San Antonio Alternative Housing Corporation has sold the Runnymede Apartments in Austin to Nuveen Global Investments, according to a press release from Muskin Elam Group, which represented the seller. Deed records confirm that New York-based Nuveen is the new owner of the 252-unit property located at 1101 Rutland Drive.
The transaction took place in December. The financial terms were not disclosed, but local appraisal district records value the complex at $26.4 million, or about $104,642 per unit.
San Antonio Alternative Housing Corporation originally acquired Runnymede Apartments in 2007 and worked with the Austin Housing Finance Corporation to issue $10.8 million in bonds for renovations. The tax credits received for keeping rents affordable have now been transferred to Nuveen as part of the sale.
Texas’ housing finance corporation program has recently faced scrutiny over its “traveling” affordable housing tax credits. Some multifamily landlords partnered with affordable housing entities outside their property’s municipality to remove properties from local tax rolls, prompting lawmakers to act.
In response, Texas passed House Bill 21 during summer 2025 to address these practices by tightening requirements for affordable housing projects receiving such tax benefits. However, developers and advocates argue that HB 21 imposes overly strict affordability requirements on future projects.
A lawsuit was filed against HB 21 in September in Cameron County by an investor who had used the criticized loophole. This legal action has divided those involved in Texas’ affordable housing sector, with some critics of HB 21 distancing themselves from the lawsuit due to its origins.
Since HB 21’s passage, some appraisal districts have started denying property tax breaks for entities previously using the loophole, even though the law allows several years for compliance with new rules.
