Urban Catalyst Opportunity Zone Fund III

Urban Catalyst Opportunity Zone Fund III is a planned Qualified Opportunity Fund from Urban Catalyst, a real estate developer and fund manager that has focused on downtown San Jose since its founding in 2018. Fund III is expected to invest in multifamily development in downtown San Jose, the urban core of Silicon Valley. It is intended for accredited investors, with a $250,000 minimum investment.

The fund will follow a manager-selected strategy. Urban Catalyst has not yet identified a specific project or acquired land for Fund III, and the manager will source and select investments within the strategy set out in the final offering documents, which will also describe fees, holding period, and other terms. The fund is being planned for qualifying Opportunity Zone investments made on or after January 1, 2027, and Urban Catalyst is taking inquiries now from investors with upcoming capital gains.

Urban Catalyst was one of the first Opportunity Zone fund managers in the country. Its Fund I launched in 2019 and closed to new investment in December 2020, and Fund II launched in 2021 and closed at the end of 2025. The firm operates as both developer and fund manager, handling entitlement, capitalization, construction, and investor reporting in-house. Novogradac ranked Urban Catalyst among the top 4% of tracked Opportunity Zone fund managers from 2023 through 2025, and the Silicon Valley Business Journal named it Developer of the Year in 2024.

The firm’s downtown San Jose portfolio includes Keystone, a 176-room TownePlace Suites by Marriott that opened in April 2025 near Diridon Station; Paseo, a former movie theater converted into roughly 75,000 square feet of office and 25,000 square feet of retail; and Aquino, a 278-unit multifamily project under construction since September 2025. Echo (315 units) and Icon (330 units) have approved planning permits, and Spartan Vista, a planned student housing tower near San Jose State University, would add more than 850 beds. These are existing Urban Catalyst projects, not Fund III investments.