ICM Adds Songbird BTR to USCI III Portfolio
(June 2026 – Atlanta, Georgia) ICM Asset Management (“ICM”) is pleased to announce its investment in Songbird BTR, an 81-unit build-to-rent (“BTR”) townhome community located in Atlanta’s Kirkwood neighbourhood. This latest investment expands the portfolio of ICM U.S. Co-Investment Real Estate III LP (“USCI III”), ICM’s third U.S. opportunistic-focused real estate fund, which targets residential and industrial opportunities across growth markets in the U.S. Sun Belt.
Located approximately 6 kilometres southeast of downtown Atlanta, Songbird BTR is positioned within one of East Atlanta’s most established infill neighbourhoods, where limited new housing supply and strong rental demand support long-term residential fundamentals. The investment includes 17 completed townhomes currently in lease-up and 64 fully entitled, construction-ready lots. Under the current development plan, the remaining homes are expected to be in high demand and lease up quickly.
Songbird BTR is being developed through a joint venture between ICM and Pine Grove, an Atlanta-based development firm. The partnership reflects ICM’s commitment to investing alongside experienced local operators with strong market knowledge and proven execution capabilities.
“When we evaluate opportunities, we’re looking for markets with strong fundamentals, projects with a clear competitive advantage and partners we trust to execute,” said Spencer Patton, Partner and U.S. Managing Director of ICM Asset Management. ”Songbird BTR brings all three together. It combines a well-located infill site in one of Atlanta’s strongest residential markets with favourable long-term demand drivers and an experienced local partner who understands how to execute in this market. That’s what makes Songbird BTR such a compelling addition to the USCI III portfolio.”
Songbird BTR further expands the USCI III portfolio as ICM continues to invest alongside experienced local operators in high-growth U.S. markets. Through disciplined underwriting and active asset management, the fund is building a diversified portfolio designed to create long-term value for investors.
“Every investment we add to USCI III should make the portfolio stronger,” said John Courtliff, CEO of ICM Asset Management. ”As the fund’s fourth investment, Songbird BTR expands our residential exposure in one of the U.S. Sun Belt’s most attractive growth markets while complementing the industrial investments already in the portfolio. That disciplined approach to portfolio construction is central to how we create long-term value for our investors.”
About Pine Grove
Pine Grove is an Atlanta-based real estate investment and development firm specializing in residential and mixed-use communities throughout the Southeastern United States. The firm has extensive experience sourcing, developing and operating residential projects, providing expertise across development, construction management, leasing and property management while partnering with institutional investors to deliver long-term value.