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Current EB-5 Project

Civitas Aspen Fund, LP

Rural EB-5 Investment Opportunity

$800,000 Minimum Investment

Project Summary

Civitas Aspen Fund, LP (the “Fund”), will partially finance the development of the Terraces at Tree Farm, a 72-unit, Class A active adult community (the “Project”) in a rural Targeted Employment Area in Basalt, Colorado, less than a 30-minute drive from Aspen, Colorado.

The Fund is an EB-5 investment opportunity that qualifies as a rural project, allowing investors access to set-aside visas and expedited I-526E processing under the EB-5 Reform and Integrity Act of 2022. Total EB-5 investment size is $35.2MM, accommodating 44 investors.


Project Presentation

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About Civitas

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Project Location: Aspen, Colorado

Eagle County


No. 1 Ski destination in the U.S., for leisure skiing and expert skiing in particular1

32 Ski resorts, including 4 in Aspen2

4 National Parks – Rocky Mountain, Mesa Verde, Great Sand Dunes, and Black Canyon of the Gunnison3

$21.9B Tourism spending in 2021 (up 41.8% from 2020)4

84MM Visitors in 2021 (up 13.6% from 2020), including 36MM overnight visitors4

1., “Snow’s Perfect State: 5 Reasons to Ski & Snowboard in Colorado,” March 22, 2022. 2. Source: Uncover Colorado, “Rundown of 32 Ski Resorts in Colorado,” September 23, 2022. 3., January 22, 2023. 4. Colorado Office of Economic Development & International Trade, Colorado Tourism Office, “Colorado’s Tourism Economy Saw Growth in 2021 According to Annual Research Reports,” July 14, 2022.


  • Denver, the capital of Colorado, has the largest city park system in the USA with 205 parks in city limits and 20,000 acres of parks in the nearby mountains
  • Maroon Bells, just outside Aspen, are the most photographed mountain peaks in North America
  • Rocky Mountain National Park 560 kilometers of trails, great place for fishing, horseback riding, and practicing yoga
  • Glenwood Springs, home to the world’s largest natural hot springs pool
  • U.S. Olympic & Paralympic Museum at Colorado Springs
  • Great sand dunes National Park
  • Mesa Verde National Park
  • Red Rocks Park and Amphitheater

Aspen is a life to live. - American singer-songwriter John Denver

Host to the Winter X Games, Aspen boasts a collection of four ski areas: Aspen Mountain, Aspen Highlands, Buttermilk, and Snowmass.

Eileen Gu

Olympic champion, Chinese-American skier, Eileen Gu, won two gold medals at the 2021 Winter X Games in Aspen and will compete in the 2023 X Games.5

Olympic champion, Su Yiming, will compete in the 2023 X Games in Aspen. Su and Gu train frequently at Copper Mountain, Colorado.

1. Source: Bloomberg article, “Wall Street West is Booming in Aspen with New Crop of Elite Residents,” August 30, 2022. 2. Source: Land Title Guarantee Company single family average home prices in Aspen, first 10 months of 2021 and 2022. 3. Source:, “I visited Aspen’s most expensive neighborhood to see how its ultra-rich residents like the Bezos family live, and was blown away by the massive luxury homes,” December 29, 2022. 4. Source: Wall Street Journal, “Billionaire Walmart Heir Rob Walton Sells Aspen Land for $30.8 Million,” June 1, 2022. 5. Source: China Daily, “Gu makes X Games history with record 3-medal debut,” February 1, 2021. 2. Xinhua, “Roundup: Snowboarder Su hands China record 6th gold at single Olympics as Norway leads medal count,” February 16, 2022. 3. Source: Forbes, “How Colorado’s Copper Mountain Became The Premier Training Location For U.S. Olympic Skiers And Snowboarders,” February 4, 2022.

The Tree Farm - Cultivating Community

Local Attractions


The Tree Farm will consist of restaurants with terraces on the lake, a variety of shops, 200 luxury apartments, 70 for-sale condominiums, 20,000 square feet of office space, and a 122-room Hilton Tapestry Hotel.

Directly across Highway 82 is the Willits Town Center, which is anchored by Whole Foods and home to popular retailers including Starbucks; Four Dog Fine Wines and Spirits; Salon Terra, an Aveda Salon; Mauka Frozen Yogurt; Bristlecone Mountain Sports; and Sure Thing Burger.

A pedestrian underpass provides a convenient passageway to cross Highway 82.

An additional array of commercial, retail, and restaurant options including Element Hotel and the world-renowned Steadman Clinic are walking distance from the Project.

