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.
VP DevelopmentandFinanceatOverlandGroup,Inc Michael Holman
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
SUMMARYexecutive
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.
HOLD
5 YEARS
$25,510,000 $19,130,000 $6,380,000
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
TWO-TIERED RETURN OPTIONS
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..
TWO-TIERED EQUITY structure
CLASS B RESERVE CLASS
$123,205,000 $67,200,000 $56,005,000
INVESTMENT returns
DEBT financing
LOAN PRINCIPAL $67,200,000
*Subjecttochangebeforeclosing
ADJUSTABLE
ANALYSISfinancial
LOW RISK POSITION
RECAPITALIZATION
RENEGOTIATIONS
35%
DEPRECIATION BONUS MINIMUMOF
WHY WE REALLY LOVE THIS DEAL
OFF MARKET ADVANTAGE:
We secured this deal off-market, at a major discount, allowing us to negotiate favorable terms and avoid the bidding war environment typical in Phoenix today.
HIGHER PREFERRED RETURN
16% IRR minimum is built into the structure, providing additional risk mitigation and investment confidence.
Our preferred equity position is secured well below construction cost, providing a strong margin of safety and favorable upside potential.
PATH TO PROGRESS & 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 long-term rent growth.
LOW ENTRY BASIS: 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.
This mix of modern apartments and townhomes offers the high-quality housing today’s renters demand. FLIGHT TO QUALITY
SAFETY IN THE CAPITAL STACK
Preferred equity position places investors ahead of common equity, reducing downside risk.
BIGGER TAX ADVANTAGES
Bonus depreciation reallocation creates larger upfront paper losses, lowering your tax bill immediately.
MORE CASH IN YOUR POCKETS
Reduced taxes mean stronger after-tax distributions and higher effective returns from day one.
INVESTOR-FIRST CONTROL
Viking holds full governance authority to protect investor interests at every stage.
GROUNDBREAKING
FIRST EQUITY RAISE July - September 2023
DEVELOPMENT timeline
(First delivery of units)
EQUITY RAISE July - September 2025
2022 2025
Final delivery of units CONSTRUCTION BEGINS
Q4 2025
Dec 2022 SELL
LEASE-UP TO STABILIZATION STABILIZATION December 2026 July 2025
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
RESORT STYLE &
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. Unit Mix
INDIVIDUAL UNIT amenities
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
McDowell Rd
AVONDALE
WINGWAM GOLFCLUB
HARKINSTHEATRES ESTRELLAFALLS
Avondale
AVONDALE COMMONS
MORERETAIL& RESTAURANTS
Goodyear
GOODYEARBALL PARK
PHOENIX/GOODYEAR AIRPORT
AVIDHOTEL
RETAIL&REHAB CENTERS
WESTGATE PEORIA,AZ
Glendale
PHOENIXCHILDREN’S EMERGENCYDEPT.
TALKINGSTICKRESORT AMPITHEATRE DESERTSKYMALL
GATEWAY CROSSING
AKOSMEDICAL CAMPUSPHASE2
Homes at River Run
Ironwood Homes at River Run
3.4Miles
DeConcini Park Civic Center Park 4.4Miles
2 MILLION RENOVATION $4.5 MILLION RENOVATION
Goodyear Ball
avondale
HOME
INCOME GROWTH
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
3,000 CONSTRUCTION & TECHNOLOGY JOBS MARKETCATALYST
$1.5 BILLION INVESTMENT
AVONDALETECHCAMPUS
66.5 ACRES OVER 5 BUILDINGS INCLUDE 1.3 MILLION SQUARE FEET OF SPACE
$5 MILLION 150 NEW JOBS
40,000+ CONSTRUCTION JOBS 10,000+ HIGH-PAYING TECH JOBS 28 MILLION SQUARE FEET
$65 billion project
+ 12,000 jobs
28 million square feet 8,960 residential units
THE BLVD in Avondale
2.3 MILLION VISITORS PER YEAR
RandallMcDaniel SportsComplex
4MILESFROM AVONDALECOMMONS
KoiPond,Splash Pad,&more Lodging,Cafe’s,& Breweries
GoldWinner
BEST USE OF FEDERAL RESOURCES
INTERNATIONALECONOMICDEVELOPMENTCOUNCIL(IEDC)
verWinner
DEVELOPMEN
key area for economic development
The heart of Avondale
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”
avondale
Hosts two NASCAR events each racing season.
