Viking Wealth Fund I

Confidential Investment Summary

The following information is an investment summary provided to prospective investors. This information is not a formal offering to sell either a security or a solicitation to sell a security. At the request of a recipient, the Company will provide a private placement memorandum, subscription agreement and the Limited Liability Company Operating Agreement. The Managing Member in no way guarantees the projections contained herein. Real estate values, income, expenses and development costs are all affected by a multitude of forces outside the Managing Member’s control.

This investment is illiquid and only those persons that are able and prudence in your decision is strongly suggested. Please consult your attorney, CPA and/or professional financial advisor regarding the suitability of an investment by you.

Dr. Vikram Raya

Dr. Ravi Gupta

CEO/Founder

COO/Founder

vraya@vikingcapllc.com

rgupta@vikingcapllc.com

THE VIKING CAPITAL TEAM

VIKRAM RAYA

RAVI GUPTA

JUDAH FULD

MATT KLEJKA

AMANDA LOVELESS

CHRIS PARRINELLO

CEO, Co-Founder

COO, Co-Founder

Director of Acquisitions

Director of Asset Management

Director of Operations

Director of Investor Relations

COLM MCEVILY

AMIR NASSAR

Investor Relations Manager

Investor Services Manager

NATHAN LOY Senior Acquisitions Analyst

Money is made by solving problems. Residential housing in the affordable and desirable class is a long term problem for next 100 years. It is not goingaway. We buy the RIGHT ASSETS in RIGHT MARKETS and IMPLEMENT A PROVEN BUT FLEXIBLE BUSINESS PLAN WITH AN EXPERIENCED TEAM WITH SWIFT EXECUTION. THAT IS OUR SECRET SAUCE.

The Viking Wealth Fund is Viking Capital’s first ever real estate private equity fund. Our mission is to create extraordinary value and growth by acquiring stable assets. At Viking Capital, we

The Fund is open to Accredited Investors only. Investors will get paid on a monthly basis starting 90 days after the Fund’s launch. The minimum investment is $50,000 for Class A, $50,000 for Class B, and $1,000,000 for Reserve Class.

continuously strive for capital preservation for all of our investors while generating accelerated returns. The goal of the Fund is to mitigate our investors’ risk across various markets and properties by diversifying and scaling their portfolio. This Fund is open to individuals, family offices, LLCs, trusts, funds, and 401K (IRA funds). The Viking Wealth Fund plans to acquire 5-7 assets across the sunbelt and select regions such as GA, TX, AZ, FL, NC and SC. The Fund’s projected hold period is 5-7 years, though the Sponsor may hold the properties less than 5 years.

RESERVE CLASS $1,000,000

CLASS A $50,000

CLASS B $50,000

TARGET MARKETS

Tier 1 Primary Growth MSAs Viking Capital identifies markets for investment with strong demographics, positive net migration and thriving job markets. Viking has already acquired multifamily properties in Atlanta, Dallas, Austin, Washington, DC, and Indiana. Our Fund model investment approach is no different as we grow our opportunities and continue to see investment opportunities in the nation's strongest growth markets to include Florida, North Carolina, South Carolina, and Arizona.

Elite Submarkets in Secondary/Tertiary Cities Many submarkets in secondary/tertiary cities exhibit phenomenal demographics and investments markers despite belongings to a less than stellar overall market.

The lower demand commanded by the greater MSA enables Viking Capital to purchase assets in the high-performing submarkets at higher yield pricing.

Viking Capital’s Two-Pronged Approach to Market Identification

TEXAS

TARGET MARKETS SAN ANTONIO

HOUSTON

5 YEARS

5.5%

5 YEARS

Average Rent Growth

3.3% 8.3% 13.3%

Average Rent Growth

Population Growth

6.5%

Population Growth

Household Income Growth

14.5%

DALLAS

Household Income Growth

5 YEARS

3.5%

Average Rent Growth

7.9%

Population Growth

21.3%

Household Income Growth

DEMAND DRIVERS Houston ranked #7 “Best Brand Cities” by Resonance Consultancy (2017) - And the only Texas Metro to make the top 10.

