Civitas Announces Second Multifamily Development Near Aspen, Colorado

Civitas Capital Group, a Dallas-based alternative investment manager offering niche opportunities in U.S. real estate, today announced the firm has closed on a new multifamily development project, Tree Farm Lofts, near Aspen, Colorado.

Notably, the development qualifies as a "rural" project (also known as a "Targeted Employment Area," or TEA) under the definition of the USCIS, allowing EB-5 investors the opportunity to obtain access to set-aside visas and priority processing under the EB-5 Reform and Integrity Act of 2022.

It's a development that again shows Civitas' commitment to expanding the firm's capabilities within the housing space.

The project offering supported up to 50 EB-5 investors. EB-5 fundraising was completed in Q1 2024.

Tree Farm Lofts is a 196-unit, Class A multifamily community in Basalt, Colorado, less than a 30-minute drive from Aspen. Basalt sits in the Roaring Fork Valley (RFV), an economic hub in Western Colorado. Basalt is the first valley stop from Aspen/Snowmass and includes the expansive Willits development, new housing, the RFV's sole Whole Foods, an Element Hotel, and walkable shops and restaurants.

Roaring Fork Valley is home to high-income residents and world-famous tourist destinations. Residents at the Tree Farm Lofts will enjoy stunning views of the snow-capped Rockies and direct access to the trail around Kodiak Ski Lake.

"Tree Farm Lofts is our second project in the Roaring Fork Valley. It's a development that again shows Civitas' commitment to expanding the firm's capabilities within the housing space," says Justin Temple, Director, Investments, and co-lead on the project with Rootvik Patel, Managing Director, Investments, as well as Xavier Valero, Associate, Investments. "Our experience with the EB-5 program allows us to provide debt financing within the residential space to help capitalize quality deals, especially in periods where access to traditional debt financing has tightened."

The Tree Farm Lofts project follows Civitas' July 2023 close of its next-door property, Terraces at Tree Farm, a 72-unit Class A active adult community. The developer for both projects is Dallas, Texas-based Realty Capital. As of Q2 2023, Realty has developed or invested in 220-plus projects in Texas and Colorado, including over 10,000 residential units – of which three projects are now stabilized in the RFV.

"Aspen's reputation as a haven for the wealthy has driven up its cost of living, making it one of the most expensive places in the U.S.," says Jeff Kiser, Director and Head of EB-5 Investments. "This exclusivity, however, creates an opportunity for EB-5 investment. We've identified a project in the Aspen area that qualifies as rural for the program yet benefits from the town's economic strength and housing demand."