Avondale Commons by Viking Capital Investments

COO / Fou

Ravi Gupta CEO / Founder

Vikram Raya

Executive Summary

Financial Analysis

Property Description

Location Overview

Portfolio & Performance

EXPERIENCED DEVELOPMENT PARTNER

Overland specializes in developing multifamily, mixed-use, hospitality, and storage projects, with $750 million track record in total developments, and has earned multiple awards for their design and development capabilities.

Michael Holman

VP DevelopmentandFinanceatOverlandGroup,Inc

Runs development and finance at Overland Group

Overseeing current $400M development pipeline

Arranged over $250M worth of financing

Certified Public Accountant

DEVELOPMENT TRACK RECORD

7,144

UNITS DEVELOPED

DEVELOPMENT PROPERTIES 26

$1+ BILLION

ASSETS UNDER CONSTRUCTION/DEVELOPMENT

VIKING’S IN-HOUSE DEVELOPER

Ed Monarchick joined Viking Capital in 2023, after a deacade as managing partner at Mesa Capital Partners and EJM Development . Ed brought to Viking his more than 30 years of experience in all phases of multifamily real estate operations, including new development, asset management, acquisitions, investment development, syndication, and dispositions. Ed’s background includes firms such as TriBridge Residential, Lane Company, Equity Residential Properties Trust, Inc., Morgan Stanley & Company, ZOM, Inc., and Merry Land & Investment Company.

Edward Monarchik

Director of Asset Management

INVESTMENT summary

Viking Capital presents Avondale Commons, a 324-unit, newly constructed multifamily and townhome community located in Avondale, Arizona—an emerging submarket within the thriving Phoenix MSA and a key node in the explosive West Valley growth corridor.

Strategically positioned in the path of progress, Avondale is experiencing rapid population and employment expansion, fueled by major corporate investments from Intel, TSMC, leading AI and semiconductor firms, and nationally ranked healthcare institutions. This powerful convergence of innovation, infrastructure, and positive net migration is driving exceptional demand for high-quality housing.

And while this began as a ground-up development, it’s important to note that Avondale Commons is already built and preparing for lease-up, greatly reducing the risk typically associated with new construction. With stabilized costs, completed construction, and immediate revenue potential, this is no longer a speculative project —it’s a nearly turnkey opportunity.

Surrounded by vibrant new development and economic momentum, Avondale Commons is designed to meet the lifestyle expectations of an affluent and growing renter base with modern design, premium finishes, and resort-style amenities. This asset benefits from a strong rent-to-own delta, favorable demographic trends, and a robust job market, all contributing to sustained rental demand and long-term appreciation. Structured with conservative financing and a phased lease-up strategy, Avondale Commons offers investors a rare chance to capitalize on Phoenix’s next wave of growth while locking in value in one of the nation’s most resilient and opportunityrich metros.

TOTAL UNITS

HOLD PERIOD

5 YEARS

$25,510,000 $19,130,000 $6,380,000 OFFERING summary

935 337,159

324 UNITS 2025 YEAR BUILT AVG UNIT SF RENTABLE SF

CONSTRUCTION:

STORY + TOWNHOMES 4

606 PARKING: STRUCTURED PARKING SPACES

plan BUSINESS

Lease-Up: Drive occupancy through targeted marketing and leasing.

Operations: Finalize staffing, vendors, and management systems.

Rent Strategy: Optimize pricing for absorption and revenue.

Retention: Focus on service and community to boost renewals.

INVESTMENT highlights

Asset Financial Stabilization

Pickleball Court

Theatre

Fitness Room

Heated Pool

Washers & Dryers in units

Electric Car Charge Stations

Walking Paths

Bocce Ball Court

Cabanas for Poolside

Controlled Access Gates

Modern, Upgraded Fixtures

Walking distance to mixed

use shops

Positioned for attractive risk-adjusted returns driven by Phoenix’s booming West Valley expansion and long-term rental demand.

Strategic lease-up and operational ramp-up deliver exponential income potential—fueling asset value and investor distributions - expecting an 815% NOI growth by year 4.

First 24 months focused on lease-up and NOI growth.

Cash flow stabilizes as occupancy and rents increase.

Distributions are expected to begin in year one.

Stabilization drives longterm asset value.

Economies of Scale

Viking Capital owns another development in the area, providing economies of scale for management.

Optionality to exit as a portfolio with other Viking PHX properties increasing liquidity, and appealing to institutional buyers.

TWO-TIERED RETURN OPTIONS

A two-tiered return structure gives investors options when placing their equity. Investors have the ability to invest in either tier of equity

Class B or Reserve Class..

