Viking Capital has acquired Villas at Sundance, a 252-unit community in New Braunfels, Texas, near San Antonio, for $37.5 million. NMS Property Services was the seller.

Commercial Edge reports Black Oak Capital provided a $24.2 million acquisition loan for the value-add 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 earmarked $2.3 million for exterior upgrades. Each unit is assigned $5,000 in capital expenditures.

Built in 2012, Villas at Sundance comprises nine buildings across nearly 12 acres. Floorplans encompass one- and two-bedroom units ranging from 675 to 1,162 square feet. Community amenities include a swimming pool, gym and pond, as well as a clubhouse featuring a business center, lounge area and storage space.

Located at 2056 Sundance Parkway, the property is roughly two miles from Town Center at Creekside, a 550,000-square-foot shopping center.