Civitas Capital Group Closes $104 Million Senior Construction Loan for 164-Unit Class A Multifamily Project in Avon, Colorado

Dallas-based Civitas Capital Group has closed a $104 million senior construction loan to finance The Summit, a 164-unit Class A multifamily community in downtown Avon, Colorado. Grand Peaks Development, an affiliate of Grand Peaks, will serve as developer on the project, which is slated to break ground in the third quarter of 2026.

The financing was announced Friday, Aug. 28, and represents Civitas Capital Group's sixth rural EB-5 project in Colorado. The Town of Avon has committed up to $11.84 million in public financing, reflecting municipal support for the development.

Project Details: The Summit at 130 West Beaver Creek Boulevard

The Summit will rise five to eight stories over two levels of below-grade parking on an approximately 1.5-acre site at 130 West Beaver Creek Boulevard — identified in Avon planning documents as Lot B, Avon Center at Beaver Creek, and zoned Town Center. The site is described as one of the last undeveloped parcels in Avon's town center.

The development will deliver 164 residential units, comprising 144 market-rate units and 20 deed-restricted affordable housing units targeted at workforce residents. The building will also include approximately 5,000 square feet of ground-floor commercial space along Avon's Main Street Pedestrian Mall. Resident amenities will include a fitness center, game room, hot tubs, outdoor courtyards, large balconies, dedicated ski-and-gear storage, and an underground heated parking garage.

The project's location places residents approximately three minutes on foot from Beaver Creek Resort's Riverfront Express gondola, two minutes from the Avon Station bus stop, roughly 10 minutes by car from Vail, and about 30 minutes from Eagle County Regional Airport.

Shaw Construction will serve as general contractor. Zehren and Associates is identified in Avon planning documents as the project's architect. The Avon Town Council approved the Major Development Plan and Development Bonus on March 10, 2026, following a public hearing process that began in November 2025.

EB-5 Financing Structure and Rural TEA Designation

Located in Eagle County, The Summit qualifies as a rural Targeted Employment Area under the federal EB-5 immigrant investor program. That designation carries several advantages for participating investors: a reduced minimum investment threshold of $800,000 versus the standard $1.05 million, priority processing of the I-526E petition, and access to the 20 percent of annual EB-5 visas reserved for rural projects — a carve-out that may allow for faster immigration timelines and reduced exposure to visa retrogression.

Civitas Capital Group is channeling the EB-5 capital through its Civitas Avon, LP fund vehicle. The Summit follows five prior rural EB-5 projects in Colorado for the firm: Civitas Aspen Fund, Civitas Aspen Fund II, Civitas Aspen Fund III, Civitas Silverthorne, and Civitas Steamboat. Those five projects collectively created EB-5 investment opportunities for more than 200 families.

"Eagle County has an acknowledged housing shortage, and rental apartments here have been effectively full for years," said Jeff Kiser, Managing Director and Head of EB-5 Investor Relations at Civitas. "This is a rural project in a market where the demand is not theoretical."

Xavier Valero, Senior Associate, Investments at Civitas, pointed to two factors distinguishing the transaction. "The first is Grand Peaks, a third-generation multifamily firm with more than 11,000 units under management and two decades of development experience in Colorado," Valero said. "The second is the level of local commitment behind it. The Town of Avon has been directly involved in bringing this project forward, which speaks to how seriously local government treats the housing shortage here and how carefully this site was chosen."

Developer Background and Workforce Housing Rationale

Grand Peaks was founded in 2003 and is headquartered in Denver. The firm carries a 75-year family legacy in multifamily housing and specializes in the development, acquisition, and asset management of apartment communities across high-growth U.S. markets. The company currently manages approximately $3 billion in assets, with more than $1 billion of equity invested and over 11,000 units across 40 active assets in eight operating markets.

Donald A. Simpson, Executive of Grand Peaks, cited the site's walkability and transit access as central to the project's rationale. "You are steps from the gondola, on the transit line, and right on the pedestrian mall," Simpson said. "It is the kind of walkable, connected location you rarely find available for new development in a mountain town, and we felt a responsibility to get it right."

Simpson also underscored the workforce housing component. "Working alongside the Town of Avon on the affordable housing units was a priority for us, because a project like this only works if it actually houses the people who make Avon run: the local employees — ski patrollers, hotel staff, teachers," he said. "We are also grateful for our partnership with Civitas, whose EB-5 financing will give us the flexibility to deliver both the market-rate units and other components of the project without sacrificing quality."

Market Context: Vail Valley Housing Demand

Demand for rental housing in the Vail Valley extends beyond individual renters. Major regional employers — including Vail Resorts, Eagle County Schools, Eagle County Government, Vail Health, Sonnenalp Hotel, and the Ritz-Carlton — lease housing directly to recruit and retain staff. The 20 affordable units within The Summit are positioned to serve that segment of the local workforce.

The project's entitlement process reflected the municipality's engagement with the housing shortage. Planning and Zoning Commission hearings were held in November and December 2025, followed by three Avon Town Council public hearings between January and March 2026 before the council granted approval. The Town's commitment of up to $11.84 million in public financing further underscores local government's stake in the project's delivery.

Construction is scheduled to begin in the third quarter of 2026.

Sources

Civitas Capital Group — Official Announcement