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 $30.4MM, accommodating 38 investors.
Download the introductory slide deck explaining the investment opportunity.
Download an introductory deck explaining Civitas Capital and our EB-5 investment program.
ASPEN, COLORADO
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. Colorado.com, “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. Colorado.com, 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, COLORADO
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
Host to the Winter X Games, Aspen boasts a collection of four ski areas: Aspen Mountain, Aspen Highlands, Buttermilk and Snowmass.
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: Insider.com, “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.
LOCAL ATTRACTIONS1
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.
1. Source: Realty Capital investment opportunity package.
POPULATION AND INCOME1
THE MAJORITY OF THE PROJECT’S TENANTS ARE EXPECTED TO BE DRAWN FROM A 25-MILE RADIUS FROM THE PROJECT SITE
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.
UNMET HOUSING DEMAND1
12.2 - THE NUMBER OF ADDITIONAL COMMUNITIES LIKE OUR PROJECT THE PMA NEEDS TO MEET ITS PROJECTED EXCESS HOUSING DEMAND IN 2024
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.
HIGH BARRIERS TO ENTRY LIMIT COMPETITIONS
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.
SENIOR POPULATION GROWTH1:
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.
Building plans and County permit review have already been completed, which will significantly expedite the start of construction.2
1. Project timeline is subject to change. 2. Source: Realty Capital investment opportunity package. Renderings are subject to change.
10 Jobs required per investor
40 Investors for the Project
400 Total jobs required
498 Expected jobs to be created
125% Of job requirement expected to be satisfied
91% Of jobs created expected from construction
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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