Texas is the #2 ranked business-friendly State in US.

Top metro in the country for corporate expansions and headquarter relocations.

Texas added 1.47 million jobs since peak pandemic impact, equating to a 101% recovery rate.

GEORGIA

TARGET MARKETS

#1 Metro Area Tech Hub #4 Metro Area Cyber City #7 Metro Area for Data Centers #9 Tech Talent Market

ATLANTA 5 YEARS

5.58% Average Rent Growth 6.6%

Population Growth

29.1%

Household Income Growth

LEADING HIGHER EDUCATION INSTITUTIONS

DEMAND DRIVERS Home to 70 Higher Education Institutions with more than 300,000 students.

5 Year GDP Growth of 20% with over $365 billion.

Home to the world's busiest airport (Hartsfield-Jackson Atlanta International Airport).

FUND CRITERIA

Fund Size: $50

We are consistently working hard t nd the best multifamily real estate deals out there for this Fund. That means looking for conservative, low-risk investments with high yielding value-add potential, so we can preserve your capital while maximizing your growth.

Target No. of Assets: 3 Assets

Asset Class & Size: 100-300 Units, Class A&B

Occupancy: 90%+ on all Assets

Who Can Invest: Individuals, LLCs, 401K’s, Trusts, and F ces

Lower Volatility Viking Wealth Fund is designed to offer investors stable yet accelerated returns without the roller coaster volatility of the stock market.

Diversification Within a Strong Asset Class Investors have the ability to diversify their real estate portfolio by investing in different properties in multiple markets.

Potential Tax Benefits The fund is structured to fully optimize investors’ tax saving strategies, such as accelerated depreciation and cost segregation for each of the properties within the fund.

Increased Exposure to Upside The Viking Wealth Fund offers the ability to participate in the upside upon the sale or refinance of each asset.

Single Syndication Single asset.

Single geography.

Pass-through tax treatment, depreciation, and interest expense.

Access to one investment at a time upon availability.

Limited exit strategies.

Diversification provides Diversification provides stable returns with risk stable returns with risk spread throughout. spread throughout.

Real Estate Fund Multiple assets.

Multiple geographies.

Pass-through tax treatment, depreciation, and interest expense.

Access to multiple large investments throughout the country.

Advantageous exit strategies to off load as a portfolio to Institutional buyers at a premium.

Diversification provides stable returns with risk spread throughout.

INVESTMENTSUMMARY &HIGHLIGHTS The multifamily sector is the most established in

The Fund will acquire three multifamily communities,

the U.S., where it has been the largest

increase Net Operating Income at each over our 3 –5

investment asset class for the past six years.

year hold period and then exit at a new higher value.

Investors have the ability to diversify their real

$50M 506(c) Fund open exclusively to accredited

estate portfolio by investing in several

investors only.

properties in multiple markets.

Investment Options Based on Your Needs: Class A: Robust 10% Preferred Return-A Pure Cashflow Play (Mailbox Money) Class B: 7% Preferred Return with 70/30 Split –Equity Multiple 1.7x-2.0x Reserve Class: 8% Preferred Return with 70/30 Split –Equity Multiple 1.7x-2.0x

Highly experienced team with an outstanding track record in asset management, acquisitions, capital preservation, and executing the projected business plan.

1150 Deals Analyzed

96 Letters of Intent

6 Deals Closed

Initial analysis of the asset, submarket, tenant demographics, and value-add potential.

Submit competitive offers

Close 6 deals in one year, spanning across a variety of assets and markets, offering

align with Viking's business strategy

equity partners

380 Deals Fully Analyzed underwriting of the deal to fully model how to maximize Viking's business plan

48 Best and Finals Invitation to participate in Best and Final due to Viking's competitive pricing and terms

FUND STRUCTURE

The Viking Wealth Fund is structured to ensure investors’ risks are minimized and spread throughout multiple markets (See Exhibit A). Limited Partners have the opportunity to invest in the Fund entity, which serves as the holding company for the properties within the Fund giving them ownership of all the assets held.

