ASHEVILLE, N.C. (December 18, 2023)—Catalyst Capital Partners (“Catalyst/CCP”), a leading multifamily real estate developer in the Southeast, recently closed on the site acquisition and construction financing for Mariposa at RiverBlue, a 153-unit active adult rental housing development in Asheville, North Carolina. An affiliate of Origin Investments (“Origin”), a leading real estate fund manager, is Catalyst’s joint venture preferred equity partner in Mariposa at RiverBlue.
Mariposa at RiverBlue will be one of three communities in Catalyst’s RiverBlue master-planned development. Bound by I-240/I-26, South Bear Creek Road and a one-mile stretch of the Hominy Creek Greenway, RiverBlue is a 660-unit master-planned community on more than 55 acres in West Asheville. Catalyst has been actively planning the project since January 2019 and attained full land entitlement approvals in 2020. RiverBlue is located just 2 miles from downtown Asheville and is walkable to the popular West Asheville entertainment district.
The first of the three communities, Hominy at RiverBlue, is currently under construction, with first units delivering in spring 2024. Origin is a joint venture preferred equity partner in Hominy at RiverBlue.
Mariposa at RiverBlue’s location offers the quintessential Asheville setting with river frontage, trails, kayak rentals, pickleball courts, an on-site integrated café and market, stunning mountain and sunset views, and operations led by the best in the active adult business, Greystar. The site includes a mile-long trail alongside the Hominy Creek that will ultimately become an expansion to the Greater Asheville Greenway System. Mariposa’s unit mix will feature one- and two-bedroom apartments programmed specifically to the active adult tenant needs and preferences.
Catalyst Managing Partner AJ Klenk, who has led the project since its inception, says, “The development underscores Catalyst’s strategic focus on investing in high-growth markets in the Sunbelt, where strong demographic tailwinds and differentiating stories exist. The active adult market represents a rapidly growing segment of the U.S. population, with demand driven by aging baby boomers seeking maintenance-free living options with access to amenities and social activities. Catalyst is excited to deliver this community, which will be the first for our firm’s new active adult rental housing brand.”
Catalyst closed the construction loan with Aegon and capitalized the remainder with a combination of preferred equity from a fund managed by Origin Credit Advisers, an affiliate of Chicago-based Origin Investments and common equity from high-net-worth investors. Asheville-based Civil Design Concepts (CDC) and Site Design Studio have led the civil engineering and landscape architecture efforts. Richmond-based <Richmond North Carolina? Richmond Va?> Moseley Architects is the architect of record, and Charlotte-based C. Herman Construction will begin construction on the community at the beginning of the new year.
Additionally, Catalyst is working closely on the project with nationally recognized active adult consultant Mitch Brown. Brown boasts more than 25 years of experience in all facets of senior and active adult housing, including a long career representing both Carlyle and Greystar in the development and rollout of their various active adult housing brands.
Mariposa at RiverBlue is unique in the current market, and the first luxury active adult community. To date, all 55-plus communities in the Asheville metro area are senior medical care facilities or for-sale active adult developments. Mariposa will be a curated active adult rental community featuring large units, rich high-end finishes and signature programming services to meet residents’ lifestyle preferences.
Mariposa at RiverBlue represents the second collaboration between Catalyst and Origin affiliates. Currently under development is the 262-unit Hominy at RiverBlue multifamily community. Hominy at RiverBlue will feature a mix of one-, two- and three-bedroom units.
Hominy at RiverBlue, designed to fit a “mountain modern” aesthetic, will be a best-in-class rental community in the Asheville market, equipped with the latest tenant-focused technologies, the most current and modern finishes, and an amenity package that is second to none in the market. Tenants will enjoy a 1-mile trail alongside the Hominy Creek, on-site kayak launch, nature trails, a rustic mountain-themed playground, heated swimming pool, dog washing station, fire pits and co-working space for community residents.
“Although these two projects represent Origin’s first in Ashville, we’ve been carefully evaluating opportunities here, in part because of the barrier to access to this market,” said David Welk, managing director, Origin Investments. “With this second partnership, we are excited to grow our pipeline with Catalyst, and we look forward to more opportunities.”
About Catalyst Capital Partners
Catalyst Capital Partners (“CCP”) is an opportunistic real estate development and investment firm that builds relationships with purpose. CCP is a technologically progressive real estate development and investment company focused on developing unique, thoughtfully conceived, highly profitable, and institutionally liquid projects for our investors and partners. Our leadership team brings over 15 decades of experience and expertise in commercial and residential real estate development, finance, operations, ownership, and asset management.
The principles of CCP have an established track record of successful real estate operations and investing across the U.S., including various real estate developments, asset acquisitions, operated/managed businesses, direct investments, and capital management across a variety of asset classes including garden, mid-rise, high-rise, built-to-rent and affordable multifamily projects, as well as retail, office, and adaptive reuse commercial developments. Learn more about Catalyst at www.catalystcp.com.
About Origin Investments
Origin Investments helps high-net-worth investors, family offices and clients of registered investment advisors protect and grow their wealth by providing tax-efficient real estate solutions. We are a private real estate manager that builds, buys and finances multifamily real estate projects in fast-growing markets throughout the U.S. Since our founding in 2007, we have executed more than $2.8 billion in real estate transactions, and we are currently accepting new investors for our open IncomePlus Fund and Qualified Opportunity Zone III Fund. Origin Credit Advisers, our affiliated investment adviser, is also accepting investors for its open Strategic Credit Fund. To learn more, visit www.origininvestments.com.
