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Viking Picks Up New Braunfels Value-Add Project for $37.5M
NMS Property Services has sold a San Antonio rental community to Viking Capital. Viking paid $37.5 million on the Villas at Sundance, a 252-unit value-add community in New Braunfels located at 2056 Sundance Parkway.
Commercial Edge reports Black Oak Capital provided a $24.2 million acquisition loan for the asset. The note carries a fixed 5.70 percent interest rate and has an amortizing period of 30 years, with interest-only payments for 24 months.
The company has set aside $2.3 million for exterior upgrades, including upgrades to the private yards, sidewalks, landscaping, parking lot, and HVAC systems. The company also plans to average $5,000 per unit for various renovations.
Built in 2012, Villas at Sundance comprises nine buildings across nearly 12 acres. Community amenities include a swimming pool, gym and pond, as well as a clubhouse featuring a business center, lounge area and storage space.