Exhibit A

INVESTORS

VIKING WEALTH FUND

SUNBELT REGION

TIVONA

KINGS COVE

SKY RIDGE

APARTMENTS

TARGETED RETURNS While the Viking Wealth Fund is a new investment model, its targeted returns remain in line with our investment criteria.

Three-Tiered Return Options: A three-tiered return structure gives investors options when placing their

CLASS A

CLASS B

VIKING RESERVE CLASS

10%

7%

8%

Preferred Return

Preferred Return

Preferred Return

70/30

80/20

Increased Cash Flow with Prioritization in the waterfall. No Participation in Upside

Equity Split Gives Investors Exposure to Upside Potential

Equity Split Gives Investors Exposure to Upside Potential

1.5x

1.7 - 2.0x

1.9 - 2.2x

Equity Multiple

Equity Multiple

Equity Multiple

equity. Investors have the ability to invest in either Class A, Class B, Reserve Class or a combination of Class A and Class B. Diversifying Overall Targeted Returns Per Project

in both A and B classes allows for a risk adjusted, blended return.

13 - 15%

17 - 20%

7 - 9%

IRR

AAR

Cash on Cash From Operations

Annual Fund Cash On Cash Projections

Viking Capital is pleased to announce the 2nd official property to be acquired within the Viking Wealth Fund. Kings Cove is a Class “A” garden-style apartment community built in 2007. This pet-friendly, 192-unit complex is located conveniently in the northeast Houston community of Kingwood. The property sits within the heart of Kingwood, and is close to numerous options for a live, work, play lifestyle, as well as numerous employment options.

The property offers Viking Capital an opportunity to continue a proven successful renovation program. As a part of the Humble Independent School District, Kings Cove has a wonderful selection of schools, including the “A+” rated Kingwood High School. The unique location, the value-add opportunity, and enviable school system make Kings Cove an opportunity for long-term stability, future rent growth and value appreciation.

Year Built

2007

Cap Rate

4.1%

Occupancy

97%

AVG DSCR

1.6+

Hold Period

5 Years

Tremendous Value-Add Potential The property has a proven, successful renovation program. By continuing the existing renovation scope, we can expect to achieve a premium of $225+/unit on the remaining 128 non-upgraded units. Town Center by Cortland is a perfect comparable example of a successfully implemented renovation program and has achieved rent premiums of $225-$550 depending on the unit type.

Location, Location, Location!

The property sits within the heart of Kingwood, and is close to numerous options for a live, work, play lifestyle, as well as numerous employment options. Lake Houston/Kingwood is one of the hottest submarkets in the Houston MSA. According to ApartmentData.com, rental rates in the Lake Houston/Kingwood submarket are rapidly increasing showing a 12% yearly increase and a 19.5% increase in the last 6 months.

Class A Area The Kingwood area located in Harris County is one of the best places to live in Texas for families and high net-worth individuals. From the top ranked schools in the state to being named one of the safest communities to live in Houston, Kingwood boasts a median income of $106K+ according to Niche.com. With over 75 miles of hike and bike trails, known as the "greenbelt," residents can enjoy Kingwood's naturally beautiful woods and lakes.

These trails are great for exercising, golfing, walking or bicycling.

The Growth of Houston Families and businesses alike continue to make the move to the Houston region and rapidly.

ExxonMobil plans to relocate its corporate headquarters to its Houston campus from Irving, Texas in mid-year 2023. Houston's metropolitan statistical area ranked No. 3 in the nation in terms of raw population growth year over year. All of the move-ins create opportunity and a growing pool of talent for local business.

