WEI
WELCOME YOU.
Welcome to the Western Equity Investments presentation. We’re pleased to share a focused look at opportunities rooted in strategy, discipline, and long-term value creation. Our approach blends market insight with practical execution, identifying assets positioned for growth and resilience. As you move through this presentation, you’ll gain a clear understanding of our vision, investment philosophy, and the pathways we see for generating strong, sustainable returns in today’s evolving market landscape.
LET’S GET STARTED
EVERYONE LOVES ANGEL FIRE.
There’s much to know about Angel Fire, New Mexico. Eric shares what people love about this pristine alpine ski resort and country club community.
Angel Fire
Eric Neef
Funding CEO
evolv Consulting, LLC
Dallas, Texas
INTRODUCING Western Equity Investments
ERIC NEEF
DENNIS & JULIA SAFFELL
DANIEL JACUZZI
PETER GONZALEZ
MICHAEL REPUCCI
SCOTT LEUTHOLD
Dennis & Julia Saffell
Brokerage
Owners/Brokers
Mountain Equities Group
Vail, Colorado
OUR TEAM
Western Equity Investments
ERIC NEEF
DANIEL JACUZZI
MICHAEL REPUCCI
SCOTT LEUTHOLD
Finance
The
OUR TEAM
Daniel Jacuzzi
ERIC NEEF
DENNIS & JULIA SAFFELL
MICHAEL REPUCCI
SCOTT LEUTHOLD
Construction Executive President
Stratus Capital Corporation
Denver, Colorado
OUR TEAM
Western Equity Investments
Peter Gonzalez
ERIC NEEF
DENNIS & JULIA SAFFELL
DANIEL JACUZZI
MICHAEL REPUCCI
SCOTT LEUTHOLD
Michael Repucci
Retired Attorney
PPM Author
Founding Partner
Johnson & Repucci LLP
Boulder, Colorado
OUR TEAM
Western Equity Investments
ERIC NEEF
DENNIS & JULIA SAFFELL
DANIEL JACUZZI
MICHAEL REPUCCI
SCOTT LEUTHOLD
Scott Leuthold
Branding & Marketing
President and CEO
Outpost Alliance, LLC
Angel Fire, New Mexico
OUR TEAM
Western Equity Investments
ERIC NEEF
DENNIS & JULIA SAFFELL
DANIEL JACUZZI
MICHAEL REPUCCI
ANGEL FIRE PAST & PRESENT
BY THE NUMBERS
01 HIGH LEVEL SNAPSHOT
02 DEMOGRAPHICS
03 CLIMATE AND SNOWFALL
04 ANGEL FIRE RESORT STATS 05 ACCESSIBILITY
06 INVESTMENT POSITIONING 07 KEY TAKEAWAY 08 DRIVING DISTANCE 09 KEY INSIGHTS
Resort Statistics
• ~560 skiable acres
• ~80+ trails | 7 lifts
• Vertical drop: ~2,000 ft
• Summit elevation: 10,677 ft
• Longest run: ~3.2 miles
• Balanced terrain (beginner - advanced)
• Night skiing + strong family-friendly positioning
Accessibility
• Taos: ~21 miles (~30 min)
• Santa Fe: ~90 miles (~1.5–2 hrs)
• Albuquerque: ~150 miles (~3 hrs)
• Denver: ~280 miles (~5–6 hrs)
Key Takeaways
Investment Position
• Established but less saturated vs. major Colorado resorts
• Strong second-home + short-term rental demand
• Family-friendly alternative to Taos
• Four-season destination (ski + summer recreation)
Undersupplied alpine resort market with strong second-home demand, solid snowfall, and proximity to key Southwest metros.
Driving Distances
Amarillo, TX 200 mi. 3.5–4 hrs. Dallas, TX 600 mi. 9–10 hrs
Oklahoma City, OK 480 mi. 7–8 hrs. Kansas City, MO 750 mi. ~11–12 hrs.
Key Insights
• Primary drive-to markets: Amarillo + OKC (weekend/short trips)
• Secondary markets: Dallas + Kansas City (long weekend / vacations)
• Strong positioning as a regional ski destination for Texas & Midwest demand (vs. flying to Colorado) 01 02 03 04 05 06 07 08 09
1967
A triad between Resort ownership, the Village of Angel Fire, and the Angel Fire Property Owners Association is established creating a unique delineation of management roles and funding for operations and development.
1993
Angel Fire Ski Corporation initiated Chapter 11 bankruptcy proceedings in 1993 resulting in a 1995 restructuring and sale to a group of investors.
