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Runnymede 1101 Rutland Dr 252 Unit Apartment Building For Sale Austin, TX 78758
INVESTMENT HIGHLIGHTS
- Historical Occupancy around 99% with a Waitlist
- Rare LIHTC Deal providing affordability in North Austin
- Low Basis and Attractive Yield investment opportunity
- 15+ years Continuous Ownership (good candidate to continue CHDO program)
- New Roof (~$1M) in 2024, consistent capital improvements, and meticulously maintained
- Long-term Tenants & Staff providing a genuine sense of community
EXECUTIVE SUMMARY
Runnymede Apartments (252 units) offers a prime investment opportunity in North Austin, one of the city’s most dynamic and rapidly growing areas, and is located only 8.6± miles north of downtown. The property is meticulously maintained with its 252 units spread across twenty-four (24) two-story walk-up buildings, and offers an attractive mix of amenities including one large swimming pool, playground, 5 laundry rooms and BBQ areas. The community includes a dedicated leasing office, ensuring convenience for both residents and management. Originally built in 1972 and occupying ~14.5 acres, Runnymede offers four floorplans, including 1B/1Ba (600± SF), 2B/1Ba (767± SF), 2B/1.5Ba (775± SF), and 3B/2Ba (956± SF), with 108 of those units including patios or balconies. The affordable rent covers all utilities, ensuring one simple monthly payment.
Pride of ownership is evident with the pristine landscaping and well kept grounds, which is complemented by newly replaced pitched roofs as of 2024. Each unit is equipped with individual HVAC systems, while 5 centralized boilers are located in the laundry facilities. The property uses copper wiring and PVC plumbing to minimize maintenance concerns. Additionally, the parking lot was resurfaced and restriped in 2024, with an impressive 513 spaces (more than 2 spaces per unit).
Pride of ownership is evident with the pristine landscaping and well kept grounds, which is complemented by newly replaced pitched roofs as of 2024. Each unit is equipped with individual HVAC systems, while 5 centralized boilers are located in the laundry facilities. The property uses copper wiring and PVC plumbing to minimize maintenance concerns. Additionally, the parking lot was resurfaced and restriped in 2024, with an impressive 513 spaces (more than 2 spaces per unit).
PROPERTY FACTS Under Contract
| Sale Type | Investment | Lot Size | 14.51 AC |
| No. Units | 252 | Building Size | 208,919 SF |
| Property Type | Multifamily | Average Occupancy | 92% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built | 1972 |
| Building Class | C | Parking Ratio | 2.46/1,000 SF |
| Zoning | MF2 | ||
| Sale Type | Investment |
| No. Units | 252 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 14.51 AC |
| Building Size | 208,919 SF |
| Average Occupancy | 92% |
| No. Stories | 2 |
| Year Built | 1972 |
| Parking Ratio | 2.46/1,000 SF |
| Zoning | MF2 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Dishwasher
- Disposal
- Microwave
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
- Property Manager on Site
- Smoke Free
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 108 | - | 600 |
| 2+1 | 50 | - | 767 |
| 2+1.5 | 34 | - | 775 |
| 3+2 | 60 | - | 956 |
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PROPERTY TAXES
| Parcel Number | 247380 | Improvements Assessment | $23,841,776 |
| Land Assessment | $2,528,224 | Total Assessment | $26,370,000 |
PROPERTY TAXES
Parcel Number
247380
Land Assessment
$2,528,224
Improvements Assessment
$23,841,776
Total Assessment
$26,370,000
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Runnymede | 1101 Rutland Dr
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