I have that Aloe ,Elvie. And it does turn color when you keep it on the dry side...it can get a very colorful reddish-pink.
If you Google that Aloe,the very first photo looks to be like yours in color...greenish orange.
The bottom leaf on yours just could be old.

Stan, it doesn't look attractive, the way the dry red ones look. . Here is another picture, I'll try and get a better close up tomorrow.

They do get a form of Rust specific to Aloes, also I think a form of Anthracnose specific to Aloes, in any case a fungal disease. I think that's what the spots are. Sun and heat stress to develop orange/red foliage is a uniform color, not spots. Fungal disease means too moist.

Is the Aloe receiving regular water on the foliage? Stop doing that, if it is. Water such that the foliage stays dry.

Your options are: a drier, sunnier situation, so the Rust does not have the moisture to thrive, or try spraying with a systemic fungicide every so often (not the greatest solution). My vanbalenii occasionally gets a few spots in a rainy winter, but it clears up when the rain stops.

I had a terribly spotted A. marlothii for a while, but that has completely cleared up because it went into a very dry, sunny location. Same with a gariepensis, which I bought despite it being very spotted. Heat and drought cleared up the spots. It can take a couple of years.

Yeah but IF it is a fungal problem...I wouldn't dose it with chemicals. These plants thrive on stress it seems..and leafs react in various ways. If you think its being watered too much-- and the perfect look of the surrounding plants might point to that- just ease off the watering,or don't use a spray of water on it.
Its cosmetic damage,not killing the plant.
With Aloe's real damage is seen in deformed by mites foliage or cold caused problems.
Just let yours go drier between waterings.

Thanks hoovb and Stan.

I was hand watering the Oscularia in late spring to get it established from cuttings and only watered that bed several times all summer, always avoiding the aloe and agave, but I am pretty random with the hose, so maybe it was more than I realized.

It is adjacent to a wet spot in my yard from the french drain's winter drainage as well, Although it is a raised bed, maybe thats the culprit, I guess I should move it.