$123,205,000 $67,200,000 $56,005,000

INVESTMENT returns

Annual Distribution Equity Split (70/30) Total Expected Return Including Return of Principal Annual Percent Return Annual Distribution Equity Split (80/20) Total Expected Return Including Return of Principal

RESERVECLASS

DEBT financing

LOAN PRINCIPAL $67,200,000

*Subjecttochangebeforeclosing

ADJUSTABLE

WHY WE LOVE THIS DEAL

OFF MARKET ADVANTAGE:

We secured this deal off-market, allowing us to negotiate favorable terms and avoid the bidding war environment typical in Phoenix today.

LOW ENTRY BASIS:

Our preferred equity position is secured well below construction cost, providing a strong margin of safety and favorable upside potential—especially in today’s elevated replacement cost environment.

PATH TO PROGRESS AND CLOSE TO STRONG ECONOMIC DRIVERS:

Avondale is experiencing explosive growth, driven by major employers like Intel, AI tech firms, and healthcare giants migrating to the West Valley.

HIGH DEMAND, LIMITED SUPPLY

Strong renter demand paired with a low pipeline of new deliveries supports longterm rent growth.

ECONOMIES OF SCALE:

With another new build underway in Peoria, we’re unlocking economies of scale across operations, allowing us to streamline costs, share resources, and enhance overall returns for both projects.

FLIGHT TO QUALITY

This mix of modern apartments and townhomes offers the high-quality housing today’s renters demand—positioning the asset to outperform in a volatile market and thriving submarket.

DEVELOPMENT timeline

GROUNDBREAKING

July - September 2023

2022 2025

CONSTRUCTION BEGINS

(First delivery of units)

July 2025

EQUITY RAISE

July - September 2025

Final delivery of units

Q4 2025

Dec 2022 SELL FIRST EQUITY RAISE

LEASE-UP TO STABILIZATION STABILIZATION

December 2026

COMMUNITYamenities

Private structured parking

EV Charging Stations

Bocce Ball / Pickleball Court

Community walking trails

Playground

Pool cabanas

Heated year round pool

Outdoor kitchen

Fitness center w/ interactive equipment

Clubhouse

Billiards room

Theatre Room

Controlled Access Gates & Entry

MILLENIAL RENTER MODERNAMENETIESFORprofile

In Unit Washer & Dryer

Large Bedrooms

Granite Countertops

Open Floor Concept

Private Balcony

Modern Appliances

RENTERS submarket

3BR2.5BA

16Units5%

3BR2BA

16Units5%

2BR2.5BA

16Units5%

1BR1BA

176Units55%

2BR2BA

100Units30%

With a mix of spacious townhomes and smaller units, Avondale Commons is thoughtfully designed to meet the needs of both growing families and young professionals seeking modern, rightsized living.

INDIVIDUAL UNIT

Spacious Floor Plans

Modern GE Appliances

Granite Countertops

Walk-in Closets

Full Size Washers and Dryers

Smart Locks and Thermostats

Private Balconies

Pool & Outdoor Area

Mixed Use Buildings

Luxury Apartments

AVONDALE COMMONS MIXED USE plans

WINGWAM GOLFCLUB

HARKINSTHEATRES ESTRELLAFALLS

Goodyear

GOODYEARBALL PARK

PHOENIX/GOODYEAR AIRPORT

WESTGATE

Avondale

Glendale

AVONDALE COMMONS

MORERETAIL& RESTAURANTS

AVIDHOTEL

RETAIL&REHAB CENTERS

TALKINGSTICKRESORT AMPITHEATRE DESERTSKYMALL

PHOENIXCHILDREN’S EMERGENCYDEPT.

GATEWAY CROSSING

AKOSMEDICAL CAMPUSPHASE2

PEORIA,AZ

Homes at River Run

Christopher Todd

Livano Avondale

Village at the BLVD

Ironwood

Radia

Avery Meritum

Prose

4.4Miles

3.4Miles

AVONDALE

AVERAGE HOUSEHOLD $102,820

POPULATION

FAMILY HOUSEHOLDS

MEDIAN AGE 32.1 INCOME ANNUAL VISITORS 1.8 M

235,099 ALONG INTERSTATE 10 3.3% 97,574 775

DAILY TRAFFIC COUNT

POPULATION UNDER 47% RATE 30 YEARS OLD

UNEMPLOYMENT

hub

VANTAGE DATA CENTER

66.5 ACRES OVER 5 BUILDINGS

INCLUDE 1.3 MILLION SQUARE FEET OF SPACE

HALO VISTA

NEWLY RENOVATED MOUNTAIN VIEW COMMUNITY CENTER IS A VIBRANT HUB FOR RECREATIONAL PROGRAMMING AND COMMUNITY ACTIVITIES. MOUNTAIN VIEW PARK IN AVONDALE REOPENS WITH MODERN UPGRADES FOLLOWING $1M RENOVATION

$1.57 MILLION GRANT TO REVITALIZE OLD TOWN

Renovated Mountain View Community Center

Avondale Old Town “Western Avenue”

