Origin Nears Close of Multifamily Development Fund

Origin Investments has closed its Select Asset Fund after adding Arca II, a 255-unit multifamily development in Las Vegas, as the second investment in its short-duration, 2026-vintage strategy.

The Chicago-based real estate investment manager said the fund had less than $10 million of remaining capacity for accredited-investor commitments. The strategy targets a 14% to 18% net internal rate of return and a 1.5x to 1.7x equity multiple over four years.

Arca II is expected to close by the end of the third quarter. Origin expects to begin construction within 30 days after closing a construction loan with Principal and finalizing a guaranteed maximum price contract with Las Vegas-based Edward Homes.

It joins Medina Station, a 353-unit ground-up development in Mesa, Arizona, that broke ground in February. Medina Station is being developed with NRP Group.

Origin is positioning the fund around developments that begin construction in 2026 and are expected to deliver in 2028, when the firm anticipates apartment absorption will exceed new supply.

“Market dynamics and fundamentals in markets like Las Vegas and Phoenix are getting stronger,” Co-CEO David Scherer said.

After the development period, investors may redeem their interests at fair market value after five years or stay in the fund for an optional income period.

Investors meeting higher minimums may co-invest alongside the fund without management or performance fees. Minimum co-investments are $500,000 for individuals and $2.5 million in aggregate for financial advisors.

Pictured: Arca II exterior