On September 3, 2025, Urban Catalyst officially broke ground on Aquino, our 278-unit multifamily development that will bring modern living and much-needed housing to downtown San Jose. The celebration was filled with energy and excitement, with city leaders, community members, project partners, and our team all coming together to mark this important milestone. Guests enjoyed boba drinks and fun flavored popcorn while watching the festivities unfold.
The urgency is clear: for supply and demand to hit an equilibrium, 128,773 housing units would need to be built in Santa Clara County. Yet the county has never built more than 5,329 homes in a single year. That’s why projects like Aquino matter. By delivering hundreds of new homes in the heart of downtown, we’re proud to partner with the city in addressing this critical shortage and helping create more opportunities for San Jose residents.
The event featured remarks from San Jose Mayor Matt Mahan, who emphasized the city’s urgent need for housing and how Aquino exemplifies the type of project envisioned when the City Council introduced the multifamily incentive program last year. Also in attendance were District 3 Councilmember Anthony Tordillos, current District 10 Councilmember George Casey, former District 10 Councilmember Johnny Khammis, and Erik Soivan, Director of the San Jose Housing Department. Our partners who helped bring Aquino to life were also there to celebrate: Case Swenson of Swenson Builders, Kenny Herzberg from Repoint Capital, and Shin Bowers from Beachpoint Capital, who played a key role in financing the project.
From left to right: Case Swenson (Sweonson Builders), Mayor Matt Mahan, Erik Hayden, Kenny Herzberg (Redpoint Capital), Shin Bowers (Beachpoint Capital), Josh Burroughs, Anthony Tordillos (D3 Councilmember), Johnny Khammis (Former D10 Councilmember), George Casey (D10 Councilmember), Erik Solivan (Director of the Housing Department for the City of San Jose)
Urban Catalyst CEO Erik Hayden spoke to the crowd, thanking the team whose collaboration made Aquino possible. He highlighted how this project not only helps address the region’s housing shortage but also builds on our momentum in the neighborhood. Just across the street, we recently completed the Marriott TownePlace Suites hotel, and Aquino will complement it with a vibrant residential community. Designed with resident experience in mind, Aquino will feature a large interior courtyard surrounded by amenities such as a fitness center, co-working space, dog walk area, yoga room, sauna lounge, communal kitchen, and an exclusive 8th-floor penthouse lounge with a balcony patio.
The ceremony’s most memorable moments came when Mayor Mahan picked up a sledgehammer and smashed through one of the building’s walls, symbolizing the beginning of Aquino’s transformation. To cap off the celebration, Erik Hayden climbed into the excavator and tore down a wall, officially kicking off the next phase of the project in unforgettable fashion. Check out more photos and videos from the event here.
Aquino represents more than just another development. It is a step forward in building a stronger, more connected downtown San Jose, and a meaningful contribution toward meeting the city’s pressing housing needs. We’re excited to watch this vision come to life and to continue delivering projects that create lasting impact for our city and its residents.
To learn more about our projects in Downtown San Jose, contact us today.
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The contents of this communication: (i) do not constitute an offer of securities or a solicitation of an offer to buy securities, (ii) offers can be made only by the confidential Private Placement Memorandum (the “PPM”) which is available upon request, (iii) do not and cannot replace the PPM and is qualified in its entirety by the PPM, and (iv) may not be relied upon in making an investment decision related to any investment offering by an issuer, or any affiliate, or partner thereof ("Issuer").
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Past performance are no guarantee of future results. All information is subject to change. You should always consult a tax professional prior to investing. Investment offerings and investment decisions may only be made on the basis of a confidential private placement memorandum issued by Issuer, or one of its partner/issuers. Issuer does not warrant the accuracy or completeness of the information contained herein. Thank you for your cooperation.
Real Estate Risk Disclosure:
- There is no guarantee that any strategy will be successful or achieve investment objectives including, among other things, profits, distributions, tax benefits, exit strategy, etc.;
- Potential for property value loss – All real estate investments have the potential to lose value during the life of the investments;
- Change of tax status – The income stream and depreciation schedule for any investment property may affect the property owner’s income bracket and/or tax status. An unfavorable tax ruling may cancel deferral of capital gains and result in immediate tax liabilities;
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- Reduction or Elimination of Monthly Cash Flow Distributions – Like any investment in real estate, if a property unexpectedly loses tenants or sustains substantial damage, there is potential for suspension of cash flow distributions;
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- Stated tax benefits – Any stated tax benefits are not guaranteed and are subject to changes in the tax code. Speak to your tax professional prior to investing.
Opportunity Zone Disclosures
- Investing in opportunity zones is speculative. Opportunity zones are newly formed entities with no operating history. There is no assurance of investment return, property appreciation, or profits. The ability to resell the fund’s underlying investment properties or businesses is not guaranteed. Investing in opportunity zone funds may involve a higher level of risk than investing in other established real estate offerings.
- Long-term investment. Opportunity zone funds have illiquid underlying investments that may not be easy to sell and the return of capital and realization of gains, if any, from an investment will generally occur only upon the partial or complete disposition or refinancing of such investments.
- Limited secondary market for redemption. Although secondary markets may provide a liquidity option in limited circumstances, the amount you will receive typically is discounted to current valuations.
- Difficult valuation assessment. The portfolio holdings in opportunity zone funds may be difficult to value because financial markets or exchanges do not usually quote or trade the holdings. As such, market prices for most of a fund’s holdings will not be readily available.
- Capital call default consequences. Meeting capital calls to provide managers with the pledged capital is a contractual obligation of each investor. Failure to meet this requirement in a timely manner could elicit significant adverse consequences, including, without limitation, the forfeiture of your interest in the fund.
- Opportunity zone funds may use leverage in connection with certain investments or participate in investments with highly leveraged capital structures. Leverage involves a high degree of financial risk and may increase the exposure of such investments to factors such as rising interest rates, downturns in the economy or deterioration in the condition of the assets underlying such investments.
- Unregistered investment. As with other unregistered investments, the regulatory protections of the Investment Company Act of 1940 are not available with unregistered securities.
- It is possible, due to tax, regulatory, or investment decisions, that a fund, or its investors, are unable realize any tax benefits. You should evaluate the merits of the underlying investment and not solely invest in an opportunity zone fund for any potential tax advantage.
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