To use the framework with Visual Studio 2012 or later install the developer type version.
The runtime type version is a lighter version, meant to run applications on servers. This runtime version doesn’t have the information/extensions that Visual Studio needs, so Visual Studio can’t use them.
Check why at was-the-developer-pack-originally-called-sdk
Update(2018-01-08)
Currently, the download page is .NET SDKs for Visual Studio.
First column has the Developer Pack versions, for Visual Studios, the middle column as the Runtime versions to install on production servers.