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October 18, 2019
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Passco Companies Buys 380-Unit TX Res Asset

6/10/19

Passco Companies has acquired Tribute at the Rim, a 380-unit, Class A+ luxury apartment community in San Antonio, TX. Constructed in 2017, Tribute at the Rim is located at 5810 Worth Pkwy.

Tribute at the Rim is also located in close proximity to Interstate 10 and Loop 1604, providing residents with ease-of-access to San Antonio’s two main employment hubs, the Northwest/Far Northwest and North Central/Far North Central office submarkets. These two submarkets combined account for over 60 percent of San Antonio’s Class A office space.

Competitive community features include an infinity pool with fire pit, a fourth-floor sky lounge, a 24-hour health club facility, virtual fitness-on-demand classes, a convenient parking garage, multiple elevators, a bark park and dog grooming station, package concierge services, a bike storage and repair room, and an electric car charging station. Tribute at the Rim also has a community backyard with hammocks and grills, a conference room, a community room, and several other meeting spaces and social areas.

The community offers units with a range of one-, two-, and three-bedroom floorplans that include polished chrome hardware and fixtures, walk-in showers, walk-in closets with built-in wood shelving, USB ports, and NEST thermostats. The kitchens are furnished with quartz countertops, modern high-gloss cabinetry, ceramic-top ranges, glass backsplashes, Moen gooseneck pull-down faucets, and refrigerators with water and ice dispensers.

San Antonio ranks among the top two cities in the United States for population growth for the past two years, according to Jake Niles, Director of Acquisitions – West at Passco Companies.

“Tribute at the Rim will continue to benefit from San Antonio’s strong job and population growth, as well as its unmatched positioning within the heart ofThe Rim, a master-planned ‘live, work, play’ community that includes the largest retail power center in Texas,” explains Niles. “This location offers residents exceptional walkability, with convenient access to over 110 restaurants, premier shops, big box retailers, and services.”

“This property offers employees a short and convenient commute to several of San Antonio’s top companies, including Valero Energy, NuStar Energy, and USAA, which are all headquartered in the city,” says Niles. “Further, the South Texas Medical Center, one of the largest employment hubs in the region, is located just seven miles from Tribute at the Rim. The Medical Center currently employs more than 56,000 professionals and holds 290 acres of land for future development, which will drive increased demand for multifamily down the line.”

JLL’s Scott Lamontagne, Moses Siller and Zar Haro represented the seller, Kairoi Development, on the disposition. Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing on behalf of Passco Companies.






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