Aldon Closes on Infinity at the Rim in San Antonio for $73 Million
Luxury, resort-style, multifamily community is first Texas investment for company.
Bethesda, MD (July 21, 2021) —Aldon, a premier owner, manager and developer of multifamily assets based just outside Washington, D.C., closed on the purchase of Infinity at the Rim, a luxury, resort-style apartment community in Northwest San Antonio, Texas; one of the City’s premier entertainment and employment destinations and home to The Rim, the largest outdoor retail center in the state of Texas.
Completed in 2018 and located in a highly desirable, live-work-play environment, offers 310 artfully designed apartment homes with stunning hilltop views at 18130 Talavera Ridge. “We are fortunate to enter this market with such a remarkable, stabilized asset,” said Todd Bowen, chief executive officer of Aldon. “The proximity to a strong employment center, high-quality retail and entertainment, coupled with an unmatched lifestyle, make this an ideal acquisition for our company.”
Infinity at the Rim offers one, two and three-bedroom floorplans with impressive features such as modern kitchens with quartz countertops and stainless-steel appliances, wood floors, custom closets, beautifully crafted barn doors, sleek ceiling fans and full-size washer and dryers. Entertainment technology packages include built-in speakers with USB wall ports, as well as smart home features like Leviton smart outlets and Nest thermostats. Resident amenities include a resort-style infinity pool, roof-top terrace, outdoor amphitheater, and an outdoor lounge with hammocks, fitness equipment and cooking areas with grills and a pizza oven. Resident pets can enjoy an open-air covered play space and a luxe spa with tiled wash areas for pups of any size.
Located less than 15 miles from downtown, Northwest San Antonio is home to the city’s largest and most prominent employers such as Harland Clarke, Clear Channel and USAA, and just a few miles from the South Texas Medical Center, which consists of more than 75 medically related institutions, 12 major hospitals and employs more than 56,000 people.
The Rim is positioned in the center of some of the most affluent neighborhoods in San Antonio with average household incomes of more than $196,000 with projected income growth of nearly 13%. With a median age of 30 and average home prices topping more than $642,000, this area is attractive to millennials electing to rent and delay homeownership.
“The attraction of The Rim and a market that continues to benefit from people migrating from larger cities makes this an attractive market for future investment, we look forward to continuing to identify opportunities in this incredible market,” Bowen said.
After more than 70 years in the Washington, DC market, Aldon kicked off a strategy to expand the geographic footprint to new markets. Just last week, the company announced the purchase of two multifamily assets in Raleigh, North Carolina and Greenville, South Carolina for a combined investment of $147.2 million. Aldon will continue to explore opportunities in strong economic markets in the mid-Atlantic, the southeast and Texas.
About Aldon
Aldon has been creating better places to call home since 1947. Based just outside of Washington, DC in Bethesda, Maryland, Aldon develops, owns, and manages properties from the mid-Atlantic, to the southeast and Texas. Grounded in a firm commitment to exceptional service, Aldon seizes every opportunity to evolve the concept of modern apartment living while enriching the lives of every resident and bringing value to the surrounding community.
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