Realty Capital Residential to Build Active Adult Residential Community Near Basalt
Dallas-based Realty Capital Residential (“RCR”) has purchased a 1.3-acre residential site in the Tree Farm mixed-use development near Basalt, Colorado. In March, RCR will begin the construction of a 72-unit, four-story, active adult, luxury multifamily community on the property, called The Terraces at The Tree Farm. The residential complex will be located on Highway 82 across from the Willits Town Center, accessible by a pedestrian underpass.
Managing Director of Realty Capital Residential and former Aspen resident, Richard Myers, was first introduced to the Tree Farm in 2012.
“The Terraces at Tree Farm provides a wonderful living option for empty nesters and retirees looking for an active lifestyle because of the proximity to world-class skiing in Aspen and the array of outdoor activities like hiking, biking, fly fishing and rafting,” said Myers. “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. We are grateful to Ace Lane and his family for allowing us to play a part in fulfilling this need for the community.”
The Terraces at Tree Farm will also feature a full-service restaurant open to residents and the public. The age-restricted community includes an activities concierge, on-site management, a fitness center, library, and rooftop terraces that overlook Kodiak Ski Lake and the Roaring Fork Valley. The one and two-bedroom apartments will range in size from 800 to 1,300 square feet and feature quartz countertops, high-end appliances, and expansive windows and balconies providing spectacular mountain and lake views. An underground parking garage and storage will be available for all residents.
The Terraces at The Tree Farm is a part of the 40-acre Tree Farm mixed-use development, including shops, restaurants, offices, condominiums, apartments, and a Hilton Tapestry Hotel. Located midway between Glenwood Springs and Aspen and adjacent to a RFTA express bus stop, The Terraces at The Tree Farm will provide convenient access to many recreational attractions in the Roaring Fork Valley.
The Terraces at Tree Farm is Realty Capital Residential’s second multifamily project within the Tree Farm development. Tree Farm Lofts, a 196-unit multi-family community is under construction adjacent to the Terraces at Tree Farm. The first residences at Tree Farm Lofts will be available late Summer 2023.
“The Tree Farm is a very sustainable community,” said former landowner Ace Lane. “The community got its name because it was once a large tree farm, and the property still has over 2,000 trees. There is a lot of social green space and outdoor recreation around Kodiak Lake. The Terraces at Tree Farm presents a unique opportunity in the Roaring Fork Valley for grandparents and parents to live in a luxury rental building close to their children and grandchildren who live nearby, which is a very special thing.”
Realty Capital Residential and Civitas Capital Group of Dallas provided the equity capital to purchase the site.
The residences should be completed in Spring 2025.