Origin Investments – a leading real estate fund manager – announced the final close of Origin Qualified Opportunity Zone Fund II (QOZ Fund II) after raising over $300 million which follows raising more than $264 million for Origin Qualified Opportunity Zone Fund I (QOZ Fund I). And with that level of fundraising achieved, Origin ranks in the top 2% of QOZ managers that report equity raised, according to proprietary industry research by Novogradac.
To date, Origin’s QOZ Fund II committed to 7 different ground-up multifamily rental developments expected to total more than 2,500 units in Atlanta, Colorado Springs, Jacksonville, Nashville, and Tampa. Origin anticipates that when fully invested, the QOZ Fund II portfolio will include several additional ground-up rental developments with a total portfolio construction value of as much as $500 million. And cumulatively, through its two funds and an independent, sidecar QOZ offering, Origin has raised more than $585 million and committed to 18 ground-up multifamily rental communities totaling more than 6,269 units with a construction value exceeding $1 billion.
Origin is currently making plans to launch Origin Qualified Opportunity Zone Fund III in the next 60-90 days, based on the ongoing investor demand and a robust development pipeline.
The 7 properties that to date comprise QOZ Fund II include:
— Edgehill Commons – which is a 740-unit rental community that is being developed in phases in downtown Nashville, Tenn. The joint venture partner is Marquette Properties.
— Two Rivers Ranch – which is a $70 million, 256-unit multifamily community that will be developed in Tampa. The joint venture partner is Roers Companies.
— 500 Sawtell – which is a 1,600-unit multifamily community that will be developed in phases south of downtown Atlanta. The joint venture partner is Kaplan Residential.
— Elan Rio Grande – which is a $70 million, 207-unit multifamily rental development located in Colorado Springs. The joint venture partner is Greystar.
— RISE St. Augustine – which is a $99.1 million, 272-unit build-for-rent residential community located in Jacksonville. The joint venture partner is RISE.
— AVA Gainesville – which is an $86.7 million, 231-unit build-for-rent residential development in suburban Atlanta. The joint venture partner is TWO Capital Partners.
— AVA Madison – which is an $84.8 million, 199-unit build-for-rent residential community located in suburban Nashville. The joint venture partner is TWO Capital Partners.
KEY QUOTE:
“Our ability to raise more than $564 million for opportunity zone fund developments is a testament to a perpetual demand for investment vehicles that seek to produce tremendous returns along with unique tax advantages. We’ve been a consistent leader in sourcing viable ground up development opportunities in our fast-growing target markets. Our approach focuses on making sound investment choices that don’t require the tax benefits to make a development worthwhile. Any development opportunity must stand on its own merits, before tax issues are considered.”
— Michael Episcope, Co-CEO, Origin Investments