$500 MILLION ECONOMIC IMPACT CONTRIBUTES WELL OVER IN AVONDALE, AZ
$3.1BILLION ANNUAL ECONOMIC IMPACT
OVER 25,500 JOBS
AVONDALE LOGISTICS CENTER
THE CUBES
“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.
300+JOBS
$675 MILLION INVESTMENT
$27 MILLION INVESTMENT NESTLÉ (GLENDALE)
COLDWATER DEPOT LOGISTICS CENTER
AVONDALE COMMONS
10.8 MILES FROM AVONDALE COMMONS
$100 MILLION
HOENIX ards & accolades
1
rbor Airport named
t Airport In the US
1
#1 City for Manufactoring
Job Growth In the US #
5
BOOMING growth
8,000,000
7,000,000
6,000,000
5,000,000 4,000,000 3,000,000 2,000,000 1,000,000
PHOENIX POPULATION HAS GROWN FOUR TIMES THE NATIONAL AVERAGE.
2023 POPULATION
4,717,000
2040 Population Estimate
8,700,000
PHOENIX TOPEMPLOYERS
PS ACT IS CREATING JOBS IN SMALL, MES UNDERDEVELOPED SUBMARKETS
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
$4.7 BILLION ANNUAL ECONOMIC IMPACT
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)
MIC IMPACT
NTEL EMPLOYEES
WO CAMPUSES
THE SILICON DESERT
ARIZONA
TO PRODUCE THE MOST ADVANCED LEADINGEDGE SEMICONDUCTORS IN THE U.S.
2 BILLION OMIC IMPACT
CT TAX REVENUES
000 JOBS TO PHOENIX
PLUS $195.1M IN INDIRECT TAX REVENUES
AMKOR HAS COMMITTED TO DEVELOP THE LARGEST OUTSOURCED SEMICONDUCTOR PACKAGING AND TEST FACILITY IN THE UNITED STATES
ILLION TI-PHASE STMENT
PROJECT CRYSTAL LAND
11MILESFROM AVONDALECOMMONS
COMING SPRING 2026
CORPORATE AND TECH EMPLOYEES & GOING A 63,000-SQUARE-FOOT EXPANSION
n
$44.3 BILLION ECONOMIC IMPACT
$130,000 32,000 1,200+
PASSENGERS PER DAY EMPLOYEES FLIGHTS EACH DAY
$24.2 BILLION ECONOMIC IMPACT + 347,500 JOBS
$13 MILLION PROJECTED ECONOMIC IMPACT
ARIZONA’S FIRST FULLY THEMED INDOOR/OUTDOOR AMUSEMENT PARK
$500 MILLION
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 $100
MILLION ECONOMIC IMPACT BY 2030
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
$32 MILLION ANNUAL ECONOMIC IMPACT
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.
$11 MILLION ECONOMIC IMPACT
ISITOR SPENDING RTED MORE THAN 0 REGIONAL JOBS.
ENT $77 MILLION PER DAY ACROSS , SAYS ECONOMIC IMPACT REPORT
$28.1 BILLION
DIRECT VISITOR SPENDING IN 2022
LAKE PLEASANT
WATER DELIVERIES HAVE CONTRIBUTED $2 TRILLION IN ECONOMIC BENEFITS TO ARIZONA'S GROSS STATE PRODUCT (GSP) SINCE 2017
$7.1BILLION ECONOMIC IMPACT
$4.5BILLION $1.8BILLION
GDP HOUSEHOLD INCOME TAX REVENUE
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.
PORTFOLIO&PERFORMANCE
VIKING CAPITAL
CYCLESOFEXPERIENCE
PHEONIX, AZ
TX
AUSTIN, TX
TN
Vikram
Charitee Boyd
6,290 1,024,200,000
EXITSANDPERFORMACE
AVONDALE COMMONS
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