A fully Integrated real estate firm that invests wisely and creates value through unmatched operational precision across the real estate value chain


    Investment of surplus capital in liquid private debt and public markets to maximize returns across asset classes


    Purchasing, entitlement, programming, and designing of multi-family and commercial land to bring to market the most distinctive and highest performing properties to Utah markets


    Creating value for ICO'S own account and third parties by delivering a customized construction solution in terms of cost, quality and timely completion

  • The Firm
  • The ICO Difference
  • Guiding Principles
  • Leadership

About the Firm

ICO applies streamlined financial, operating, and people processes and systems to maximize property performance. ICO manages apartments for its own account, with joint venture partners, or for third parties.

Investment of surplus capital in private debt and public markets to maximize returns until the right private business or real estate deal…

Application of streamlined financial, operating, and people processes and systems for both lease up and stabilized properties…

Purchase, entitle, program, and design of multi-family and commercial land and mature real estate properties, for ICO’s own account…

Building of commercial and multi-family projects for ICO’s own account, with joint venture partners, or for third parties…

Property Management Portfolio


ICO applies streamlined financial, operating, and people processes and systems to maximize property performance. ICO manages apartments for its own account, with joint venture partners, or for third parties.


For commercial properties, ICO ensures properties succeed by applying its full complement of management and operating expertise. ICO manages commercial properties for its own account, with joint venture partners, or for third parties

Every ICO Business Creates Value

What Makes ICO Distinctive

ICO believes in aligning priorities when it comes to the investment and operation of its portfolio. Both Principals have deep and broad experience as investors and as operating executives. They work for themselves rather than outside shareholders.

By deploying their own capital in the businesses, they avoid the agency dilemma of most investment businesses wherein the principals invest OPM—other people’s money—where risk/reward incentives are fundamentally misaligned, and the desire for fees often outweighs business prudence.

ICO uses it’s strong leadership background in both investment and operational excellence to create long-term value for its assets. ICO uses the mindset of an owner and investor when making investment decisions and an operating manager when making capital and resource allocation decisions in operating and leading businesses. This dual experience and perspective as both investors and operating leaders has resulted in consistent outperformance against competitors.

ICO uses its broad network, deep industry knowledge, operational expertise, and strategic portfolio intelligence to ensure value is created from each business activity.

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Business Changes, Principles Never Alter

What Makes ICO Distinctive

ICO aspires to (1) be recognized by trade partners as the premier investment and real estate firm in Utah and (2) build a great firm by attracting, developing, exciting, and retaining superior talent who emulate the ICO values.

Value creation is the core of ICO’s business purpose. ICO invests in assets and people and applies a proprietary leadership and management system to improve them. Part of that management system is a confidential set of values that guides every team member. The result of this relentless focus on creating value is an ICO portfolio that generates superior returns on invested capital. The firm’s success, in turn, helps employees achieve their professional and personal goals. Fundamentally, ICO uses this management discipline to transform vision into value. Shortcuts to value maximization do not exist. Consistently applying management disciplines has led to sustained performance, enabling our firm to become a respected leader in its region.

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Investment Expertise

In the early 1990s, two guys–Clark Ivory and Jim Seaberg–met at Harvard Business School. They and their young families became friends but after graduation each began separate career paths. Clark returned to Utah to extend and eventually own and run the Ivory Homes platform created by his father. Jim became a partner at an international consulting firm. The two stayed in touch and co-invested in real estate over the years. When Ivory Homes had assembled a critical mass of commercial real estate, Jim came to Utah to run the commercial business platform. Over the decades, the businesses and buildings they invested in have changed but the philosophy remains the same: invest in land, properties, businesses, and public market opportunities at the right price, engage the best team, and add significant value to each investment through operational and leadership expertise.

Clark Ivory, ICO Chairman

Clark D. Ivory is the CEO of Ivory Homes, Utah’s Number One Homebuilder with over 15,000+ single family homes, and Chairman of ICO, Ivory Commercial and Multifamily

Clark began as a Sales Consultant for Ivory Homes in 1987. He became the Area Manager over Salt Lake and Utah Counties in 1992. He was named CEO of Ivory Homes in 2000. Clark currently serves as the Chairman for the Board of Trustees for the University of Utah. He is the Chairman of the CEO Roundtable, sits on the Salt Lake Chamber’s Executive Committee, and is a founding member of the Prosperity 2020 movement that focuses on improving education in Utah for students of all ages.

Clark completed six years of service with the Federal Reserve Bank of San Francisco, Salt Lake Branch where he served as chairman for three years. Clark is the former Chair of Salt Lake Chamber Board of Governors. Clark graduated from the University of Utah with a BA in Political Science in 1988 and received an MBA from Harvard Business School in 1992.

Clark is married to Christine Cahoon and has four daughters and one son. He loves tennis and golf, the Utes and Jazz, and anything Italian.

Jim Seaberg, ICO President

Jim is an accomplished operating executive, investor, and advisor. As President and Chief Executive Officer, he has led multiple performance improvement and turnaround efforts in both industrial and technology companies. He has served as the President of ICO Companies since 2008 and also chairs ICO’s investment committee.

As founder and managing partner of Lodestar Capital (www.lodestarcp.com), an investment and advisory firm he continues to manage as Board Chairman, Jim has invested in numerous growth firms and mid-market companies, generating significant returns for investors. Lodestar often actively utilizes its operating expertise to accelerate performance of the companies in which it invests.

Prior to his role at ICO, Jim was Vice President, Office of the Chairman—Performance Improvement, for Dell Computer Corporation, a Global 50 company. He was instrumental in leading revenue enhancement efforts across multiple business units globally, achieving significant operating margin improvements on more than half of the company’s revenue base.

Prior to his time at Dell, Jim was a partner at McKinsey and Company, Inc., where he co-founded and led the Global Software and Services Practice. He worked with clients in North America, Europe, and Asia to support new business creation and new market entry, to improve senior management and board effectiveness, and led operational improvements in sales, pricing, product development, financial management, and mergers and alliance management. Jim has been published in the McKinsey Quarterly and the Financial Times. He is a frequent speaker to numerous industry groups, including the Enterprise Software Roundtable.

He is currently Senior Advisor to Heath Catalyst, a healthcare information technology company backed by Sequoia, Norwest, and Sorenson. He is a board member and co-owner of National Indoor RV Centers. He also gives back by co-teaching as an adjunct faculty member, three advanced finance classes at Brigham Young University—one of which manages a student-led investment fund, and another which offers an international investment internship (www.gfi2experience.com).

Jim received a B.S. degree in Accounting, Magna Cum Laude and University Honors, from Brigham Young University in 1987 and an M.B.A. from Harvard Business School in 1992. Jim is a Certified Public Accountant.

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