Relative Affordability in a Mountain Resort Market Where Home Ownership is Becoming Increasingly Unattainable: Driven by its significant population and job growth, paired with a high quality of life that attracts transplants from across the country, Colorado has been named one of the country's top performing housing markets. The average sale price of homes in Eagle County went up by over 85 percent between 2020 and 2023 and has gone up by 210 percent since 2017. Furthermore, Single-Family, Townhouse, and Condo sales within Eagle County in the last 365 days averaged $1,546,470, creating high barriers to home ownership in the area, where renting at Red Table or The House is 80 percent less expensive than buying a home in the area. As Colorado continues to attract residents seeking high-quality employment opportunities and a live-work-play lifestyle, home ownership will become increasingly unattainable, especially in Colorado’s Mountain Resort Markets.

Remarkable Vail Valley Location in Eagle County Along the I-70 Corridor, Proximate to Colorado’s Top Vacation Destinations: Eagle County spans 1,694 square miles, has a population of 55,575 residents and is situated along the Eagle River and I-70 corridor. Outdoor activities including hiking, fishing, camping, biking, skiing, and hunting are very popular among residents and visitors of Eagle County. Eagle County sits at an average elevation of 6,600 feet, where a primary economic driver in the region is tourism, making the leading industry in Eagle County Accommodation and Food Services. Residents enjoy affordable housing in Eagle, Gypsum, and other towns in the western half of the county relative to Vail and Avon in a great mountain valley setting.

Acquisition of Immediate Scale in One of the Most Supply-Constrained Housing Markets in the Country: Eagle County is home to some of the most sought-after mountain resort towns along the I-70 corridor, including Vail, Beaver Creek, Avon, Edwards, Eagle, and Gypsum, among others. With many homes being luxury, secondary residences for affluent individuals and families, there is a severe housing shortage and ever-widening affordability gap. Eagle County lacks an ample amount of for-rent housing, as well. There are only 42 properties consisting of fewer than 3,000 units (2,987 Units) in Eagle County, with about 1/3 of those units being strictly affordable (1,190), leaving ~1,797 market-rate units in the county. Furthermore, high construction costs and barriers to entry are deterring new construction, leaving existing multifamily properties extremely well-positioned to capture strong rent growth thanks to strong, sustained demand.

Unparalleled Proximity to Legendary Colorado Outdoor Recreation with Vail and Beaver Creek Ski Resorts less than 30 Miles Away: Residents of Eagle County can find an abundance of outdoor recreation in nearby Beaver Creek and Vail. Beaver Creek Mountain is renowned for its stunning beauty and welcoming atmosphere, providing access to every level of skier. Skiers delight in the meticulously groomed corduroy runs with over 2,000 acres of terrain to explore and three distinct base areas to dip into. Beyond world renowned skiing in the winter months, Beaver Creek offers signature showcase events all year round and a score of summer activities including mountain biking, golf, hiking, 4x4 mountain tours, wine excursions, day camps, scenic chairlift rides, and an adventure center. Vail is one of the largest ski resorts in the world and the second largest single mountain ski resort in North America. Spanning more than 5,300 acres, Vail is the largest ski resort in the state of Colorado.

Limited Competing Supply with Excellent Multifamily Fundamentals as a Result, 5-Year Historical Vacancy Rate of 1.7 Percent: The housing shortage in Colorado's high country, and more specifically Eagle County, is evidenced by Eagle County's impressively low stabilized vacancy rate. Eagle County's 5-year average historical vacancy rate is only 1.7 percent, with the 3-year average projected vacancy rate being slightly higher at 3.1 percent. Eagle County's low stabilized vacancy rate reflects a combination of incredibly strong demand and absorption, and few new deliveries historically, with few projected in the near-term, as well. The Vail Valley Portfolio is extremely well-positioned to capitalize on the strong demand for housing in Eagle County and capture future rent growth.