BASALT, CO - Civitas Capital Group, a Dallas-based alternative investment manager offering niche opportunities in U.S. real estate, announced the firm has closed on a new development project, Terraces at Tree Farm, 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.
Terraces at Tree Farm is a 72-unit, Class A active adult community in Basalt, Colorado, less than a 30-minute drive from Aspen. Terraces at Tree Farm is in Roaring Fork Valley, an economic hub in western Colorado that includes the communities of Aspen, Snowmass Village, Basalt, Carbondale, and Glenwood Springs. Roaring Fork Valley is home to high-income residents and world-famous tourist destinations. Residents at the Terraces at Tree Farm will enjoy stunning views of the snow-capped Rockies and direct access to the trail around Kodiak Ski Lake.
"Terraces at Tree Farm allows Civitas to continue expanding its involvement and capabilities within the housing space," says Rootvik Patel, Managing Director, Investments. "While we continue to look for opportunities to acquire and develop properties directly, our experience with the EB-5 program allows us to also provide debt financing within the residential space to help capitalize quality deals, especially in periods where access to debt financing has tightened."
Patel was co-lead on the project along with Justin Temple, Vice President, Investments.
"The Aspen area has become a playground for the rich and famous, and as a result is one of the most expensive places to live in the United States," says Jeff Kiser, Director and Head of EB-5 Investments. "Because of this dynamic, we were able to find an EB-5 project located in an area that has maintained a low enough population to qualify as rural, while still supporting significant economic activity and demand for new housing."