Origin Investments Adds Las Vegas Project as Select Asset Fund Nears Close
Origin Investments plans to close its Origin Select Asset Fund on Sept. 15 and has added a second development to the portfolio: Arca II, a 255-unit, $77.2 million multifamily project in Las Vegas. The short-duration fund has less than $10 million in remaining capacity, the Chicago-based real estate manager said in a statement.
The fund launched in November 2025 with a $100 million target for ground-up multifamily developments in Sunbelt and Mountain states, AltsWire reported at the time. Origin named its first investment for the fund in February 2026: Medina Station, a 353-unit development in Mesa, Ariz., built in partnership with The NRP Group. That project broke ground the same month and is still under construction.
A source told AltsWire that as its close approaches, the fund has raised more than $50 million.
Arca II is a $77.2 million project at 8030 W. Maule Ave. in Las Vegas, on a 5.51-acre site along the city’s 215 corridor. The development will include 20 studio units, 161 one-bedroom units, 54 two-bedroom units, and 20 three-bedroom units, according to Origin. The company expects to break ground within 30 days of closing a construction loan with Principal and a guaranteed maximum price agreement with Edward Homes, a Las Vegas-based development and construction firm. Partnering with a local developer is intended to let Origin build the project at a lower cost basis than other developments underway in the market, said Jacob Sojka, Origin’s vice president of development.
The Select Asset Fund targets a 14% to 18% net internal rate of return and an equity multiple of 1.5x to 1.7x over four years, according to Origin. Investors have the option to redeem their interests after five years or remain in the fund for income once the developments are delivered. Larger investors can co-invest alongside the fund with no management or performance fees; the minimum is $500,000 for individuals and $2.5 million in aggregate for advisers.
Origin said an industrywide slowdown in commercial construction activity has eased pricing and shortened timelines, as construction firms and subcontractors compete for available work – a dynamic the firm said favors developments breaking ground now over projects started in prior years.
“Vintage and quality matter, which is why we deliberately establish a high bar for any investment we make, including our Select Asset Fund,” Origin co-chief executive officer David Scherer said. “Market dynamics and fundamentals in markets like Las Vegas and Phoenix are getting stronger.”
“This short-duration fund is well-positioned to take advantage of the various market dynamics that are currently in place and that we believe are not likely to last,” Scherer added.
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