San Antonio Housing Buys 252-Unit Value-Add

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AUSTIN-The San Antonio Alternative Housing Corp. has beat out more than 10 offers to lay claim to the 252-unit Runnymede Apartments. The buyer has paid Univesco nearly $8 million for the class C complex and plans to invest $21,000 per door into upgrades.

Tom Burns, associate partner in Dallas for Phoenix-based Hendricks & Partners, says the Plano, TX-based Univesco had owned the 35-year-old complex at 1101 Rutland Dr. at least 10 years. “The owner knew the property needed capital and they didn’t want to recapitalize it,” says Burns, who represented the seller along with associate partner Jay Gunn in Hendricks & Partners’ Dallas office and partner Ellen Muskin in Austin.