Origin Investments, a Chicago–based private equity real estate investment manager, has raised $106 million for its Origin Fund III.
Origin Fund III launched in March 2016 with a $150 million equity fundraising target. It acquires and manages multifamily and office real estate opportunities that follow a value-added investment strategy. The fund is on track to hold a final close on June 30.
Fund III targets eight major U.S. markets, which include Atlanta; Austin; Charlotte, N.C.; Chicago; Dallas; Denver; Houston; and Raleigh, N.C. Within these markets, the fund focuses on smaller transactions, usually between $10 million to $40 million.
To date, Fund III has acquired seven properties for a total of $234 million. Some of these properties include Trinity Place, an office property in Raleigh, N.C., for $23.5 million; Lee Park Tower I & II, an off-market office complex in Dallas, for $14 million; and most recently, Puritan Mill, a 113,000 square-foot, two-building creative loft office in Atlanta, GA.
The fund’s predecessors, Fund I and Fund II, deployed $146.8 million of equity, representing $485 million in total transaction value. Fund I, which closed in 2011, totaled 11 assets, while Fund II, which closed in 2013, totaled 17 assets.
Origin plans to launch a fourth fund for the series in the next few years.