Origin Investments Closes Second Qualified Opportunity Zone Fund at $300 Million
Origin Investments Closes Second Qualified Opportunity Zone Fund at $300 Million; Firm’s Two QOZ Funds Have Raised $570 Million and Invested in 17 Multifamily Developments
Origin Will Launch Third QOZ Fund in Mid-2023
CHICAGO (May 3, 2023)—Origin Investments, a leading real estate fund manager, has announced the final close of Origin Qualified Opportunity Zone Fund II (QOZ Fund II) after raising more than $300 million which follows raising more than $264 million for Origin Qualified Opportunity Zone Fund I (QOZ Fund I). With that level of fundraising achieved, Origin ranks in the top 2% of QOZ managers that report equity raised, according to proprietary industry research by Novogradac.
To date, Origin’s QOZ Fund II has committed to seven different ground-up multifamily rental developments expected to total more than 2,500 units in Atlanta, Colorado Springs, Jacksonville, Nashville, and Tampa. Origin anticipates that when fully invested, the QOZ Fund II portfolio will include several additional ground-up rental developments with a total portfolio construction value of as much as $500 million. Cumulatively, through its two funds and an independent, sidecar QOZ offering, Origin has raised more than $585 million and committed to 18 ground-up multifamily rental communities totaling more than 6,269 units with a construction value exceeding $1 billion.
Origin is making plans to launch Origin Qualified Opportunity Zone Fund III in the next 60-90 days, based on the ongoing investor demand and a robust development pipeline.
“Our ability to raise more than $564 million for opportunity zone fund developments is a testament to a perpetual demand for investment vehicles that seek to produce tremendous returns along with unique tax advantages,” said Michael Episcope, Co-CEO, Origin Investments. “We’ve been a consistent leader in sourcing viable ground up development opportunities in our fast-growing target markets. Our approach focuses on making sound investment choices that don’t require the tax benefits to make a development worthwhile. Any development opportunity must stand on its own merits, before tax issues are considered,” he added.
The seven properties that to date comprise QOZ Fund II include:
- Edgehill Commons – a 740-unit rental community that is being developed in phases in downtown Nashville, Tenn. The joint venture partner is Marquette Properties.
- Two Rivers Ranch – a $70 million, 256-unit multifamily community that will be developed in Tampa. The joint venture partner is Roers Companies.
- 500 Sawtell – a 1,600-unit multifamily community that will be developed in phases south of downtown Atlanta. The joint venture partner is Kaplan Residential.
- Elan Rio Grande – a $70 million, 207-unit multifamily rental development located in Colorado Springs. The joint venture partner is Greystar.
- RISE St. Augustine – a $99.1 million, 272-unit build-for-rent residential community located in Jacksonville. The joint venture partner is RISE.
- AVA Gainesville – an $86.7 million, 231-unit build-for-rent residential development in suburban Atlanta. The joint venture partner is TWO Capital Partners.
- AVA Madison – an $84.8 million, 199-unit build-for-rent residential community located in suburban Nashville. The joint venture partner is TWO Capital Partners.
About Origin Investments
Origin Investments is a private real estate manager that provides best-in-class real estate solutions for individual investors, family offices and advisors to build and preserve wealth. They build, buy and finance multifamily real estate projects in fast-growing markets throughout the U.S. Since its founding in 2007, Origin has executed more than $2.5 billion in real estate transactions and its principals have invested more than $60 million alongside investors. Origin prides itself on offering unparalleled service to investors and its performance; they are in the top decile of the best-performing global private real estate fund managers ranked by Preqin, an independent provider of data on alternative investments. Origin is currently accepting new investors for its IncomePlus and Multifamily Credit Funds, which seek to provide tax efficiency, enhance portfolio yield, maximize growth and minimize portfolio volatility. To learn more, visit www.origininvestments.com.