Origin IncomePlus Fund Invests in Multifamily Community Joint Venture in Phoenix Area
Construction has begun on The Ellison, a 380-unit multifamily community located in Chandler, Ariz. The project is a joint venture between private real estate company Stillwater Capital and financial partners Origin Investments and Eagle Realty Group.
The Ellison will be part of The District Downtown, a 45-acre mixed-use development located at the northwest quadrant of Arizona and Pecos Avenues. The development will also feature two hotels, restaurants, and retail space.
The Ellison represents an investment by Origin’s IncomePlus Fund LLC, a portfolio of multifamily equity investments/assets that totals 32 properties with 9,452 units, not including The Ellison. The fund converted to a private real estate investment trust at the beginning of 2025, which the company said simplified the tax reporting process and broadened the investment vehicle’s appeal to a wider cross section of registered investment advisers.
The project is being built on a 12.3-acre site and will include 50 studio units, 211 one-bedroom units, 110 two-bedroom units, and nine three-bedroom units. Interior units will feature an array of Class A amenities, such as gourmet kitchens with quartz countertops and tile backsplashes, kitchen islands, stainless steel appliances, in-unit washers and dryers and wood-style flooring.
Outdoor amenities include a pool bar and cabana area, a hotel-style lobby and leasing center, state-of-the-art fitness center, and multiple curated outdoor courtyards.
Units are expected to be available for lease in 2028.
“We work very hard to identify unique opportunities to join forces with established and credible development partners to expand our portfolio of investment properties,” said Jacob Sojka, senior vice president, Origin Investments. “Origin is excited to partner with Stillwater Capital in delivering The Ellison to a high-growth market where there are significant barriers to entry.”
The development site is centrally located in a high-growth population center 25 miles from downtown Phoenix and in close proximity to Sky Harbor International Airport, and top-rated schools and recreational amenities.
The location also provides direct access to I-10 and other major thoroughfares offering connectivity to major employers including Intel, Northrop Grumman, and the growing Price Road Corridor.
In other fund-related news, Origin IncomePlus Fund’s net distribution yield stood at 6.7% as of Jan. 31, 2026. The fund’s net asset value was $11.15, on a per unit basis.
Founded in 2007, Origin Investments is a private real estate manager that helps high-net-worth investors, family offices, and registered investment advisers grow and preserve wealth by providing tax-efficient real estate solutions through private funds. In 2023, it founded affiliate firm Origin Credit Advisers, a registered investment adviser that provides investment advice to yield-focused multifamily debt funds. Also, through the Origin Exchange platform, introduced in 2024, investors can complete a 1031 exchange of their properties for professionally managed, institutional-quality assets.
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