1996
A new private investor syndicate led in part by Dallas businessmen acquires the resort out of Bankruptcy.
2025
ANGEL FIRE PAST & PRESENT Development History
The development history of Angel Fire is unusual compared to the development path of, for example, the well-known ski resorts in Colorado. Angel Fire began as a private planned resort community beginning in the 1960’s whose infrastructure, governance, and finances evolved through private development versus municipal tax-based capital infusion. Financial collapse and bankruptcy in the 1990’s cleared the way for new ownership, a fresh financial start and infrastructure in place at a fraction of today’s cost.
A major 40+ milliondollar ski resort and amenities expansion is announced and is now under construction.
2026
With your help, the landscape of Angel Fire will see new real estate opportunities to serve the needs of diverse property buyers.
ANGEL FIRE COUNTRY CLUB
SIGNIFICANT VALUE
Angel Fire Country Club Membership offers significant value for as little as $1,765.00 annual family cost up to a robust Platinum Membership for $3,820.00 annually. Membership is required for any property owner within the Village of Angel Fire and the base membership acts as the Home Owners Association Dues. Platinum membership is optional to all property owners.
Golf Club
Come tee off at 8,600′ on our par 72, 6,653-yard, 18hole golf course. Rounds are included in Platinum Membership + Cart Fee. Plus, entry into the Platinum Golf Tournament.
Mountain Biking
Unlimited free season passes for immediate family members included with Platinum Membership plus discounts on bike lessons, rentals, clinics, and more.
Monte Verde Lake
All members receive free fishing on the private, fully stocked Monte Verde Lake. Plus, discounts on boat, kayak, and paddle board rentals.
Ski Resort
Unlimited free season passes for immediate family members included with Platinum Membership plus private ski lockers and discounts on ski lessons, rentals, clinics, and more.
Member’s RV Park
All members receive free use of the Members RV Park including water and electric hook-ups and bath house. Plus, only $15 overnight use for guests.
Fitness Center
All members receive access to the club’s complete fitness center with weights and machines, locker rooms, and an indoor pool.
Tennis & Pickleball
Unlimited access to the new, state-of-the-art Tennis and Pickleball Club and Pro Shop with 14 pickleball courts and 6 hard tennis courts plus a new Disc Golf Course.
Member’s Stables
All members receive free use of the Member’s Horse Stables with both grazing pasture and stalls.
Preferred Pricing
Platinum members receive a 20% discount on retail, food, and lodging, plus access to the Nordic Center, pool, and fitness center, and more.
VISION
ANGEL FIRE OUR VISION
FOR THE FUTURE OF ANGEL FIRE
WEI SEE UPSIDE POTENTIAL
We’re the next chapter in the story of this extraordinary untapped mountain ski town.
LET’S DIVE IN.
VISION
THE OPPORTUNITY IT MAY BE THE LAST
The lack of new development over the past 20 years has created a vacuum of opportunity to transform Angle Fire into a world class destination resort. The stars are lined up, the conditions are perfect for the discovery of a hidden gem, maybe the last of it’s kind in the Rocky Mountains.
THE VISION EQUALS VILLAGE TRANSFORMATION
Provide the vision and leadership needed in Angel Fire to transform the resort community into a place where local residence, visitors and recreational homeowners all benefit from the Angel Fire lifestyle.
THE EXECUTION IS VERTICAL CONSTRUCTION
Providing a variety of critically needed residential offerings from affordable first homes to luxury base area options will ignite growth in Angel Fire. More visitors generates the demand for more shops, restaurants, and entertainment which drives the need for a larger workforce which requires more housing base, and increases the demand for more recreational mountain homes….and the cycle continues. Angel Fire Crossing and Base Camp Angel Fire, the first of many opportunities are steppingstones to the vertically integrated re-development vision for Angel Fire which includes:
Aerial photo of Angel Fire Crossing
PROJECTS
An unprecedented location just a short walk from the new Angel Fire Express ski lift. Luxury mountain homes unlike any other in Angel Fire. Three, four, and five-bedroom floor plans with a second living unit. And then, there's your personal, exclusive roof top living venue. Take the time to learn more about Base Camp Angel Fire.
01 Location in Angel Fire
02 Project Site Plan
03 Exterior Renderings
04 Interior Floor Plans
LOCATION
IN
ANGEL FIRE
There are two project locations in Angel Fire including Winter Park Lane and North Angel Fire Boulevard, each within a short walk of the ski resort base.
