Supplemental Prospectus - Form 424B3

Filed Pursuant to Rule 424(b)(3)

Registration No. 333-272750

IPC ALTERNATIVE REAL ESTATE INCOME TRUST, INC.

SUPPLEMENT NO. 5 DATED OCTOBER 15, 2024

TO THE PROSPECTUS DATED JUNE 6, 2024

This prospectus supplement ("Supplement") is part of and should be read in conjunction with the prospectus of IPC Alternative Real Estate Income Trust, Inc., dated June 6, 2024 (as supplemented to date, the "Prospectus"). Unless otherwise defined herein, capitalized terms used in this Supplement shall have the same meanings as in the Prospectus. References herein to the "Company," "we," "us," or "our" refer to IPC Alternative Real Estate Income Trust, Inc. unless the context specifically requires otherwise.

The purposes of this Supplement are as follows:

November 1, 2024 Transaction Price

The transaction price for each share class of our common stock for subscriptions accepted as of November 1, 2024 (and repurchases as of October 31, 2024) is as follows:

As of the date of this Supplement, we had not sold any Class S or Class D shares. Until we sell shares of Class S and Class D common stock, the transaction price for these classes is based on NAV per share of our Class I shares as of September 30, 2024. We will separately compute the NAV per share of each one of these new classes once we have shares of that class outstanding. A detailed calculation of the NAV per share is set forth below. The purchase price of our common stock for each share class equals the transaction price of such class, plus applicable upfront selling commissions and dealer manager fees. The repurchase price for each share class equals the transaction price of such class.

September 30, 2024 NAV per Share

We calculate NAV per share in accordance with the valuation guidelines that have been approved by our board of directors. Our NAV per share, which is updated as of the last calendar day of each month, is posted on our website at www.ipcaltreit.com and is made available on our toll-free, automated telephone line at 866-MY-Inland (866-694-6526). Please refer to "Net Asset Value Calculation and Valuation Guidelines" in the Prospectus for a discussion of how our NAV is determined. The Advisor is ultimately responsible for determining our NAV. Transactions or events have occurred since September 30, 2024 that could have a material impact on our NAV per share, upon which our transaction price is based. We have included a breakdown of the components of total NAV and NAV per share for September 30, 2024 along with the immediately preceding month.

Our total NAV presented in the following tables shows the Company and the Operating Partnership on a combined basis and includes the NAV of the Company's common stockholders, as well as partnership interests of the Operating Partnership held by parties other than us.

The following table provides a breakdown of the major components of our NAV as of September 30, 2024 (dollars and shares/units in thousands):

The following table sets forth our NAV and NAV per share/unit by class as of September 30, 2024 (dollars and shares/units in thousands except per share/unit data):

Set forth below are the weighted averages of the key assumptions used by our independent valuation advisor in the discounted cash flow analysis used for the September 30, 2024 valuations, based on property type:

A change in these key assumptions would impact the calculation of the value of our property investments. For example, assuming all other factors remain unchanged, the changes listed below would result in the following effects on our property investment values:

Our total NAV presented in the following tables shows the Company and the Operating Partnership on a combined basis and includes the NAV of the Company's common stockholders, as well as partnership interests of the Operating Partnership held by parties other than us.

The following table provides a breakdown of the major components of our NAV as of August 31, 2024 (dollars and shares/units in thousands):

The following table sets forth our NAV and NAV per share/unit by class as of August 31, 2024 (dollars and shares/units in thousands except per share/unit data):

Status of our Offering

We are currently offering on a continuous basis up to $1.25 billion in shares of common stock, consisting of up to $1.0 billion in shares in our primary offering and up to $250 million in shares pursuant to our distribution reinvestment plan. As of the date of this Supplement, we had issued and sold in the Offering (i) 172,104 shares of our common stock (consisting of 166,209 Class I shares and 5,895 Class T shares; no Class S or Class D shares were issued or sold as of such date) in the primary offering for total proceeds of $4.3 million and (ii) 191 shares of our common stock (consisting of 188 Class I shares and 3 Class T shares) pursuant to our distribution reinvestment plan for a total value of $4,688. We intend to continue selling shares in the Offering on a monthly basis.

Portfolio Metrics as of September 30, 2024

Attached hereto as Appendix A are portfolio metrics regarding the status of our Operating Partnership's investments as of September 30, 2024.

ALT REIT Portfolio Overview* $411M Investments in Real Estate $140M Net Asset Value 35 Properties Healthcare Appraised Property Value $324,110,000 No. of Properties 30 Square Feet 746,601 Leased % 100% Student Housing Appraised Property Value $44,900,000 No. of Properties 1 Total Beds 406 Leased % 100% Self Storage Appraised Property Value $42,370,000 No. of Properties 4 No. of Units 2,275 Leased % 82.6%† † Leased % based on rentable square footage *Data as of September 30, 2024. For more information on IPC Alternative Real Estate Income Trust, Inc.'s (ALT REIT) most recent estimated net asset value (NAV), including the assumptions, estimates and judgments used to determine the estimated NAV, see Supplement No. 5 to the prospectus of IPC Alternative Real Estate Income Trust, Inc., dated June 6, 2024, as filed with the SEC on October 15, 2024. Portfolio shown is that of the Operating Partnership of ALT REIT. ALT REIT is the general partner of the Operating Partnership but currently does not own a substantial economic interest in the Operating Partnership, and therefore does not own a substantial interest in the underlying properties. As ALT REIT raises capital in its public offering, it will contribute the capital to the Operating Partnership in exchange for ownership interests in the form of Operating Partnership units such that we expect to eventually consolidate the Operating Partnership. Property Type by Investment Value Self Storage 10% Student Housing 11% Healthcare 79%