California based Passco Cos. recently purchased Tribute at the Rim, a 380-unit, Class A+ luxury apartment community in San Antonio from Kairoi Development. The sales price remains undisclosed. Kairoi, based in San Antonio, was created in 2017 when Lynd Residential Properties and Lynd Development Partners combined forces. Although Tribute at the Rim represents Passco’s first foray into San Antonio, the has acquired over 3,400 units in Texas.
Passco’s interest in the acquisition is tied to the continuing boom of the San Antonio area’s economy. “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 of The Rim, a master-planned ‘live, work, play’ community that includes the largest retail power center in Texas,” said Jake Niles, director of acquisitions, West Coast, at Passco Cos. “This location offers residents exceptional walkability, with convenient access to over 110 restaurants, premier shops, big box retailers, and services.”
The apartment community is about 17 miles north of downtown San Antonio with ease of access to they city’s two main employment hubs, the northwest/far northwest and north central/far north central office submarkets. The two submarkets combined account for over 60% of San Antonio’s Class A+ office space. Key employers in the area include Valero Energy, NuStar Energy, USAA, and the South Texas Medical Center.
Courtesy Passco Cos.
Clubroom at Tribute at the Rim in San Antonio
Niles cited an uptick in multifamily construction in response to the recent population boom, combined with a limited supply in the pipeline as other reasons for closing the deal. Amenities at the property include an infinity pool with a fire pit, a fourth-floor sky lounge, a 24-hour health club facility, a virtual fitness-on-demand classes, on-site parking, a dog park and grooming station, package concierge services, bike storage and repair room, and an electric car charging station. There’s also a community back yard with hammocks and grills, a conference room, a community room, and several other meeting spaces and social areas.
Unit configurations include a range of one-, two-, and three-bedroom floor plans that feature 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.
Jones Lang LaSalle, which represented the seller, was led by managing director Scott Lamontagne and executive vice presidents Moses Siller and Zar Haro. “Tribute is among the most iconic multifamily assets in San Antonio and easily the most walkable,” said Lamontagne.