Origin Investments Announces First Investment for Select Asset Fund;

353-Unit Medina Station Apartments Being Developed with The NRP Group in Mesa, Arizona

PHOENIX (March 3, 2026) — Origin Investments, a leading multifamily real estate fund manager, is announcing the first investment for its Select Asset Fund, the 353-unit Medina Station, a new ground-up development in suburban Phoenix (Mesa).

Origin Investments is partnering with The NRP Group, a vertically integrated, best-in-class developer, builder and manager of multifamily housing, in the development within the 60-acre Medina Station mixed-use master planned community. This represents the third multifamily ground-up development partnering Origin and NRP. U.S. Bank is providing debt capital.

A groundbreaking for Medina Station will be held shortly signaling the beginning of construction. Completion of the new community is expected in 2028.

Medina Station, located at 1325 Signal Butte Road, is being developed on a 10‑acre parcel in the northeast quadrant of the master plan, in proximity to major employment corridors. The new community is bringing thoughtfully designed apartment homes to one of the fastest‑growing corridors in Phoenix’s Southeast Valley.

“Medina Station is well positioned to be a premier development in Mesa,” said Jacob Sojka, Vice President of Acquisitions at Origin Investments. “The project benefits from a strong location within a mixed-use community that includes planned retail, creating instant appeal. NRP’s reputation as a tier-one developer adds meaningful experience, credibility, and scale.”

The new community will include a mix of studios and one-, two- and three-bedroom residences totaling more than 340,000 square feet of rentable space. In addition to the main four-story building, six two-story carriage-style buildings will be located around the perimeter of the property, offering direct-access units as well as rentable garage space for residents.

“We identified this pocket of Mesa as a unique and compelling opportunity due to its strong demographics, beautiful surroundings and exceptional commercial offerings,” said Austin Kates, Vice President of Development at The NRP Group. “This community will provide high‑quality homes in a walkable environment surrounded by established retail, dining and employment hubs.”

The robust amenity package features a clubhouse lounge, a co-working business center, a fully equipped fitness center and an outdoor pool area complete with a spa jacuzzi, cabanas and grill stations. Additional amenities include a dedicated dog park, landscaped courtyards with fire pits, comfortable seating areas and a golf putting green.

The development is within walking distance of major commercial retailers in Medina Station and the surrounding area, a variety of sit-down and fast-casual dining options, and personal service providers. The site offers convenient access to US-60 and Loop 202, providing direct connectivity to key regional employment centers such as the Elliot Road Technology Corridor, Mesa Gateway Airport, and surrounding hospital networks.

Origin and NRP previously have partnered on two developments in Texas:

• Haynes Lofts is a 353-unit, Class A garden-style community being developed within the historic former Brooks Air Force Base in suburban San Antonio.
• Rodeo Drive PFC is a 340-unit, Class A surface-parked development consisting of two, 4-story residential buildings and a 2-story parking deck.

Origin Select Asset Fund

Origin Select Asset Fund, a $100 million short-duration fund, intends to invest in five ground-up multifamily developments in Sun Belt and Mountain states where future supply constraints portend significant growth potential. Origin expects to raise and call capital and finalize development investments by the end of 2026. Unit delivery is expected to occur in 2027 and 2028, and investors will be given the chance to realize the value of their investment by the end of 2031.

Select Asset Fund highlights include: 

• Target returns: The Select Asset Fund targets a 14%-18% net internal rate of return (IRR) and an equity multiple from 1.5x to 1.7x over four years.
• Co-investment opportunity: Investors who commit at least $500,000 and RIAs whose clients collectively commit at least $2.5 million qualify as co-investors with no fees and no carry for the first five years for capital invested above the threshold amount.
• Optional income period: Investors have the option to redeem their interests after five years or remain in the fund for income when the developments are delivered.  

“When you look at fundamentals and cycles, it’s clear vintage matters,” said Michael Episcope, co-CEO, Origin Investments. “There are markets across the country that in roughly two years will face a supply shortage. Projects like Medina Station that are breaking ground now and will deliver at that time will benefit from low supply and strong demand.

“That’s the premise behind our Select Asset Fund,” he added. “Our intention is to fully deploy the Fund’s capital into our pipeline of high-quality deals in 2026.”

Tailwinds that Origin expects will accelerate further to enhance upside potential include:  the prohibitive cost of homeownership where owning is 64% more expensive than renting, a persistent national housing shortage exacerbated by a 27% drop in new apartment construction since the peak in Q3 2024, and demand outpacing supply by a 3:1 ratio.  

The Phoenix metro area remains a priority market for The NRP Group, underscoring the firm’s strategic commitment to one of the fastest-growing counties in the U.S. In December, the firm broke ground on Desert Sky, a 288-unit affordable housing community in West Phoenix. This expansion reflects strong confidence in the region’s long-term rental housing market, driven by robust job growth and sustained year-over-year in-migration patterns.