MORE THAN 180,000 SF Modern amenities such as an on-site gym, yoga studio, top-floor deck, Press Coffee café, culinary kitchens, tasting rooms, garden for chefdriven meals and community events

PHOENIX RACEWAY

Hosts two NASCAR events each racing season.

avondale

CONTRIBUTES WELL OVER

OVER 25,500

JOBS

BANNER – UNIVERSITY

MEDICAL CENTER PHOENIX VALLEYWISE HEALTH

MEDICAL CENTER

PHOENIX CHILDREN’S HOSPITAL

BARROW NEUROLOGICAL INSTITUTE

developments developments

“THE

CUBES” AT GLENDALE IS HOME TO WILLIAMS SONOMA, U.S. MERCHANTS AND IS SURROUNDED BY RED BULL, WHITE CLAW, BALL CORP., AMAZON, WALMART AND FEDEX.

10.8 MILES FROM AVONDALE COMMONS

9,000,000

8,000,000

7,000,000

6,000,000

5,000,000 4,000,000 3,000,000 2,000,000 1,000,000

2023 POPULATION

4,717,000 1.14% 1-YEAR GROWTH

2040 Population Estimate

8,700,000

PS ACT IS CREATING JOBS IN SMALL, MES UNDERDEVELOPED SUBMARKETS

PHOENIX,

MAYO CLINIC AZ

ARIZONA’S MAYO CLINIC RATED THE NO. 1 HOSPITAL IN ARIZONA FOR THE 12TH CONSECUTIVE YEAR.

Mayo Clinic generates $28 billion within the overall national economy.

More than 13,000 jobs in Arizona

Mayo Clinic is regularly recognized among the very best in the nation in the following specialties:

CANCER

CARDIOLOGY AND HEART SURGERY

DIABETES AND ENDOCRINOLOGY

GASTROENTEROLOGY AND

GASTROINTESTINAL SURGERY

GERIATRICS

GYNECOLOGY

NEUROLOGY AND NEUROSURGERY

ORTHOPEDICS

ARIZONA HIGHER education

Arizona State University ranks 9th globally in the Times Higher Education Impact Rankings 2024. ASU excels in sustainable development goals, leading in multiple areas such as sustainable cities and communities, and life on land.

The University of Arizona is known for its strong research output and quality of education, placing it in the top 10% of universities globally.

INTEL IS BUILDING TWO MORE PLANTS IN TANDEM FOR A $20-BILLION PROJECT FAB 52 AND FAB 62

SEMICONDUCTOR MANUFACTURING PLANT: (FAB - semiconductor fabrication plant)

THE SILICON DESERT

ARIZONA

TO PRODUCE THE MOST ADVANCED LEADINGEDGE SEMICONDUCTORS IN THE U.S.

000 JOBS TO PHOENIX

AMKOR HAS COMMITTED TO DEVELOP THE LARGEST OUTSOURCED SEMICONDUCTOR PACKAGING AND TEST FACILITY IN THE UNITED STATES

PROJECT CRYSTAL LAND

COMING

CORPORATE AND TECH EMPLOYEES & GOING A 63,000-SQUARE-FOOT EXPANSION

$130,000 32,000 1,200+

PASSENGERS PER DAY EMPLOYEES FLIGHTS EACH DAY

$24.2 BILLION + 347,500 JOBS

ARIZONA’S FIRST FULLY THEMED INDOOR/OUTDOOR AMUSEMENT PARK

OPENING IN 2025

THEWM PHOENIX OPEN IS THE MOST-ATTENDED EVENT ON THE PGA TOUR, AVERAGING MORE THAN 700,000 SPECTATORS EACH YEAR.

NEW REGIONAL RAIL-SERVED FACILITY IN PHOENIX, ARIZONA

BILLION DOLLAR INVESTMENT

LUCID MOTORS

6,000 DIRECT JOBS WITH AN ECONOMIC IMPACT OF MORE THAN $100 MILLION BY 2030.

Vai Resort

$1B VAI Resort is Arizona’s largest and boldest hotel, entertainment, and culinary destination

BENTLEY SCOTTSDALE POLO CHAMPIONSHIPS

OVER 12,000 ATTENDEES

best polo event in the world,” the Bentley

o Championships features exciting polo y fashion, and exotic car displays.

LAKE PLEASANT

WATER DELIVERIES HAVE CONTRIBUTED $2 TRILLION IN ECONOMIC BENEFITS TO ARIZONA'S GROSS STATE PRODUCT (GSP) SINCE 2017

PHOENIX,AZ

CASH FLOW DIVERSIFICATION APPRECIATION TAX ADVANTAGES EQUITY

Viking Capital was founded in 2015 and has become a premier multifamily investment firm with agile investment sourcing, structuring, execution, and asset management capabilities and the flexibility to scale and cater to investor preferences. Through its team of acquisitions, asset management, and disposition experts, Viking Capital invests in tier one, secondary, and tertiary markets across the United States.