Open Google Map
SITE PLAN
A fully approved and shovel-ready site plan has been created for the project located along Winter Park Lane as shown to the right.
WINTER PARK LANE PROJECT
Open Google Map
EXTERIOR
RENDERINGS
The project showcases the high quality design of a Western Equity Investments development project with aesthetic treatments selected to instill lasting value.
Open Google Map
FLOOR PLANS
2,250 SQ.FT.
4 LEVELS
1-CAR GARAGE
5+ BEDROOMS
4+ BATHROOMS
Secondary separate living apartment
Private Rooftop Outdoor Living Space
Open Google Map
PROJECTS
The floor plan designed for Angel Fire Crossing provides an efficient yet comfortable space for year-round living or the mountain get-away you’ve always dreamed of at an attractive price!
Two floor plan options are available. The townhomes located at the ends of each building are three bedrooms plus a bonus room. The townhomes located on the interior of each building are two bedrooms.
01 Location in Angel Fire
02 Project Site Plan
03 Exterior Renderings
04 Interior Floor Plans
LOCATION
IN
ANGEL FIRE
Located at the Intersection of Highway 64 (A.K.A. The Enchanted Circle Scenic Byway) and Mountain View Boulevard in Angel Fire.
Open Google Map
SITE PLAN
IN
ANGEL FIRE
A site plan has been created for the project located along Highway 64 (The Enchanted Circle Scenic Byway). The property will have a second phase located to the northeast along Mountain View Boulevard.
HIGHWAY 64 PROJECT
Open Google Map
EXTERIOR
RENDERINGS
The project showcases the high quality design of a Western Equity Investments development project with aesthetic treatments selected to instill lasting value.
Open Google Map
2,038 SQ.FT.
3 LEVELS
1-CAR GARAGE
3 BEDROOMS
2 BATHROOMS
Flex loft area
First level bonus room
Open Google Map
PROJECT EXIT
Marketing and Advertising
01. Seasoned Marketer
Built huge, multi-billion dollar brands, publisher of premier lifestyle magazine.
03. Supply & Demand
We understand the pain points of our target customer in Angel Fire.
05. Destination Site
We’re optimizing our web traffic and digital marketing to cross market projects.
02. Audience
We understand the target audience in Angel Fire unlike anyone else.
04. New Public Brand
We’re creating a public facing “lifestyle” brand for our development company.
06. AF Experience
We’re developing a print magazine specifically for our development projects.
07. Print & Digital
We’re driving leads both in print and online in key publications and on social.
08. Strategy & Budget
Our proforma provides for an extremely robust marketing and advertising spend to insure timely sales pace.
COMPETITIVE & STRATEGIC INVESTMENT ADVANTAGES
Why Angel Fire Now
The Village of Angel Fire, anchored by Angel Fire Resort, represents one of the final undiscovered resort communities in the Rocky Mountains. While legacy ski destinations across Colorado, Utah, and Wyoming have matured into fully priced, highly regulated markets, Angel Fire remains in the early stages of its growth cycle.
A rare convergence of economic, geopolitical, infrastructure, and resort-level investment has created a window of opportunity for equity investors to participate in what we believe will be a multi-year expansion of residential demand, pricing, and lifestyle amenitiesbefore institutional capital and large-scale developers arrive.
01 Virtually No New-Construction
Over the past decade, only one new multifamily residential project—totaling just 11 units— has been delivered in Angel Fire. Fewer than 30 building permits are issued annually, the vast majority for single-family homes and remodel projects. The three townhome developments currently represented by Western Equity Investments will be the only new, for-sale residential product available in the market, creating immediate scarcity and pricing power.
02 No Regulatory Barriers to Entry
In established Rocky Mountain resort markets, development has been throttled by increasing regulation, entitlement limitations, and infrastructure constraints. Angel Fire stands in sharp contrast. The Village already has sufcient capacity in potable water, roads, fire and emergency services, schools, and healthcare to support years of development. Rather than restricting growth, the community is focused on enhancing qualityof-life amenities and long-term sustainability.
03 Pro-Development Local Government
The Village of Angel Fire has recently undergone a meaningful leadership transition, resulting in a Mayor and Village Council that are openly pro-development, collaborative, and aligned with responsible growth. This shift has materially improved entitlement clarity, approval timelines, and overall execution certainty for developers and investors.
