Viking Capital has recently acquired Villas at Sundance, a 252-unit rental community in New Braunfels, Texas for $37.5 million. The property is conveniently located near San Antonio and was sold by NMS Property Services.
According to Commercial Edge reports, Black Oak Capital provided a $24.2 million acquisition loan for this value-add asset with a fixed interest rate of 5.70 percent and an amortizing period of 30 years. The loan also includes interest-only payments for the first two years.
To improve the exterior of the property, Viking Capital has allocated $2.3 million towards upgrades with each unit receiving an additional $5,000 in capital expenditures.
Built in 2012 on nearly 12 acres of land, Villas at Sundance consists of nine buildings offering one- and two-bedroom units ranging from 675 to1 ,162 square feet each . Residents can enjoy various amenities such as a swimming pool , gym , pond , clubhouse featuring business center lounge area storage space .
The location at2056 Sundance Parkway puts residents just two miles away from Town Center at Creekside -a popular shopping destination spanning over550 ,000 square feet . This prime location adds even more value to the already attractive investment opportunity offered by Viking Capital’s latest acquisition.
