{"id":1004139270,"date":"2016-03-14T02:17:10","date_gmt":"2016-03-14T10:17:10","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004139270"},"modified":"2020-04-29T21:44:42","modified_gmt":"2020-04-30T05:44:42","slug":"origin-investments-completes-first-closing-of-its-fund-iii","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/origin-investments-completes-first-closing-of-its-fund-iii\/","title":{"rendered":"Origin Investments Completes First Closing of its Fund III"},"content":{"rendered":"

By Scott Baltic, Contributing Editor<\/em><\/p>\n

\"David<\/a>

David Scherer (left) and Michael Episcope (right) of Origin Investments<\/p><\/div>\n

Chicago<\/strong>\u2014Origin Investments<\/a> (formerly Origin Capital Partners) of Chicago has completed the initial closing of its third private equity real estate fund with a commitment of more than $55.5 million, the company announced late last week. The $150 million value-added fund is Origin\u2019s largest to date and targets high-net-worth individuals, family offices and institutional investors.<\/p>\n

The investment strategy for Fund III is the same as for the firm\u2019s first two funds: to acquire and improve apartment and office buildings with the goal of generating high risk-adjusted returns for its investors. Origin\u2019s co-founders, Michael Episcope and David Scherer, reportedly have committed $10 million to Fund III.<\/p>\n

Origin is targeting eight major U.S. markets that exhibit high population and job growth, focusing on transactions between $10 million to $30 million. The strategy is to acquire underperforming, yet high-quality assets at below replacement cost and then turn them around.<\/p>\n

\u201cThis strategy \u2026 helps to limit competition from larger institutional players and allows us to demonstrate our ability to substantially enhance the value of assets we acquire,\u201d Episcope said in a prepared statement.<\/p>\n

Within each market, Origin plans to focus on neighborhoods around transit hubs and corridors, preferably places that have high walkability scores close to neighborhood amenities, such as restaurants and shops.<\/p>\n

The first close of Fund III has gone well, Episcope told Commercial Property Executive<\/a>, because when commitments began last September, Fund III had aimed for about $40 million for a first closing. And the closing comes just as Fund II was fully deployed, around March 1, he added.<\/p>\n

Origin\u2019s target acquisitions, Episcope told Commercial Property Executive, are \u201cgreat buildings, in good locations, with solvable problems.\u201d<\/p>\n

Asked to describe an exemplar Origin deal, Episcope recapped the company\u2019s recent sale of the Lux24 building<\/a> on Chicago\u2019s Near West Side. In 2013, Origin bought what was then a failed 67-unit residential condo project for $16.7 million.<\/p>\n

The company bought out the owners of the only four units that had sold and completed the final 5 percent or so of construction, while subdividing a few three-bedroom units into smaller ones. For roughly an additional $2 million, Origin ended up with a 73-unit apartment building, which it sold just weeks ago for $35 million to an unidentified private buyer.<\/p>\n","protected":false},"excerpt":{"rendered":"

Origin Investments has completed the initial closing of its third private equity real estate fund, with a commitment of more than $55.5 million.<\/p>\n","protected":false},"author":882,"featured_media":1004139272,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21808,21825,21783,13,21742,21747],"tags":[],"class_list":["post-1004139270","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-featured","category-finance","category-investment","category-midwest","category-latest","category-office"],"acf":[],"yoast_head":"\nOrigin Investments Completes First Closing of its Fund III - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/origin-investments-completes-first-closing-of-its-fund-iii\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Origin Investments Completes First Closing of its Fund III\" \/>\n<meta property=\"og:description\" content=\"Origin Investments has completed the initial closing of its third private equity real estate fund, with a commitment of more than $55.5 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/origin-investments-completes-first-closing-of-its-fund-iii\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-03-14T10:17:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-30T05:44:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/03\/David-and-Michael-principals.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1440\" \/>\n\t<meta property=\"og:image:height\" content=\"919\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/origin-investments-completes-first-closing-of-its-fund-iii\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/origin-investments-completes-first-closing-of-its-fund-iii\/\",\"name\":\"Origin Investments Completes First Closing of its Fund III - 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