Civitas Capital Group Breaks Ground on 164-Unit Summit Development in Avon, Colorado, Backed by $104 Million Construction Loan
Construction has begun on The Summit, a 164-unit Class A multifamily community in downtown Avon, Colorado, with Civitas Capital Group serving as sponsor. The project, located at 130 West Beaver Creek Boulevard, is being developed by Grand Peaks Development, an affiliate of Grand Peaks, and is backed by a $104 million senior construction loan that Civitas closed in August 2026.
Project Overview and Capital Stack
The Summit is planned as a five-to-eight-story building over two levels of below-grade parking on an approximately 1.5-acre site in Avon's town center. The development will deliver 164 residential units — 144 at market rate and 20 designated as affordable — along with approximately 5,000 square feet of commercial space.
In addition to the $104 million senior construction loan, the Town of Avon has committed up to $11.84 million in public financing toward the development, reflecting local government support for the project's housing and downtown-development goals.
Civitas also filed Form I-956F with U.S. Citizenship and Immigration Services on September 1, 2026, a key milestone in the EB-5 financing process. The Summit qualifies as a rural targeted employment area under the EB-5 program, allowing foreign investors to participate at the $800,000 minimum investment threshold rather than the standard $1.05 million. The project is Civitas Capital Group's sixth rural EB-5 development in Colorado.
Site Conditions and Early Construction Milestones
An early discovery on the job site has provided a schedule and cost benefit. Construction crews excavating the property uncovered a pre-existing underground parking access ramp that had been buried on the site for years. After confirming the ramp was structurally usable, the team was able to keep the existing underground parking operational while foundation work for the new building proceeds — a logistical advantage for a downtown infill project where minimizing disruption and maintaining access are priorities.
The sequence of milestones has moved quickly. Civitas closed the $104 million senior construction loan in August 2026, filed the I-956F immigration form on September 1, and announced the construction start on September 11.
Location and Market Context
The Summit's site sits in Avon's town center, approximately a three-minute walk from Beaver Creek Resort's Riverfront Express gondola and a two-minute walk from the Avon Station bus stop. That positioning places the project within the Vail Valley resort economy, a market where housing for workers and year-round residents has historically been constrained by limited developable land and high costs.
Avon's rental market reflects those conditions. The median rent in Avon stands at approximately $3,300 per month, with very limited rental inventory available. The inclusion of 20 affordable units alongside 144 market-rate units addresses a persistent workforce housing gap in resort communities of this type.
Nationally, multifamily fundamentals have shown signs of stabilization heading into the second half of 2026. Apartment occupancy reached 95.5% in the second quarter of 2026, with year-over-year effective rent growth of 1.3%. National vacancy fell to 8.9% in the same period, and new deliveries dropped 27% year over year, easing some of the supply pressure that weighed on rent growth in prior years. In the Mountain region, rent growth has remained restrained in some submarkets where supply is still elevated, though vacancy is stabilizing — a backdrop that puts a premium on well-located projects with identifiable local demand.
The Summit fits a pattern Civitas Capital Group has pursued across Colorado's mountain markets in 2026. The firm closed a $38.4 million senior loan for a Silverthorne project in April 2026 and a $44 million senior loan for a project in the Aspen region in June 2026, reflecting a sustained focus on high-barrier resort markets where public financing support, EB-5 capital, and limited developable land can contribute to project viability.
About the Parties
Civitas Capital Group is the sponsor and EB-5 regional center operator for The Summit. Grand Peaks Development, an affiliate of Grand Peaks, is serving as the project developer. The Town of Avon is providing public financing support of up to $11.84 million.
This article is based on information published by Civitas Capital Group. The construction update from Civitas Capital Group notes that it does not constitute an offer to sell or a solicitation of an offer to purchase any securities, investment products, or investment advisory services.
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