LP Deal Review: Origin Investments Select Asset Fund | Michael Episcope

In this LP Deal Review, Chris Lopez and LP panelist Christy Burakovsky sit down with Michael Episcope, Co-CEO of Origin Investments, for a deep dive into Origin’s Select Asset Fund—an intentionally small, vintage-based multifamily development fund built to deploy in 2026.

Michael walks through the macro thesis (supply peaking, concessions stabilizing, and starts slowing), the fund’s structure (targeting five shovel-ready ground-up deals, four-year duration, and an option to continue holding for long-term compounding), and the underwriting guardrails designed to protect downside in a still-volatile environment.

The panel then presses into the details that matter most to LPs: entitlement risk, leverage and loan structure, how Origin avoids “rescue capital,” how the 2021 vintage fund is performing today, and how Origin’s co-invest program works—including potential pathways for group allocations and better terms.

Key Takeaways

Fund design: $100M, focused on 2026 ground-up multifamily development with a four-year duration and optional continuation for long-term hold

Risk mitigation: shovel-ready entitlements, conservative leverage (~65% LTC), and a structure aimed at avoiding cross-collateralization and hidden fund-level risk

Co-invest mechanics: $500K+ fund minimum with 1:1 co-invest eligibility (no fee/no carry), and discussion of potential pooled/group pathways

Vintage reality check: how Origin’s 2021 development fund is performing today (single digits) and what that implies about underwriting discipline in tough vintages

Sourcing + operations: Origin’s multi-office footprint, repeat development partners, and a highly active asset management playbook to drive performance post-delivery

Disclaimer

The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk. Nothing here is investment, tax, legal, or financial advice; consult qualified professionals. Past performance is not indicative of future results. This podcast may include paid advertisements or promotional materials and should not be interpreted as a recommendation or endorsement by PassivePockets, LLC or affiliates. Conduct your own due diligence and consider your financial situation before engaging with any offering discussed. PassivePockets, LLC disclaims all liability for any actions taken based on the information presented.