CAPITAL EXPENDITURE BUDGET Interior

Exterior

Plank Flooring within Kitchen and Bathroom

Powerwash and Repainting

Replace Carpet

Refresh Signage

Tile Backsplash

Exterior Fence Enhancements

Change Cabinet Fronts and Paint Boxes

Update Landscaping

Lower Kitchen Counter Bar

Modernize Leasing Office/Clubhouse

*TOTAL- $12,000 per Classic/Partial Unit (128)

Update Pool Furniture Update Grilling Station Relocate Dog Park Install Package Lockers Additional Reserves *TOTAL- $3,984 per Unit *Total Capex Budget- $2,300,928

* Subject to change upon closing

Tropically Landscaped Pool Walking Distance to Kings Harbor Waterfront Village Outdoor Gourmet Grilling Center Spinning Room Business Center & Cyber Cafe Pet Park Access Gate System Detached & Covered Garages

Address

4920 Magnolia Cove Dr

City

Kingwood

County

Harris

Year Built

2007

Units

192

Total Square Feet

185,520 SF

Average Unit Size

966 SF

Building Type

Garden

Number of Apartments Buildings

8

Number of Stories

3

Foundation

Post Tension Concrete Slab

Framing

Wood

Exterior

Stucco, Brick, Wood Trim

Roof

Pitched & Flat Roofs

HVAC

R22 and R410 on the Side Wall

Water Heater

Individual

Electrical Wiring

Copper

Plumbing

PVC

Washer/Dryer Connections

Yes

UNIT MIX

KINGS COVE LUXURY APARTMENTS 4920 Magnolia Cove Dr, Kingwood, TX 77345

Built................................................2007 Occupancy: .............................97% Units...............................................192

Units

Unit Type

Unit SF

MARKET RENT

RENT/SF

40

1/1

707

$1,125

$1.59

20

1/1

707

$1,255

$1.77

24

1/1

810

$1,174

$1.45

12

1/1

810

$1,321

$1.63

56

2/1

1,161

$1,467

$1.26

28

2/1

1,368

$1,635

$1.41

4

2/2

1,368

$1,835

$1.34

2

2/2

1,368

$1,987

$1.45

4

3/2

1,368

$1,825

$1.33

2

3/2

1,368

$1,972

$1.44

192

WT AVG.

966

$1,378

$1.43

1 Bedroom - 47% 2 Bedroom - 50% 3 Bedroom - 3%

FLOOR PLANS 1 Bed

1 Bath

707 Sq.Ft.

1 Bed

1 Bath

810 Sq.Ft.

FLOOR PLANS 2 Bed

2 Bath

1161 Sq.Ft.

2 Bed

2 Bath

1368 Sq.Ft.

FLOOR PLANS 3 Bed

2 Bath

1368 Sq.Ft.

Houston On The Rise Alive with energy and rich in diversity, Houston is a dynamic mix of imagination, talent and first-class attractions that makes it a world-class city.

As a major corporate center, Houston is home to 25 Fortune 500 companies to date. This positions Houston as the third highest number of Fortune 500 companies nationally, eclipsed only by New York City and Chicago. As for employment ranking, nearly 25 percent of all adults have completed four years of college, surpassing the national average. Looking to the future of the city, construction is nearing completion on Hewlett Packard Enterprise’s (HPE) new global headquarters in Spring. Work started nearly two years ago on the 440,000-square-foot project that encompasses two, five-story buildings within the Springwoods Village development. Houston had recovered roughly 70% of the jobs lost in the pandemic by fall 2021. In its annual economic forecast released in December, the Greater Houston Partnership estimated the region will create another 75,500 net new jobs in 2022, putting Metro Houston extremely close to a full economic recovery according to houston.org.

DEMOGRAPHICS

Mature Residents The median age of residents in this submarket is 41, compared to 33.6 across the Houston region

5-Mile Radius

Rapid Population Growth Since 2010, the population across the submarket increased by 17.18%. Over the same time, the population across the nation increased by 6.8%

Rising Income

Sophisticated Workforce

Residents aged 25-40 earn $111,163 and the median household income sits at $106,300 per year

White-collar workers make up 87% of the working population in Kingwood compared to the 63% across the nation Education Levels 79% of residents have some college education or more compared to the 61% national average

Key Renter Age Group 28% of residents are within the key renter age group of 25 to 40 years of age

