Dallas Developer Makes Second Bet on Multifamily in Colorado Mountains

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A Dallas-based real estate developer has acquired a high-profile lakeside tract at a mixed-use development in western Colorado. The company intends to build an active-adult residential property with a restaurant on the ground floor there.

Realty Capital Residential plans to develop a 72-unit luxury housing project called The Terraces at Tree Farm on the 1.3-acre development site in Basalt, Colorado. Basalt is a town of roughly 4,000 that sits about 200 miles west of Denver and 21 miles north of Aspen, one of Colorado’s best-known skiing destinations. Basalt is part of the Roaring Fork Valley, a cluster of affluent communities along the Roaring Fork River and its tributaries, the Crystal and Fryingpan Rivers.

The developer acquired the land in partnership with equity capital from Dallas-based Civitas Capital Group. Terms of the land deal were undisclosed.

The acreage sits alongside Kodiak Ski Lake in Basalt, just off Highway 82.

“The Roaring Fork Valley has very few apartments of exceptional quality, and there is pent up demand for premium, low-maintenance residences among active adults,” said Richard Myers, managing director of Realty Capital Residential, in a statement.

Myers first became familiar with the Tree Farm, a 40-acre mixed-use development, in 2012.

This is Realty Capital Residential’s second project in the Tree Farm development. The firm is also the driving force behind Tree Farm Lofts, a 196-unit apartment property that is currently underway, with completion expected next summer.

Another view of The Terraces at Tree Farm alongside Kodiak Ski Lake. (Realty Capital)

The Tree Farm was once the site of a large tree farm and is still home to over 2,000 trees.

The Terraces at Tree Farm will be an age-restricted project. It is intended to give older relatives the ability to live close to their families in the area, said Ace Lane, the former landowner. Construction on the four-story building is expected to begin in March. Completion is scheduled for spring 2025.

The residential project is designed to include a fitness center, library and rooftop terraces overlooking Kodiak Ski Lake and the Roaring Fork Valley. The one- and two-bedroom apartments will range from 800 square feet to 1,300 square feet with high-end finishes, appliances and views of the mountains and lake.

RVC Construction of Salt Lake City is the project’s general contractor. Landwest of Carbondale, Colorado is the landscape architect. Lantz-Boggio of Greenwood Village, Colorado is the project architect.

 

CoStar, December 28, 2022

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