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Tribute at the Rim, a 380-unit, Class A+ luxury apartment community located at 5810 Worth Parkway in San Antonio, TX
San Antonio, TX — Passco Companies, a
privately held California-based commercial real estate company that specializes
in acquisition, development, and property and asset management throughout the
U.S., has acquired Tribute at the Rim, a 380-unit, Class A+ luxury
apartment community in San Antonio, Texas.
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| Jake Niles |
Tribute at the Rim, constructed in 2017, is located at 5810
Worth Parkway in San Antonio, Texas.
Chris Black and Caleb Marten of KeyBank Real
Estate Capital’s Commercial Mortgage Group arranged acquisition financing on
behalf of Passco Companies.
JLL represented the seller, Kairoi Development, on the
disposition, which 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,” says Lamontagne, noting that the
community is located in the city’s most dynamic submarket.
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| Scott Lamontague |
“JLL was thrilled to
represent the seller and help bring Passco into the San Antonio market with
such a marquee transaction.”
With San Antonio ranking among the top two cities in the United States forpopulation growth for the past two years, this asset is an
ideal complement to Passco’s existing portfolio, in line with the firm’s
strategy to acquire Class A, core multifamily properties in markets with strong
growth fundamentals, 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 of The Rim, a
master-planned ‘live, work, play’ community that includes the largest retail
power center in Texas,” explains Niles.
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| Moses Siller |
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, notes Niles.
“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.
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| Chris Black |
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.”
According to Niles, the community offers upscale,
urban-style living well-aligned with its location in Northwest San Antonio, one
of the city’s most affluent submarkets.
Niles also explains that while there was an uptick in
multifamily construction in response to the recent population boom, there is
little new supply currently in the pipeline despite sustained demand, and low
potential for more competition in the immediate area.
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| Caleb Marten |
“The property is also within an exceptional school system,
the Northside Independent School District, further increasing its appeal to
prospective residents.”
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.
Contacts:
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| Zar Haro |
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.
Contacts:
Micaela Fehrenbach / Elisabeth Manville
Brower Group
(949) 438-6262
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