Origin Investments Nears Close of Select Asset Fund, Unveils $77.2M Las Vegas Multifamily Project Arca II

CHICAGO — Origin Investments is closing its Select Asset Fund on September 15, 2026, with less than $10 million in remaining capacity, the firm announced September 10. Alongside the fundraising deadline, the Chicago-based multifamily real estate fund manager introduced Arca II, a 255-unit ground-up development in Las Vegas with a total project cost of $77.2 million, as the second asset in the 2026 vintage-focused vehicle.

Select Asset Fund Nears Capacity

The Origin Select Asset Fund is a short-duration vehicle targeting a 14%–18% net internal rate of return and an equity multiple of 1.5x to 1.7x over four years. The fund is structured to give investors 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, with minimums set at $500,000 for individuals and $2.5 million for financial advisors on an aggregate basis.

David Scherer, Co-CEO of Origin Investments, framed the fund's investment thesis around the timing of development starts relative to anticipated delivery conditions. "Vintage and quality matter, which is why we deliberately establish a high bar for any investment we make, including our Select Asset Fund," Scherer said. "Market dynamics and fundamentals in markets like Las Vegas and Phoenix are getting stronger. Developments breaking ground in 2026 are expected to deliver units in 2028; a time when we believe project absorption will outpace delivery."

Scherer also noted that a broader slowdown in commercial real estate construction is easing pricing pressure and compressing timelines, as contractors and subcontractors compete for available work. With one project already under construction and Arca II set to break ground within approximately 30 days of the announcement, Origin said it has reduced the lead time and costs typically associated with identifying a development opportunity and navigating the planning approval process — a phase that can span six to 18 months and affect returns. "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 said.

Arca II: Las Vegas Development Details

Arca II is located at 8030 W. Maule Ave. in Las Vegas, on a 5.51-acre parcel along the Southwest 215 "Curve" corridor — described by Origin as one of the last parcels in the area with freeway visibility. The five-story wrap construction project will include 20 studio units, 161 one-bedroom units, 54 two-bedroom units, and 20 three-bedroom units.

Origin has closed a construction loan with Principal and executed a Guaranteed Maximum Price agreement with Edward Homes, a regional real estate development and construction firm based in Las Vegas. Jacob Sojka, Vice President of Development at Origin Investments, said the partnership with a local operator is intended to allow the project to be built at a lower cost basis than competing developments in the area.

Interior finishes will include stainless steel appliances, quartz countertops, LVT flooring, LED-lit mirrors, and tiled backsplashes. Community amenities will include a clubhouse, resort-style pool, fitness center, co-working space, and a courtyard.

The Curve submarket has seen substantial growth in recent years. The property sits near major employers including Morgan Stanley, Deloitte, Ultimate Fighting Championship, Switch, Sotheby's International, International Game Technology, DraftKings, MGM Resorts International, and Intermountain Health. The location provides access to the Las Vegas Strip and more than 13 million square feet of retail within a 20-minute drive.

Adjacent development activity underscores the submarket's trajectory. UnCommons, a mixed-use project featuring 500,000 square feet of Class-A office, entertainment, and retail space, is nearby. The Durango Casino & Resort, a $780 million hotel, casino, and convention center, is located directly adjacent to the Arca II site. Intermountain Health has also announced plans for a new standalone children's hospital — the first of its kind in Nevada — planned for the UNLV Reid Research Campus off Durango and the 215, less than two miles from the project.

Medina Station: First Fund Asset Underway in Phoenix

Medina Station, the fund's first investment, broke ground in February 2026. The 353-unit ground-up development is located at 325 Signal Butte Road in Mesa, Arizona, on a 10.27-acre site at the northwest corner of a larger mixed-use development. The four-story building will include surface parking for 530 vehicles and a mix of studio, one-, two-, and three-bedroom residences. Origin is developing Medina Station in partnership with NRP, a national multifamily development firm.

The surrounding mixed-use development is delivering retail space throughout 2026, with national tenants including Dick's Sporting Goods, Target, Chipotle, Five Guys, and Einstein Bros Bagels.

Market Context: Sun Belt Supply and Demand Dynamics

The fund's two-asset Sun Belt strategy is taking shape against a backdrop of elevated vacancy and moderating rent growth in both target markets. In Las Vegas, roughly 1,800 units were absorbed across the metro through the first half of 2026 while approximately 2,000 units were delivered, holding vacancy increases to a modest level. Vacancy in the Las Vegas market stood at 10.8% in the second quarter of 2026, with average asking rents of $1,473 per unit and cap rates of 5.4%. Las Vegas is projected to complete roughly 4,200 units in 2026, with vacancy expected to end the year near 9.0% as demand gradually absorbs recent deliveries.

In Phoenix, vacancy reached 11.3% in the second quarter of 2026, with average asking rents of $1,536 per unit and an average cap rate of 5.8%, down from 6.6% a year earlier.

Origin's vintage argument rests on the premise that 2026 construction starts will deliver into a more balanced 2028 leasing environment, and that today's softer construction activity is reducing land, labor, and timeline risk for developers willing to move now.

Founded in 2007, Origin Investments manages private real estate funds targeting high-net-worth investors, family offices, and registered investment advisors. The firm focuses on multifamily real estate in high-growth U.S. markets through development, acquisition, and financing strategies.