04 Strong Public-Private Alignment
Western Equity Investments maintains open, positive, and highly supportive relationships with both Angel Fire Resort management and the Village of Angel Fire leadership. This alignment ensures that residential development complements resort expansion, community planning, and long-term destination branding.
05
Minimal Off-Site Development Impact Fees
Unlike many mountain markets where impact fees materially erode project returns, Angel Fire maintains minimal off-site development fees, allowing capital to be deployed directly into higher-quality construction and investor returns.
06 Abundance of Development-Ready Land
The market offers a rare supply of entitled, development-ready land, an increasingly scarce asset in resort communities. This allows projects to move directly into vertical construction without prolonged entitlement risk or holding costs.
07 Documented Workforce Housing Demand
Angel Fire has a well-documented shortage of workforce housing, driven by expanding resort operations, hospitality growth, and service employment. New residential inventory directly supports economic vitality and long-term community stability, reinforcing political and social support for development.
08 Exceptionally Low Land Basis
Paper lot costs in Angel Fire are a fraction of those in comparable mountain resort destinations. This low land basis creates a structural cost advantage that supports attractive margins while still delivering units at attainable price points.
09 Existing Utility Infrastructure with Low Tap Fees
Utility infrastructure is already installed and available, with tap fees that are significantly lower than peer resort markets. This further reduces development friction and improves project feasibility.
10 Townhome Entitlement Advantage
Townhome development (rather than condominium structures) offers streamlined entitlements, reduced HOA complexity, improved financing flexibility, and broader buyer appeal, particularly for second-home and short-term rental purchasers.
11
Lowest-Priced Turnkey Units in Ski Country
Finished, turnkey residential units in Angel Fire are projected to be priced lower than any comparable ski market in the Rocky Mountains. This affordability expands the buyer pool while positioning projects for strong appreciation as the market matures.
12
Angel Fire Country Club Amenities
The Angel Fire Country Club provides exceptional year-round recreational amenities in addition to skiing, including golf, tennis, pickle ball, fitness, dining, and social programming—enhancing full-time residency appeal and increasing off-season demand. Annual membership is mandatory for property owners within Angel Fire at a cost of $1,765 ($3,820 for Platinum Membership) for the entire family making Angel Fire Country Club the most affordable recreational club in ski country.
13 Highly Targeted Marketing Geography
Angel Fire benefits from clearly defined feeder markets, allowing for precise digital and traditional advertising strategies that efciently capture second-home buyers, remote workers, and lifestyle investors.
15 Major Expansion of Resort Amenities
Angel Fire Resort is actively expanding its amenity base, including the addition of two new ski lifts, enhancing terrain access, skier capacity, and overall resort competitiveness- directly increasing residential demand.
16 Airport Enhancements
Angel Fire’s airport is transitioning from a private/general aviation facility into a regional tourism access hub with commercial services. Regular commercial service operated by Advanced Air with direct flights from Albuquerque began in 2024. The Village of Angel Fire is in the process of taking control of the airport from Colfax County with the specific stated goal of stimulating tourism and development growth. Recent funding includes $700,000 from the FAA, $2,600,000 from the State of New Mexico, $3,500,000 from the Village of Angel Fire and Colfax County for upgrades to navigation, lighting/beacon, safety systems and general operations. Upcoming enhancements include commercial routes in addition to Albuquerque, terminal, private hangars, and passenger facility upgrades.
17 Village Events Venue Development
Coldwell Banker Mountain Properties dominates both regional and local real estate markets, providing unmatched brokerage reach, pricing insight, and buyer access reducing absorption risk for new developments.
The Village of Angel Fire is developing a dedicated events venue, reinforcing year-round visitation, tourism diversification, and destination branding beyond winter sports. Last summer was the inaugural year for a slate of concerts, shows and events attracting a large number of new visitors anxious to discover Angel Fire.
INVESTMENT SUMMARY
WESTERN EQUITY INVESTMENTS
represents a rare opportunity to invest in a Rocky Mountain resort community before it becomes widely discovered.
With minimal competition, favorable regulation, strong public-private alignment, expanding resort amenities, and the lowest all-in residential pricing in ski country, Western Equity Investments’ projects are positioned to capture outsized returns as Angel Fire transitions from hidden gem to an established
INVESTMENT OPPORTUNITY
Discover Angel Fire, New Mexico and turn your adventure into an investment opportunity unlike any other in the Rocky Mountain West. T H E L A S T U N T A P P E D M O U N T A I N S K I T O W N
QUESTIONS & INSIGHTS
We welcome your questions and comments.