Why Origin Investments Is Turning Its Attention to Phoenix

Origin Investments has entered the Phoenix market. The Chicago-based investment firm partnered with Randolph Street Realty Capital to acquire the 80-unit Union @ Roosevelt apartment complex. Origin has set its sights on Phoenix, and plans to build a portfolio in the market over the next year.

“Right now we are very keen on Phoenix, and for a variety of different reasons,” Tom Briney, director of Origin Investments, tells GlobeSt.com. “There are few markets who have made as much progress diversifying their economy in a more meaningful way than Phoenix. And the shift in the market in Phoenix is as recent as the last 18 months. It is one of the last of the markets to really join the recovery. Further, it is now at pre-recession employment and economic levels. The quantity and quality of jobs being created there is excellent. That, coupled with a cost of living that is low compared to a lot of markets it would compete with—like Colorado, California and the Pacific Northwest—we believe there is lots of runway left in Phoenix.”

Union @ Roosevelt is in Downtown Phoenix, adjacent to a metro station, making the property an ideal fit for Origin’s first buy in the market. “In the end this investment is great fit for us because of its location and the potential for growth,” says Briney. “There are three to four pockets in Phoenix where people want to live and companies want to invest. This infill market is one of them.” In addition, Origin has acquired an adjacent parcel with plans to develop an additional 105 apartment units, 4,000 square feet of retail space, a 1,000 square foot leasing office and a full suite of amenities including a nearly 4,000-square-foot fitness and lounge area, swimming pool and a 1,100 square foot rooftop deck. “Combine the 80 newly developed existing units with the additional parcels for development, and Union @ Roosevelt gives Origin a certain level of scale and a platform for future expansion into Phoenix,” adds Briney,