Aspen Heights Teams Up with Origin Capital of Chicago
A new partnership has emerged between an Austin developer and a Chicago real estate investment platform.
By Anca Gagiuc, Associate Editor
Aspen Heights is an award-winning real estate development firm known for its successful student-housing projects. Since the company’s inception in 2006, more than $775 million were secured in construction financing, $520 million placed in permanent debt, and $300 million raised in equity. By now, the company has built more than 25 apartment and condominium buildings and currently has eight more under construction for a total investment of more than $1 billion.
Part of the pipeline is The Independent, a condominium tower that recently broke ground in Austin. Upon completion in 2018, the structure will be the tallest residential building west of the Mississippi River. A joint venture between Aspen Heights and Constructive Ventures Inc., the project will amount to a total of $300 million, the Austin Business Journal reports.
“We are excited to partner with Origin Capital as we grow our multifamily platform nationally,” Greg Henry, Aspen Heights founder & CEO said in a prepared statement. “We believe the two organizations have alignment on the investment strategy and target markets.”
Origin Capital Partners is a real estate platform founded in 2007 that specializes in office and multifamily properties. The company is focused on eight fast-developing markets—Charlotte, Raleigh, Atlanta, Houston, Dallas, Austin, Chicago and Denver. Origin Capital co-founders, David Scherer and Michael Episcope joined the real estate world over 15 years ago. The company has offices in Chicago, Texas, and North Carolina, and more than a half-billion dollars in assets under management.
“We share a common bond in the way we look at where we’d like to invest money,” said Matt Ozee, vice president at Origin, who introduced the two firms. “Yet Aspen Heights brings us an element we don’t have, fully integrated development and day-to-day construction operations. Similarly, we bring them financial expertise, our asset management platform and capital.”
“As we expand our multifamily platform, we look forward to applying our student housing expertise and continuing to offer residents innovative design to help them live, connect and learn,” Henry added.