TR3 Capital Buys 294-Unit Villas Del Sol in North Austin

TR3 Capital has acquired Villas Del Sol, a 294-unit apartment community at 1711 Rutland Drive in North Austin's 78758 zip code. The deal closed October 9, 2026, through TR3 Capital Fund V and marks the firm's largest acquisition to date, as well as its entry into the Austin market after 16 years.

The two-story Class B value-add property was built in 1982 and 1983 and totals roughly 233,258 square feet. Units range from 400 to 1,255 square feet. Amenities include a pool, clubhouse, laundry facilities, a barbecue area, and pet-friendly policies.

LV5 Capital reported the purchase price at $26 million, though other sources cite $34 million. Forrest Bass represented the seller. The property was previously owned by Austin Capital Advisors, which acquired it in November 2015, and Rap Villas Del Sol, LLC. LV5 Capital co-invested with a $1 million allocation, fully subscribed.

TR3's business plan targets 7 to 8 percent cash-on-cash returns, a 2.1X or higher equity multiple, and an IRR above 23 percent. The value-add strategy centers on unit renovations and operational improvements. TR3's partners are Robert McLeod, Matthew Teifke, and Alex Coffman.