Urban Catalyst Launches $50M UCME II Fund Supporting OZ Development in San Jose

Urban Catalyst, a real estate development and investment firm focused on the Bay Area, has launched UC Multifamily Equity II LLC, or UCME II, a single-asset fund targeting multifamily development in an opportunity zone in downtown West San Jose, Calif.

The offering seeks to raise $50 million from accredited investors.

The fund will focus on the 277-unit Gifford multifamily development, located next to Urban Catalyst’s UCME I project, Aquino, and across from Urban Catalyst’s Marriott TownePlace Suites Hotel.

Throughout 2025, Urban Catalyst advanced several development initiatives, including completing the Marriott TownePlace Suites Hotel and beginning the Aquino multifamily development. UCME II draws on Urban Catalyst’s prior development experience across a range of projects, including multifamily, as part of the firm’s efforts to help revitalize San Jose and provide much-needed housing.

“2025 was a year of meaningful progress for Urban Catalyst, as we completed the Marriott TownePlace Suites Hotel and began development on the Aquino multifamily project,” said Erik Hayden, founder of Urban Catalyst. “These accomplishments demonstrate our ability to successfully execute projects in challenging markets, and with Aquino and now Gifford, we are helping address the ongoing need for multifamily housing in San Jose, a market that continues to experience strong demand, limited supply, and rising rents.”

Per previous reporting by AltsWire, Urban Catalyst broke ground on Aquino in September 2025. The multifamily development is expected to be completed in late 2027.

Elijah Davis, national sales director at Urban Catalyst, added: “San Jose’s multifamily market continues to demonstrate strong fundamentals, driven by population growth, increasing employment, and ongoing demand for urban housing. These factors contribute to a resilient market environment and underscore the continued relevance of multifamily development in the region.”

Urban Catalyst Funds is a real estate development firm specializing in tax-advantaged investments. As developers and fund managers, Urban Catalyst Funds focuses on creating high-impact, ground-up projects while strategically maximizing tax mitigation opportunities.

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