Origin IncomePlus Adds 1% Bonus Units Incentive; NAV Up 24% Year-Over-Year
Origin Investments is offering a 1% bonus unit incentive to new investors in its IncomePlus Fund for subscriptions committed between May 1 and Aug. 1, 2026, as the fund’s net asset value reached approximately $608.5 million at the end of the first quarter, a 24% increase from $490.5 million at year-end 2024, the company said.
Under the promotion, the bonus units are calculated as 1% of the subscription amount. A $100,000 investment receives $101,000 in total unit value; a $1 million investment receives $1,010,000 in total unit value. Origin said it will waive the servicing fee otherwise applicable to the bonus units. The fund is available to accredited investors, with a $100,000 minimum.
As of March 31, 2026, the fund’s NAV was $11.15 per unit. The net distribution yield stood at 6.7%, calculated as the March 2026 distribution divided by the latest fund NAV, divided by the number of days in the month divided by 365, Origin Investments said.
“Multifamily fundamentals are telegraphing signs of the market improving and indicating an opportunity to take advantage of pricing levels we are seeing in the market,” said Michael Episcope, principal and co-chief executive officer of Origin Investments. Episcope said Origin plans to shift the fund’s portfolio toward common equity as additional capital is deployed, in order to capture potential upside when the market recovers.
The distribution yield has risen from levels AltsWire has tracked since mid-2024. Through the third quarter of 2024, the fund reported a NAV of approximately $479.7 million and a net distribution yield of 6.2%. As of October 2025, the distribution yield had risen to 6.5% with a per-unit NAV of $11.13. By January 2026, the yield stood at 6.7% with the per-unit NAV at $11.15.
The fund’s current portfolio comprises interests in 33 properties totaling approximately 7,300 units, in its target markets in the Southeast and Southwest. At the end of the first quarter, the portfolio was balanced among preferred equity positions (approximately 49%), stabilized core-plus assets (approximately 42%), and ground-up development (approximately 9%). Origin said it is committed to maintaining approximately 20% of the fund’s NAV in ground-up development going forward.
The fund has two active joint venture development projects underway. Construction has begun on The Ellison, a 380-unit multifamily community in Chandler, Ariz., developed in partnership with Stillwater Capital and Eagle Realty Group. In December 2025, Origin announced a joint venture with Confluence Communities to develop the Brickyard, a 298-unit multifamily community in Castle Rock, Colo., within Confluence’s 31-acre Brickyard master-planned development.
Episcope cited declining multifamily construction starts as the basis for the firm’s market timing thesis. Multifamily starts have fallen roughly 30% from a peak of approximately 518,000 in the first quarter of 2022, Origin said, citing Federal Reserve Bank of St. Louis data. Origin’s thesis is that the decline points to a supply shortage emerging between 2026 and 2028.
The IncomePlus Fund was established in 2019 as an open-end vehicle for accredited investors seeking income and appreciation through multifamily real estate. The fund converted from a limited liability company taxed as a partnership to a private real estate investment trust effective Jan. 1, 2025.
Origin Investments, founded in 2007 and based in Chicago, manages private real estate funds focused on multifamily properties in growth markets. Earlier this year, its affiliate Origin Credit Advisers launched the Origin Real Estate Credit Fund, a multifamily credit interval fund the firm said is designed to maximize current income and preserve investor capital.
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