Star Metals was a multifamily development in the West Midtown submarket of Atlanta, GA. The property featured 409 Class A apartment units and 16,200 square feet of ground-floor retail space. The development was completed in 2021. Origin maintained a preferred equity investment in Star Metals that occupied the capital stack of the property from 68-74% from January 2019 to September 2021. We were motivated to participate in Star Metals due to its protected basis, high expected return, seasoned development team, and desirable location. After retiring our position, Origin’s investment generated a realized IRR of 12.40% and a realized multiple of 1.37x for IncomePlus Fund investors.