NOTABLE EMPLOYERS N

ATASCOCITA TOWN CENTER 3.5 MILES FROM KINGS COVE

Kroger Best Buy HEB Chick fil A

Lowe’s Walmart Supercenter Ross Starbucks

Lupe Tortilla Bike Barn Target Kohl’s

4,171 Employees 5,000 Employees

KINGS HARBOR WATERFRONT VILLAGE 0.4 MILES FROM KINGS COVE

KE

HO

US

TO

N

PK

W

Y

West Lake Church BRW Architects Edward Jones Orion NRL Mortgage

LA

Sharkey’s

BerryBar Zammitti’s Berkshire Hathaway Home Services Capital Title

W

Chimichurri’s Pretty Little Things Boutique

KINGS COVE

1,172 Employees

17

Strong demographics at Kings Cove and the immediate submarket supports strong rent growth and economic occupancy.

$106K+

19%

Average Household Income

Population Growth from 2010 - 2020

51%

$69.5 Million

Hold a Bachelor’s Degree or Higher

Annual Consumer Spending

George Bush Intercontinental Airport is

45 Million Int’l Passengers

currently undergoing a $1.3 billion capital improvement program called the IAH Terminal Redevelopment Program (ITRP). The ITRP should be complete by late 2024-early 2025. IAH employs north of 5,000 and has a footprint of over 80 million annual passengers to date.

IAH shined once again at the 2020 Skytrax World Airport Awards by earning a long list of honors in various categories including World’s Top 100 Airports, Best Airport Dining, Best Airport Staff, and World’s Best Website and Digital Services. Houston remains the only city in the Western Hemisphere to have two 4-star+ Skytrax rated airports.

Ranked World’s Top 100 Airports

$1.3B Project Underway

Home to 160K+ Establishments

The Houston Metro is a major corporate center, ranks third in the nation in Fortune 500 and fifth in Fortune 1000 headquarters. Many other Fortune firms maintain U.S. offices in Houston.

The Texas Workforce Commission reports that Metro Houston was home to more than 160,000 establishments in ’20. The three industries with the most establishments were professional, scientific, and technical services; health care and social assistance; and retail trade.

20 Fortune 2000 Companies

Ranked Top 5 in Fortune 1000

Houston Methodist Hospital is reengineering

25,543 employees

the future of medicine with translational research and education that has a demonstrable impact on clinical care. The Academic Institute’s $30 million Translational Research Initiative product development fund supports the specialized talent and technology that enables the full cycle of development to efficiently and effectively deliver innovations to the clinic.

Integrated into U.S. News & World Report’s No. 1 hospital in Texas and named one of America’s “Best Hospitals,” the Institute cultivates a global collaboration network of interdisciplinary faculty to advance laboratory discoveries into treatments for patients.

1.5 million patient encounters

$153M in Annual Research Expenditures

225,000 Sqft

Chicago-based United Airlines Inc. has moved into its new downtown Houston office. This new space offers a tech center, a pair of employee gardens and personal work stations modeled after business class seats on an airplane. Around 200 of United's 1,600 downtown employees in Houston are expected to move into space at George Bush Intercontinental Airport, where United has one of its largest hubs. The airline signed an 11-year lease with the building and has options to expand.

$43M Project

1,400 New Employees

Exxon Mobil plans to move its headquarters to its Houston-area campus from a Dallas suburb next year, becoming

10K+ Employees Projected for 2023

the largest Fortune 500 company in the metro area. The arrival of Exxon's top brass and some 250 workers from Irving will bolster Houston’s standing as the nation’s “energy capital,” attracting more energy investment and corporate relocations to the region, area leaders said.

Exxon Mobil’s move further solidifies Houston’s position as the Energy Capital of the World. Exxon Mobil is a key participant in our Houston Energy Transition Initiative, and we look forward to working with the company as we continue to position Houston to lead the energy transition to a low-carbon future.

— Bob Harvey, CEO of the Greater Houston Partnership

385 Acre Campus

25th Fortune 500 Company in Houston

$3B in Projects Underway

Houston’s Texas Medical Center is the world’s largest medical complex. The Texas Medical Center’s 63 member institutions are consistently recognized by U.S. News and World Report as some of the best hospitals and universities in the nation.

