Urban Catalyst has officially broken ground on Aquino, a 278-unit luxury multifamily community situated at 498 W. San Carlos Street in Downtown West San Jose. Despite Downtown San Jose experiencing some of the strongest rent growth in the country, few new market-rate multifamily projects have launched in the past two years—making Aquino a vital contribution to the city’s expanding housing needs.
Aquino stands as one of the first major developments to move forward under San Jose’s Multifamily Housing Incentive Program a policy the City Council approved in December to accelerate housing production. The initiative grants qualifying projects key fee and tax benefits, providing crucial support for housing creation in a region where escalating costs and regulatory hurdles have slowed construction.
By utilizing this program, Urban Catalyst successfully advanced Aquino during a time when many developments have stalled, demonstrating how strategic policy can help unlock much-needed housing in one of the nation’s most expensive real estate markets.
Tailored to meet the lifestyle and professional needs of Silicon Valley’s tech community, Aquino delivers upscale urban living within walking distance of major employers such as Zoom and Adobe, as well as the Diridon Train Station and key transit routes, including I-280 and I-87.
Residents will enjoy an array of modern amenities, including a spacious interior courtyard, fitness center, co-working space, dog walk area, yoga studio, sauna lounge, shared kitchen, and an exclusive 8th-floor penthouse lounge with a balcony patio all designed to foster a connected, active, and contemporary lifestyle.
The project is being brought to life through a collaboration with BDE Architecture, Swenson Builders, Gemini Capital, Redpoint Capital Advisors, and Beach Point Capital, which is providing essential construction financing.
“Breaking ground on Aquino is a reflection of our team’s determination and vision,” said Erik Hayden, Founder of Urban Catalyst. “We deeply appreciate the partnership and support of Beach Point Capital in making this development possible. With rents at record highs and no new market-rate multifamily housing delivered downtown in over two years, Aquino fulfills a critical need exemplifying our mission to create spaces where people can live, work, and thrive.
