Passco Buys 380-Unit San Antonio Community
- Jun 06, 2019
Passco Cos. has bought Tribute at the Rim, a 380-unit community in San Antonio. The asset is located within The RIM, a 1.8 million-square-foot mixed-use development. The seller, Kairoi Residential, worked with Scott Lamontagne, Moses Siller and Zar Haro from JLL.
Read also: In April, Passco Cos. acquired The Grayson, a 330-unit community in Spring, Texas.
Located at 5810 Worth Parkway, the community consists of one-, two- and three-bedroom apartments in a three-and four-story building completed in 2017 on an 8-acre site. Common-area amenities include a pool with fire pit, a fourth-floor lounge, a fitness center, multiple elevators, a conference room and an electric charging station. According to Yardi Matrix data, the community was 95.5 percent occupied in April.
Situated close to Interstate 10 and Loop 1604, the asset grants access to the metro’s two main employment hubs the Northwest/Far Northwest and North Central/Far North Central office submarkets. According to Jake Niles, director of acquisitions West at Passco Cos., the two submarkets account for more than 60 percent of San Antonio’s Class A office space and includes major employers such as Valero Energy, NuStar Energy, and USAA. Niles added that the community is roughly 7 miles from the South Texas Medical Center, which employs more than 56,000 professionals and includes 290 acres for future development.