Charlotte, North Carolina, based Catalyst Capital Partners (“Catalyst”), a leading multifamily real estate development and investment firm in the Southeast, and Chicago-based Origin Investments announced plans for their newest joint venture development: Catalyst Biltmore Village, located at 115 Fairview Road, in proximity to the renowned Biltmore Estate in Asheville, North Carolina.
Construction debt financing is being provided by Regions Bank. BB+M is the architect for the project, with C. Herman Construction serving as the general contractor and Civil Design Concepts responsible for civil engineering. Charlotte, North Carolina, based Moore & Van Allen and Asheville, North Carolina, based Allen Stahl + Kilborne provide legal counsel for Catalyst.
Catalyst Biltmore Village will include 20% affordable units, offering rents that meet the 80% area median income requirements. Catalyst has spent the last two years entitling and designing the project, and, in doing so, worked with the City of Asheville to rezone the property and utilize the City’s Land Use Incentive Grant program to implement a long-term real estate tax abatement. The project is designed to achieve the NGBS Green certification, requiring it to be built to achieve high performance in resource, water, and energy efficiency; site design; indoor environmental quality; and operation and maintenance.
Beau McIntosh, Catalyst’s Managing Partner, stated, “Catalyst Biltmore Village is a very exciting project for us as we grow our development portfolio in the Asheville market. This top-of-market asset will complement all of the energy and the overall experience the Biltmore Village mixed-use center has to offer, and we are confident we will deliver a product to meet the high demand within this market. Origin is a fantastic partner, and we are thrilled to execute another joint venture together.”
The Asheville MSA has a thriving $24 billion economy, led by the recession-resistant healthcare and education industries, and supplemented by strong tourism and manufacturing bases. As jobs and population have grown, multifamily fundamentals have strengthened. Apartment rents have grown 7% annually since 2020, vacancy sits below 5% (outperforming North Carolina’s major markets), and 12-month absorption as a % of inventory sits at 3% today, nearly double the national 1.7% average, demonstrating the growth and demand in Asheville.
Catalyst Biltmore Village is conveniently located at the intersection of I-240 and I-25, and residents will be able to quickly access Asheville’s primary job and entertainment cores including West Asheville’s Haywood Road District, River Arts District, and downtown Asheville. The Haywood Road District features over 40 restaurants, bars, and entertainment venues, while downtown and the River Arts District host hundreds of businesses, including restaurants, retailers, artists, and breweries. With its excellent access to major demand drivers and nearby retail amenities, this strategic acquisition represents an ideal investment opportunity for Catalyst.
“We are excited to continue to grow our pipeline of residential communities with a respected partner like Catalyst,” said David Welk, managing director, Origin Investments. “As our three projects in progress in Ashville demonstrate, we’re very bullish on this market, because of the barriers to entry into this market and Catalyst’s presence here.”
Apartment and townhome unit features include high-end stainless-steel appliances, quartz countertops, integrated smart-home technology, and unit interior finishes far superior to any competing communities. Top of market community amenities include over 10,600 SF of common areas, featuring extensive coworking spaces, a cutting-edge health club with a dedicated yoga studio, rooftop lounge, pet park and spa, saltwater pool, bike storage and repair center, outdoor kitchens and nature areas, and ample on-site storage.
Catalyst Biltmore Village represents the first investment made on behalf of Origin Investments Qualified Opportunity Zone Fund III. The other joint ventures between Origin and Catalyst include Mariposa at RiverBlue and Hominy at RiverBlue, two multifamily developments in Ashville.
Founded in 2007, Origin Investments is a private real estate manager that helps high-net-worth investors, family offices and registered investment advisors grow and preserve wealth by providing tax-efficient real estate solutions through private funds. We build, buy and finance multifamily real estate projects in fast-growing markets throughout the U.S. In 2023, we founded affiliate firm Origin Credit Advisers, an SEC-registered investment adviser that provides yield-focused multifamily debt investments for qualified purchasers. Through our Origin Exchange platform, introduced in 2024, investors can complete a 1031 exchange of their properties for professionally managed, institutional-quality assets.
