Priority EB-5 Project – The Terraces at Tree Farm, Aspen, Colorado

Overview

The Terraces at Tree Farm Complex Apartment Project is an EB-5 priority project

The Terraces at Tree Farm project is located in the Roaring Fork Valley, an economic center in western Colorado that includes the communities of Aspen, Snowmass Village, Basalat, Carbondale, and Glenwood Springs.

The Roaring Fork Valley is home to high-income residents and is a world-famous tourist destination – where the stunning scenery of the snow-covered Rockies and a straight path to the Kodiak Snowslide Lake trail. This is one of the favorite resorts of the world’s richest billionaires like Bill Gate, Elon Musk, Jeff Benzo,…

The Terraces at Tree Farm project is located in a primary market area (PMA) that is lacking supply and is forecasted to have above-average growth in housing demand for the elderly in the next three years.

The project has a total area of 14,447.35 m2, upon completion will include 72 complex apartments aimed at the A-class retirement community (adult community) along with a series of suitable amenities for the resident community here:

Underground parking lot;
Retail area and rental area on the ground floor;
Indoor/outdoor bar and event organization area;
Fitness area with full amenities with pool view and rooftop;
Restaurant and outdoor BBQ area with gas stove for gatherings;
24/24 parcel reception room;
Pet care service; Bicycle, kayak boat, and ski storage area for outdoor activities; etc.

Location of The Terraces at Tree Farm Project

The Terraces at Tree Farm project is located in a rare land fund in the city of Aspen – the most populous municipality in Pitkin County, Colorado.

Highlights of the location of Colorado:

Top 1 professional and recreational skiing destination in the US
Owns 32 luxury ski resorts, of which 4 are located in Aspen.
Owns 4 national parks: Rocky Mountain, Mesa Verde, Great Sand Dunes, and Black Canyon of the Gunnison
Attracted 84 million tourists in 2021 (up 31.6% compared to 2020).

Attractions in the Tree Farm area

The Tree Farm will include lakefront restaurants, a series of shops, 200 luxury apartments, 70 commercial condominiums, 20,000 square feet of office space, and 122 Hilton Tapestry hotel rooms;
Opposite Highway 82 is the Willits Town Center, operated by Whole Foods and famous retailers: Starbucks; Four Dog Fine Wines and Spirits; Salon Terra, Aveda Salon,…;
There is a pedestrian tunnel conveniently through Highway 82;
A short walk from the project includes: Element Hotel, the world-famous Steadman Clinic,…;
Roaring Fork Transportation Authority (RFTA) bus station right in front of the Terraces at Tree Farm project building.

PROJECT STRENGTHS

The project is a Rural TEA standard with a lower investment level of $800,000 instead of $1,050,000

Rural areas are prioritized for processing and receive dedicated visas for countries awaiting resolution. The processing time for applications is only 4 to 8 months

The project is located in a rare land fund in Aspen - the wealthiest area in the United States. The real estate value is high, with an average selling price per unit of ~$20 million and high rental prices.

The U.S. government has granted construction permits after owning the land fund for the project for over 10 years

The project owner already owns the adjacent land to the east of the project (Tree Farm Lofts) which has started construction, and a hotel to the west (Tapestry Collection by Hilton) has also started construction

The project will create 468 jobs – 123% more than the required number of 380 jobs for 38 investors

ASPEN, COLORADO

CAPITAL STRUCTURE AND INVESTMENT LEVEL

Capital structure of the entire project

Total cost: $69,300,000
Owner’s capital: $17,300,000 (25%)
EB-5 loan capital: $32,000,000 (46%) – 38 investment slots
Senior loan: $20,000,000 (29%)

EB-5 investors will implement

Investment level: $800,000
Project management fee: $80,000
Annual interest rate: 0.5%/year for 5 years (the loan can be extended up to 2 times, each time for 12 months)

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PROJECT PROGRESS

Project images

Terraces at Tree Farm is expected to start construction in Q2/2023 and complete in Q4/2025.

REGIONAL CENTER AND PROJECT DEVELOPER

REGIONAL CENTER

Civitas Capital is a private real estate investment manager, offering specific and attractive opportunities in the U.S. real estate capital market.

The foundation of the Company is its core values, aimed at enriching investors, employees, and the community.

Over the past 12 years, Civitas Capital has successfully raised over $1.9 billion, attracting over 1,400 Investors from over 40 countries.

PROJECT DEVELOPER

Realty Capital is a real estate investment and development company established in 1987 by Richard Myers. Realty Capital is currently one of the leading developers in the overall planning of mixed projects in the Western United States.

Since its establishment, Realty Capital has developed over 200 projects in Dallas-Fort, Worth, Texas, and Colorado. At present, there are about over 30 projects being supervised by Realty Capital.

CONTRACTOR

RVC Construction is a construction management company with over 35 years of experience, recognized as one of the top 2 construction units of Intermountain West. To date, the unit has completed construction of over $984 million with 17,000 family apartments. RVC Construction’s current investment portfolio includes 6,000 units and this number continues to increase.

RVC Construction and Realty Capital have closely cooperated with each other for many years. In 2020, the two units cooperated to complete the Loft apartments at Red Mountain in Glenwood, Colorado.

EB-5 Investment Immigration Program

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