(To read more on the multifamily market, click here.)

AVON, CO-The ritzy Beaver Creek ski resort, about 12 miles west of Vail, is getting a new condo project. Dallas-based JMJ Development, through its Colorado subsidiary, CSC Land, LLC, has cleared all presale hurdles and has closed on construction financing with US Bank for its 146,800-sf development called the Gates on Beaver Creek. Beaver Creek is in Avon.

"The continued growth of this development represents a milestone in the history of this project and this place," says Tim Barton, chief executive officer of JMJ, a development and investment firm of residential and resort properties in the US and Mexico. "We've watched the market continue to expand in Beaver Creek, and we are delighted to be at the forefront in the expansion of Avon as a bedroom community for the ski resort." Construction is underway, he notes.

The Gates is on the banks of Beaver Creek ski resort. The development's 49 whole-ownership condominiums will be priced from $900,000 to $2.6 million. Units range in size from 1,268 sf to 2,680 sf with two to four bedrooms, including 16 two-story penthouse suites. That equates to about $709 per sf to $970 sf in an area where some units have sold for north of $1,000 per sf.