On this webinar, Origin Investments Principal Michael Episcope, Origin Director of Acquisitions Tom Briney and Greystar Managing Director of Development Bo Chapman discussed the latest acquisition for the Origin Qualified Opportunity Zone (QOZ) Fund. Elan Pikes Peak is a Class A, $95.3 million QOZ multifamily development located in the transforming southwest side of downtown Colorado Springs, Colorado. This project is compliant with all QOZ eligibility requirements and regulations and is targeting a 2.52x net multiple over a 10-year hold, equating to a 3.66x tax equivalent multiple.
Individuals can invest in Elan Pikes Peak alongside the Origin Qualified Opportunity Zone Fund through a $15 million sidecar opportunity for a limited time or receive exposure to Elan Pikes Peak through the open Origin QOZ Fund. Current Origin investors will have priority in the sidecar vehicle and any remaining capacity will be open to new investors. The QOZ law allows individuals to reduce, defer and eliminate capital gains taxes when investing in a qualified opportunity zone investment.
The webinar covered why Colorado Springs is an attractive market, what makes Elan Pikes Peak so unique to the downtown area, how this project benefits from a pre-approved TIF package and the experience that Greystar brings.