Restaurants, skiing, retailers, and activities in nearby Aspen and Glenwood Springs are easily accessible by Roaring Fork Transportation Authority (RFTA) express bus, whose bus stop is in front of the Terraces at Tree Farm building.

Source: Realty Capital investment opportunity package.

Project Location Demand Drivers:

The Terraces at Tree Farm
  • Roaring Fork Valley is an economic hub in Western Colorado that includes communities of Aspen, Snowmass Village, Basalt, Carbondale, and Glenwood Springs.
  • The Terraces at Tree Farm Project is in Basalt, Colorado, within the Tree Farm 43-acre mixed-use development off Highway 82, less than 20 miles from Aspen.
  • Highway 82 is the region’s only road between Glenwood Springs and Aspen.
  • The Terraces at Tree Farm Project has one of the few express bus stops on Highway 82, located directly in front of the building, allowing residents to conveniently travel to ski towns for work or recreation.
  • The Roaring Fork Transportation Authority (RFTA) provides commuter bus services from Aspen to Glenwood Springs and ski shuttle services to the four Aspen ski resorts.
1. Source: Realty Capital investment opportunity package.

Above-Average Senior Housing Demand



25 Mile Radius

  • The Primary Market Area (PMA) for any form of rental real estate property is defined as the area from which a majority of the project’s tenants will be drawn.
  • Considering physical barriers, population density, commuting patterns and drive times, and the lack of competitors, the concluded primary market area (PMA) for the Project is within a 25-mile radius from the site in Basalt, in a three-county region – Garfield, Eagle, and Pitkin counties – that experiences above-average population growth and above-average income levels.


1. Source: JLL Valuation Advisory Market Study Specialty Practice, Tree Farm, as of January 31, 2023, which includes data from ESRI (fka Environmental Systems Research Institute, Inc.) , as of 2020.



The primary market area (PMA) is forecast to experience above-average growth in demand for senior housing.

The only active competitor, Sopris Lodge Carbondale, opened in July 2021, is a 12-min drive away, and is reportedly 100% occupied with a waitlist.


  • Residential zoning is extremely difficult to be approved. The entitlement of the Project took over 10 years to obtain. There are no other significant multifamily sites zoned in the Roaring Fork Valley.2
  • High cost of land and construction
  • Shortened construction season due to weather
  • Limited availability of vacant sites

Unmet Housing Demand

1. Sources: JLL Valuation Advisory Market Study Specialty Practice, Essex Tree Farm, as of Jan 31, 2023. 2. Realty Capital Residential, The Terraces at Tree Farm Marketing Memorandum, as of January 6, 2023.

U.S. 55+ Population Projected Growth


  • Baby Boomers (post-World War II babies) began turning 65 in 2011. By 2030, the remainder will also reach age 65 and account for approximately 21% of the total United States population.
  • By 2050, the 65+ age group is estimated to exceed 85.6 million, a more than 50% increase over its estimated 2020 population (56.1 million).
  • The same figure for 85+ group is even higher. By 2050, the 85+ age group is estimated to exceed 18.5 million, a 177% increase over its estimated 2020 population (6.7 million).
  • Additionally, by 2035 the 65+ age group is estimated to be larger than the population under age 18. By 2035, there will be 78 million people 65 years and older compared to 76.7 million under the age of 18.
  • The projected growth in the senior population will present many challenges to policy makers and programs by having a significant impact on families, businesses, healthcare providers and, most notably, on the demand for senior housing.

1. Source: JLL Valuation Advisory Market Study Specialty Practice, Essex Tree Farm, as of October 14, 2021, which include data from ESRI (fka Environmental Systems Research Institute, Inc.) , as of 2020.

Project Timeline1

Building plans and County permit review have already been completed. Final GMP was executed in July.Construction is expected to begin in Q3 2023.

Project Timeline

1. Project timeline as of August 2023 is subject to change. 2. GMP stands for guaranteed maximum price, meaning the highest amount for labor, materials, and profit costs that the contractor can charge. 3. Source: Realty Capital investment opportunity package. Renderings are subject to change.

Job Creation1,2

10 Jobs required per investor

44 Investors for the Project

440 Total jobs required

535 Expected jobs to be created

122% Of job requirement expected to be satisfied

112% Of requirement expected to be satisfied by construction jobs

1. Capital structure, investment size, and job requirement are current preliminary estimates and subject to change. 2. Job creation estimates are calculated by an independent, third-party econometric consultant using RIMS II, Regional Input-Output Modeling System. RIMS II is a tool provided by the Bureau of Economic Analysis (BEA) to help economists and researchers analyze the potential impacts of economic activities on regional economies.

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