valley DST appears to be the single-property holding vehicle; no fully-subscribed confirmation was identified in this research.
292 unitsSupporting evidence
Counted on IDEAL Capital Group Holdings’s Record Card as: No outcome recorded · under 7 years Document
How is it financed, and what does it pay?
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.
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Who's behind it?
IDEAL Capital Group Holdings is a Clovis, California firm; its Form D names Austin Herzog, president of the sponsor, with ICG Depositor, LLC and ICG Deer Valley Administrative Trustee, LLC as the Trust's other control parties.4 At acquisition, managing director Kevin Conway said IDEAL planned to own and operate the property long term.3 A plaintiff-side securities law firm published an investor alert on the Trust dated March 22, 2025.6 No complaint, arbitration award, or enforcement action was located in the public record.
- Sponsor
- IDEAL Capital Group Holdings
- May convert to a REIT
- No
- Offerings from this sponsor
- 1 active / 7 total offerings from IDEAL Capital Group Holdings
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
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.
- First Form D filedThe public offering record begins.
- Offering amount recordedA Form D amendment recorded offering and sales totals.
- Filing record updatedA later amendment updated the sponsor’s filing record.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Legal Trust name
- ICG Deer Valley, DST
- Filings on record
- 4
- How it may be offered
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- Source filing
- Read the filings on SEC EDGAR
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.
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 Private Placement Memorandum before investing.
Common questions
What happened to Horizon North?
Horizon North is a Historical offering: its latest SEC filing is outside the Active window. The outcome and source documents are shown separately.
Where does Top1031 get the data for Horizon North?
Top1031 builds this record from the sponsor’s own SEC filings and cited sponsor disclosures. Filings can lag what is happening now. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Can I still invest in Horizon North?
No. The Rule 506(c) offering by ICG Deer Valley, DST is closed to new investors. The most recent Form D amendment on record was filed January 8, 2024, and no later filing appears for the issuer. This page documents what the public record shows about a Trust that has finished raising, not an open opportunity.
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.[1] 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.[2]
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 private placement memorandum (PPM) 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.[5] 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.[6] 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.
Has the property been sold, refinanced, or rolled into a REIT?
No sale, refinancing, or exit event for the Trust's asset was located in the public record as of September 2, 2026. The Trust record shows no provision to convert to a REIT — meaning no 721/UPREIT exit, the route by which some DSTs contribute property to a REIT operating partnership in exchange for units.
Chapter 9Horizon 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. ICG Deer Valley DST: Investor AlertInvestor-alert publication noting the ICG Deer Valley DST sponsored by IDEAL Capital Group and flagging commissions/fees exceeding 9% of the offering amount. Clovis-based capital group acquires third Phoenix property in two yearsReports IDEAL Capital Group's $79,250,000 acquisition of the 292-unit Horizon North (formerly Cabana Happy Valley) in North Phoenix's Deer Valley submarket. Ideal Capital Group Acquires 292-Unit Multifamily Property in Phoenix with $43.59M Loan From CBRE Capital MarketsIDEAL Capital Group acquired the 292-unit Cabana Happy Valley apartment property at 24825 N. 19th Avenue, Phoenix AZ, financed with a $43.59M Freddie Mac loan arranged by CBRE Capital Markets.