Aptitude Development has secured $26.5 million in financing to acquire 53 acres of land for the Edwards River Park project. This residential development in Vail, Colorado, will comprise 440 units, divided into affordable housing as well as townhouses and condominiums for sale. Seth Weissman of Urban Standard Capital provided the financing, while Jay Miller of BayBridge Real Estate Capital arranged the transaction.
Jared Hutter, CEO of Aptitude Development, stated that the financing transaction with Urban Standard Capital took four years to complete. He described the lender as a "truly flexible capital partner, exactly when we needed one."
Project Location and Approvals
The land for Edwards River Park is located in the Vail Valley, four miles from the renowned Beaver Creek Resort and ten miles from the 5,300-acre Vail Ski Resort. Approval for the development was granted by the Eagle County Commissioners in July 2025. Construction of the first phase is expected to begin within the next 12 to 18 months.
The completed project will include 276 rental flats, some of which will have capped prices, and 164 residential units for sale. The latter will be offered as townhouses or condominiums, with some designated for residents with ownership restrictions and others sold at market rates.
Need for Affordable Housing
Charlie Brosens, Partner at Urban Standard Capital, noted that the new project "addresses an acute need for workforce housing in supply-constrained mountain towns." According to the company, the workforce housing gap in Eagle County is expected to grow by 58 percent by 2035.
Urban Standard has previously financed residential development projects in comparable markets in recent years. Jake Simpson, Senior Associate at Urban Standard Capital, highlighted that these are some of the markets with the greatest supply bottlenecks and highest capital costs in the country. Developers there require a financing partner who understands the complex approval processes and the unique demand factors of communities near holiday resorts.
- —Aspen and Telluride, Colorado
- —Park City, Utah
- —Jackson, California
- —Driggs, Idaho
- —Lake Tahoe, Nevada
