San Antonio Alternative Housing Corporation has sold the Runnymede Apartments in Austin to Nuveen Global Investments, according to deed records and a statement from Muskin Elam Group, which represented the seller. The transaction took place in December.
The Runnymede Apartments, located at 1101 Rutland Drive, is a 252-unit complex built in 1972. The sale price was not disclosed, but local appraisal records value the property at $26.4 million, or about $104,642 per unit.
After acquiring the property in 2007, San Antonio Alternative Housing Corporation worked with the Austin Housing Finance Corporation to issue $10.8 million in bonds for renovations. In exchange for keeping rents affordable, the owner received tax credits that have now been transferred to Nuveen.
Texas housing finance corporations have recently faced criticism over their use of “traveling” affordable housing tax credits. Some landlords partnered with entities outside their local areas to remove properties from local tax rolls. This led lawmakers to pass House Bill 21 in summer 2025 to tighten regulations on these practices.
The new law has sparked disagreement among developers and advocates, who argue that it imposes excessive affordability requirements. A lawsuit challenging HB 21 was filed by an investor who had used the criticized loophole; this legal action remains pending in Cameron County.
Some appraisal districts are interpreting HB 21 as grounds to deny property tax breaks for those who previously benefited from the loophole, even though the law provides several years for compliance with new rules.
“Monthly distress updates involving multifamily landlords that used ‘traveling’ affordable housing tax credits seem to paint a picture of broad misuse of the credits,” according to information provided by Muskin Elam Group.
“But this Austin apartment trade is a reminder that not everyone was using Texas’ housing finance corporation program for its loophole,” stated Muskin Elam Group.
