SAN JOSE, CA – Urban Catalyst, Silicon Valley’s Leading Opportunity Zone Fund, announced it has closed on the final parcels of property for its Delmas Senior Living project, the first senior living project to be built in downtown San Jose in decades.
The Delmas Senior Living center will cater to the rapidly growing Silver Wave of aging baby boomers. What sets the project apart is the abundant on-site amenities as well as the simple access to downtown San Jose. The amenities include a fitness center to help residents stay in shape, a hair salon so they can look their best, and private dining and meeting rooms to connect with family and friends. The center s location near downtown will place residents close to the city s museums, theaters and restaurants.
The six-tale, 175,000-square-foot Delmas Senior Living will feature a mix of studios and one- and two-bedroom helped-living units, along with memory care studios. It will house 165 units—49 of them dedicated memory care units—and a robust set of amenities, including a full commercial kitchen, dining area, bistro, fitness center, hair salon, digital cafe, nurses center, and a rooftop bar/sky lounge. Delmas, located in Downtown West at 470 W. San Carlos St., is in its final rounds of comments with the City of San Jose s building and public works departments. Groundbreaking is expected in Q3.
I am excited to see Delmas Senior Living project moving forward so quickly, and I look forward to the groundbreaking for this much-needed facility in the coming months, said Erik Hayden, Founder and CEO of Urban Catalyst. This acquisition marks a key milestone for our Fund 1 portfolio and an vital step in our downtown revitalization efforts.
This acquisition represents the final parcels needed for all ground-up projects in Urban Catalyst s Opportunity Fund I, which closed Dec. 30 with $131 million in investments. Other projects include mixed-use office, multifamily residential, hospitality and student housing.
The acquisition also comes just weeks after Urban Catalyst went forward on its Keystone @ Downtown West project, submitting its building permit application to build an extended-stay Marriott hotel at 491 W. San Carlos St. The eight-tale, 185,000-square-foot extended-stay Marriott TownePlace Suites hotel will be a small walk from Google s Downtown West mega-campus. Extended stay hotels fared better during the pandemic than any other type of hotel, according to industry studies.
Delmas Living Center not only meets the demand in our local market for senior-helped and memory care facilities but offers an exclusive setting in one of the most dynamic neighborhoods in the city, said Josh Burroughs, Partner and Chief Operating Officer at Urban Catalyst. Residents will have simple access to the city s medical, cultural, and entertainment offerings for the highest quality of living in this space.
The project was designed by local architect Thang Do of Aedis Architects in coordination with senior facility specialist Lenity Architecture. The Type-1 all concrete building offers a higher construction quality and safety factor.
“As a fully-licensed Senior Care Community, Delmas Senior Living will accommodate residents with independent active lifestyles, helped living needs and memory care services, said Jason Reyes, CEO of Calson Management, the community operator. The central location of this facility is a win-win for both the residents and their families.

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ALTAMONTE SPRINGS, FL – The GSH Group, an experienced team of highly qualified and innovative multifamily real estate investors, bought its first Florida property, for $62.8 million. The Preserve at Spring Lake is a 320-unit multifamily community in Altamonte Springs, FL, which is within the thriving and diverse northern suburban Orlando market located in Seminole county.
GSH plans to elevate this well-maintained 1970’s vintage property, with capital improvements budgeted at over $3.8 million. Residents of The Preserve at Spring Lake already delight in the use of five swimming pools and a low-density site plot, and GSH signature renovations will further amplify the residents’ comfort and lifestyle. The upgrades contracted with Multifamily Commercial Construction LLC, headquartered in Oak Park, MIrun the gamut from renovating unit interiors and exteriors to installing exterior lighting and updating parking to implementing cost-saving efficiencies via human touch and tech touch.
“We are thrilled to have hired Bainbridge, a best-in-class third party property manager of this property, and we are confident they will help us push this property to its fullest potential,” said Gideon Pfeffer, the managing partner at The GSH Group.
This acquisition and its capital improvement strategy align perfectly with GSH’s goals to bring strong and steady returns to its investors and partners while enhancing the lives of its residents and all stakeholders through well-plotted and measured value-add upgrades to its properties and via innovative social impact programs. The GSH Group’s concierge approach to real estate investing allows investors to participate in the lucrative multifamily real estate market with ease and assurance that all the hard work and challenges are being managed and executed with expert stewardship.

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INDIANAPOLIS, IN – The Woodforest CEI-Boulos Opportunity Fund, a high-impact commercial real estate Opportunity Zone fund established by Woodforest National Bank and CEI-Boulos Capital Management, announced its $3 million equity investment in The Wesmont in Indianapolis’ Near Eastside neighborhood. The new property, built on a four-acre remediated industrial brownfield site, consists of 188 new workforce apartments, 170 of which are affordable to people with low incomes. The Woodforest CEI-Boulos Opportunity Fund is the majority equity investor in the $31.1 million project spearheaded by TWG Development, LLC.
The Wesmont, at 1129 East 16th Street, is named after Indianapolis native and lifetime resident Wes Montgomery, one of the most influential jazz guitarists of the 20th century. The project is part of a neighborhood-driven redevelopment plot by the City of Indianapolis. In addition to several local designations targeting the neighborhood for revitalization, The Wesmont is located in one of only 22 federally designated “Promise Zones” in the U.S., targeted for priority federal support of local redevelopment initiatives. The project will benefit from an Industrial Recovery Tax Credit, which is issued by the Indiana Economic Development Corporation to incentivize investment in former industrial sites requiring significant rehabilitation and/or remediation.
“CEI-Boulos Capital Management is committed to harnessing the Opportunity Zone incentive to serve its intended purpose – to truly benefit and revitalize underinvested communities, like Indianapolis’s Near Eastside neighborhood,” said Sam Spencer, CEO and Managing Director, CEI-Boulos Capital Management. “We’re thrilled to be working with our partners at TWG Development on this transformative project providing affordable housing and improving the environment.”
“It’s fantastic to see the equity investments of our fund making an impact in neighborhood-driven initiatives like The Westmont,” said Doug Schaeffer, Executive Vice President, CRA Executive Director, Woodforest National Bank. “There is a critical need for affordable workforce housing, excellent jobs and trusted guidance in Indianapolis and The Westmont is a historic investment our fund proudly stands behind.”
Revitalization and economic development benefits of this project include access to a public bus stop and “rails to trails” 18-mile walking and biking path linking The Wesmont to the city’s commercial districts, schools, parks, and residential neighborhoods. The development is making new local jobs with an average wage of $20.00/hour. EmployINDY, a nonprofit organization dedicated to removing barriers to quality employment for underserved and underrepresented residents, will help recruit, hire, and train new employees.
“Without the Woodforest CEI-Boulos Opportunity Fund’s Opportunity Zone equity investment, the project would not be possible,” said J.B. Curry, Vice President of Market Rate Development, TWG Development, LLC., an established Indianapolis-based real estate development company with a proven track in conventional, workforce, senior and affordable housing/mixed-use developments around the country. “This is an example of an Opportunity Zone investment happening for the right reason and making the difference between a project going forward or not.”
The Wesmont is one of ten high-impact investments made to date by the fund. The Opportunity Zones program is a community investment tool established by Congress in 2017 to encourage long-term investments in low-income communities nationwide. Opportunity Zones are low-income census tracts nominated by governors and certified by the U.S. Department of the Treasury.

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