SAN ANTONIO, TX - Kairoi Residential was selected by Passco Companies, LLC to manage Tribute at the Rim in San Antonio, Texas. The 380-unit luxury community was developed and built by Kairoi and reached stabilized occupancy earlier this year and well ahead of budget. When Passco acquired the asset, they asked Kairoi to continue to manage Tribute.
"Kairoi builds a beautiful product and nailed the market with Tribute," according to Shelli Cusack, Vice President Multifamily Investment & Analytics with Passco. "The location and walkability are a real advantage, but the property has outperformed other lease-ups in the same area. It shows the mark Tribute has made in the market."
The community is located in a shopping, dining and retail center known as The Rim. Amenities tie into the area's upscale offerings with an infinity pool, 24-hour health club facility, fourth-floor sky lounge, community backyard with hammocks and grills and top-end interior finishes.
Passco owns almost 14k multifamily apartments and wasn't looking to partner with another 3rd party management company, but that changed when visiting Tribute. "As soon as I walked in, there was so much energy in the office we just went 'wow'. The team was so impressive, that when I left I thought this would be a great investment if we keep Kairoi. They made the community successful and I was concerned that if we switched management and changed the dynamic, we'd take a big hit from a performance standpoint," said Cusack.
"We just began offering 3rd Party management this year," said Kari Warren, Executive Vice President of Property Management for Kairoi. "We had a winning formula and found that we were a good fit with forward-thinking companies such as Passco. They see the value in our approach of not managing assets at scale, but rather acting as a steward for each community on an individual basis. We've found we can get better returns for unique, high-end communities with our approach."
And the formula is working. "Working with Kairoi is turning out to be a great fit. They are always looking forward instead of the rearview mirror. You don't see that often," said Cusack.