Viking Capital Buys San Antonio-Area Asset for $38M

Black Oak Capital provided a $24.2 million acquisition loan.

Property at 2056 Sundance Parkway, New Braunfels, Texas
Villas at Sundance features a concrete foundation with stucco siding. Image courtesy of Viking Capital

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 previously owned the property, according to Yardi Matrix data.

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, bearing an amortizing period of 30 years with interest-only payments for 24 months.

The company earmarked $2.3 million for exterior upgrades, including refurbishments to the private yards, sidewalks, landscaping and parking lot, as well as pedestrian gates and HVAC systems. Moreover, light improvements to apartment interiors are also planned, with $5,000 in capital expenditures assigned for each unit.


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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. Apartments feature open-floor plans, granite countertops and 9-foot ceilings, among others.

Community amenities include a swimming pool, gym and pond, as well as a clubhouse featuring a business center, lounge area and storage space, to name a few.

Located at 2056 Sundance Parkway, the community is less than 5 miles from Interstate 35, while downtown San Antonio and Austin are some 36 and 46 miles away, respectively. The property is also roughly 2 miles away from Town Center at Creekside—a 550,000-square-foot shopping center.

New Braunfels’ population boom

In the decade ending in 2020, New Braunfels recorded a population growth of 36.1 percent, according to the U.S. Census Bureau. The trend continued throughout the early 2020s, with another spike of 22.7 percent occurring between 2020 and 2023.

From 2020 to 2023, north of 2,700 units changed hands in New Braunfels with 72 percent being in the upper mid-range and discretionary category, Yardi Matrix data reveals. The figures registered in this emerging housing market accounted for 4.2 percent of all transactions in metro San Antonio, which clocked in at more than 65,300 units during the same period.

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