SAN ANTONIO – Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced today the sale of Aura at the Rim, a 308-unit luxury multifamily asset situated atop of one of the highest points in Northwest San Antonio. This top-of-the-line, institutional-grade asset benefits from its location in the center of The Rim, a 3-million- square-foot outdoor shopping center with multiple high-end retail, restaurant, and entertainment venues.
“San Antonio’s business-friendly climate, strong infrastructure and expanding job market make it one of the healthiest apartment markets in the nation,” says Will Balthrope, executive director. “Located along the city’s fastest-growing employment corridor, Loop 1604/Interstate 10, Aura at the Rim’s position at the area’s epicenter of expansion and growth draws a continuous supply of high-income potential renters to the property.”
Balthrope, Drew Kile, senior director and Jordan Featherston, associate, represented the seller, a Dallas-based developer and procured the buyer, a Chicago-based owner/operator.
Prominently located above The Rim shopping center, Aura at the Rim is visible to the more than 160,000 vehicles per day that travel along Interstate 10 and the 120,000 vehicles that drive on Loop 1604. Many of San Antonio’s largest and most prominent employers, including the South Texas Medical Center, USAA, the University of Texas at San Antonio, Valero Energy, NuStar Energy and Medtronic, are nearby.
“Northwest San Antonio has become the city’s largest service employment market and will continue to provide a steady stream of high-income residents, making Aura at the Rim a valuable long-term investment with a durable income stream,” comments Kile.
Constructed in 2016 on more than 11 acres, the four-story Aura at the Rim boasts stunning views and features top-of-the-market community amenities and unit features.