Origin Makes First Investment for $100M Select Asset Fund

Private real estate manager Origin Investments announced the first investment for its Origin Select Asset Fund, the 353-unit Medina Station, a ground-up development in suburban Phoenix, specifically Mesa, Ariz.

Origin Investments has partnered with The NRP Group, a builder and manager of multifamily housing, to develop the project within the 60-acre Medina Station mixed-use master planned community. This represents the third multifamily ground-up development partnership for Origin and NRP. U.S. Bank is providing debt capital.

Per previous reporting by AltsWire, the $100 million short-duration fund launched in November 2025, and plans to invest in five multifamily developments in targeted Sunbelt and Mountain states. The fund enables investors and registered investment advisers who meet minimum capital requirements to participate in the fund’s co-investment vehicle. The co-invest vehicle invests side-by-side with the fund with no management fee and no carry for the first five years.

Medina Station, located at 1325 Signal Butte Road, is being developed on a 10‑acre parcel in the northeast quadrant of the master plan, in proximity to major employment corridors. According to Origin, the new community is bringing “thoughtfully designed” apartment homes to one of the fastest‑growing corridors in Phoenix’s Southeast Valley.

“Medina Station is well positioned to be a premier development in Mesa,” said Jacob Sojka, vice president of acquisitions at Origin Investments. “The project benefits from a strong location within a mixed-use community that includes planned retail, creating instant appeal. NRP’s reputation as a tier-one developer adds meaningful experience, credibility, and scale.”

The new community, which is set to break ground soon, will include a mix of studios and one-, two- and three-bedroom residences totaling more than 340,000 square feet of rentable space. In addition to the main four-story building, six two-story carriage-style buildings will be located around the perimeter of the property, offering direct-access units as well as rentable garage space for residents.

The amenity package features a clubhouse, co-working business center, fitness center, and an outdoor pool area complete with a jacuzzi, cabanas, and grill stations. Additional amenities include a dedicated dog park and a golf putting green.

The development is within walking distance of major commercial retailers in Medina Station. The site offers access to U.S. 60 and Loop 202, providing direct connectivity to key regional employment centers such as the Elliot Road Technology Corridor, Mesa Gateway Airport, and surrounding hospital networks.

Completion of the new community is expected in 2028.

Origin expects to finalize all fund development investments by the end of 2026. Unit delivery is expected to occur in 2027 and 2028, and investors will be given the chance to realize the value of their investment by the end of 2031.

Select Asset Fund highlights include the following.

• Target returns: The fund targets a 14% to 18% net internal rate of return and an equity multiple from 1.5x to 1.7x over four years.
• Co-investment opportunity: Investors who commit at least $500,000 and RIAs whose clients collectively commit at least $2.5 million qualify as co-investors with no fees and no carry for the first five years for capital invested above the threshold amount.
• Optional income period: Investors have the option to redeem their interests after five years or remain in the fund for income when the developments are delivered.

“When you look at fundamentals and cycles, it’s clear vintage matters,” said Michael Episcope, co-chief executive officer of Origin Investments. “There are markets across the country that in roughly two years will face a supply shortage. Projects like Medina Station that are breaking ground now and will deliver at that time will benefit from low supply and strong demand.

Founded in 2007, Origin Investments is a private real estate manager that helps high-net-worth investors, family offices, and RIAs grow and preserve wealth by providing tax-efficient real estate solutions through private funds. In 2023, it founded affiliate firm Origin Credit Advisers, an RIA that advises funds that provide yield-focused multifamily debt investments.

Through its 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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