Boomerang
01Private Villas & Hotel
Eight 2,000-square-foot for-sale villas in a branded hotel rental pool, plus four keys and 9,000 square feet of amenities on a full city block.
2,000sqft per home
8villas
$129.2Mnet sellout
Novaro Capital SPV II · Aspen, Colorado
Aspen Development Portfolio
A seven-project downtown Aspen portfolio spanning hospitality, branded residential, members clubs, retail, and workforce housing. Investors acquire a 50% interest while the sponsor remains developer on every asset.
SPV target$12M targeted raise & deployment
PortfolioSeven downtown Aspen projects
Interest acquired50% investor interest
Sponsor roleDeveloper on every asset
All return figures are projections and forward-looking statements, not guarantees. Actual results may differ materially.
Projected portfolio profile
Luxury real estate across downtown Aspen
The portfolio combines multiple property types and development strategies across one of the country's most supply-constrained luxury markets. The figures below are sponsor projections drawn from the supplied portfolio materials.
29.5%LP projected returns
4.4xLP projected MOIC
7–10Projected year hold
7Project pipeline
The portfolio
Six strategies across seven projects
Hospitality, branded homes, private clubs, food and beverage, retail, and workforce housing are combined into a coordinated Aspen development pipeline.
The 300 Block
02Lifestyle Club & Hotel
Three buildings on Wagner Park repositioned as a social club for year-round residents, including consolidation of the Prospector condos and existing food and beverage space.
23,000+rentable sqft
3assets
$85Mnet exit value
517 E Hopkins
03Members Club & Hotel
An approved four-level building with a garden-level lounge, ground-floor restaurant, 10 keys, and a penthouse, planned with a global hospitality operator.
15,800sqft
11rooms
$118.2Mnet sales value
North Mill
04Country Club & Village Center
A 113,000-square-foot Morris Adjmi campus with 60 apartments, a specialty grocer, wellness, fitness, and a rooftop beach club.
113,000sqft
60units
$363.1Mnet sellout
Base Lodge
05Luxury Lifestyle Micro-Hotel
Thirty-eight compact rooms with 9,350 square feet of food, beverage, music, and entertainment programming. The project is underway.
~250sqft per room
38rooms
$98.6Mnet exit value
Workforce Housing
06/07611 W Main & 404 Park
Thirty-one deed-restricted units generating 65.9 FTE credits for Boomerang and North Mill, with surplus credits valued at approximately $400,000 each. 611 W Main is reported pre-sold to the School District.
65.9FTE credits
31units
2projects
Investment lens
A concentrated Aspen development strategy
The SPV offers exposure to a coordinated portfolio rather than a single property, with the sponsor retaining development responsibility across the pipeline.
Potential strengths
- Seven-project pipeline across complementary luxury and community-use property types.
- Concentrated downtown Aspen locations in a supply-constrained market.
- Multiple potential value-realization paths across sellout, exit, hospitality, club, and retail uses.
- Workforce-housing credits designed to support major developments.
- Sponsor remains developer across every asset.
Priority diligence questions
- What assumptions support the projected 29.5% return and 4.4x MOIC?
- What is the current entitlement, financing, construction, and presale status of each project?
- How are capital calls, cost overruns, and timeline extensions allocated?
- What are the sponsor economics, governance rights, and exit provisions?
- How are the seven assets cross-collateralized or otherwise interdependent?
Novaro Capital SPV II
Apply for access to the Aspen opportunity
Graphora is collecting expressions of interest from qualified investors for Novaro Capital SPV II. Final participation is subject to eligibility, diligence, allocation, and definitive offering documents.
Apply to investSource and diligence note
Portfolio descriptions, project metrics, return projections, and development status are based on the supplied Novaro Aspen one-pager. They have not been independently verified. This page is confidential and for discussion purposes only. It is not an offer to sell securities; any offering will be made solely through definitive offering documents. Projections and forward-looking statements are not guarantees, and actual results may differ materially.