In ’21, construction began on TMC3, a multi-institutional 37-acre research campus. The project is a joint venture between four founding institutions: MD Anderson, UT Health, Texas A&M HSC and TMC. The four story campus will include 187,000 square feet of wet labs, offices, shared meeting space and lecture halls. It is projected to create over 26,540 permanent jobs and bring $5.4 billion annually to Texas’ economy. The “3” inTMC3 is meant to designate Houston as the “third coast” for life sciences.

106K+ Employees

10M Patient Visits

With more than 243,900 tech workers, Houston has the 11th largest tech workforce in the U.S. In ’19, Houston’s tech industry contributed $29.2 billion to the region’s GDP.

Houston is the center for medical device manufacturing, pharmaceuticals, and health research. The Houston region is home to more than 18,960 life science and biotech researchers.

NASA’s Johnson Space Center (JSC), a $1.5 billion complex established in 1961, occupies 1,620 acres.

JSC’S largest contractors in ’20 included Boeing, Lockheed Martin, and Northrop Grumman.

Houston’s energy sector in 2020 accounted for 7.9% of the region’s employment and 3.5% of its firms. The average job in an energy-related industry paid approximately $136,897 per year, almost double the metro average

Houston has one of the highest concentrations of engineering talent in the nation. For every 100,000 workers in the Houston MSA, there are 1,747 engineers.

RENT COMPS

AVERAGE RENTS OF CLASSIC UNITS ARE $140 BELOW RENT COMPS

AVG RENT/UNIT $1,600 Town Center

$1,500 $1,400

The Jaxon Marquis

$1,300 Reserve

$1,200

Harbor Cove

$1,100

800

825

850

875

900

925

950

975

1000

AVG SF/UNIT

PROPERTY NAME

5

4 3

BUILT

OCCUPANCY

AVG SF

AVG RENT

AVG RENT/SF

Harbor Cove in Kingwood

2001

94%

953

$1,208

$1.27

The Jaxon

2010

94%

927

$1,323

$1.43

1994/1998

95%

877

$1,553

$1.77

Reserve at Kingwood

1999

92%

877

$1,229

$1.40

Marquis at Kingwood

1998

95%

918

$1,319

$1.44

95%

912

$1,357

$1.49

98%

966

$1,219

$1.43

Town Center by Cortland 2

1

Total / Averages Kings Cove Classic Units

2001

INCOME

Year 1

Year 2

Year 3

Year 4

Year 5

Gross Potential Income

3,274,238

3,536,399

3,745,433

3,861,337

3,978,783

Loss to Lease

-124,662

-51,351

-37,454

-38,613

-39,788

Vacancy

-120,181

-176,820

-187,272

-193,067

-198,939

Concessions

-39,595

-25,676

-18,727

-19,307

-19,894

Models, Office, Employee Units

-19,921

-21,218

-22,473

-23,168

-23,873

Bad Debt

-53,440

-51,351

-27,260

-19,307

-19,894

Effective Gross Rental Income

2,916,439

3,209,983

3,452,248

3,567,875

3,676,395

Other Income

385,042

396,754

408,821

421,256

434,069

Total Net Income

3,301,481

3,606,736

3,861,069

3,989,131

4,110,464

Real Estate Taxes

784,623

792,506

800,467

808,509

816,631

Insurance

194,093

198,010

202,007

206,084

210,244

Contract Services

48,398

49,375

50,371

51,388

52,425

Gas and Electric

25,940

26,464

26,998

27,543

28,099

Water and Sewer

97,333

99,298

101,302

103,347

105,433

Trash Removal

43,277

44,150

45,041

45,950

46,878

Other Utilities

13,426

13,697

13,973

14,255

14,543

Management Fee

99,044

108,202

115,832

119,674

123,314

Repairs and Maintenance

168,518

171,919

175,390

178,930

182,541

General/Admin

91,591

93,439

95,325

97,249

99,212

Advertising and Leasing

58,228

59,403

60,602

61,825

63,073

Payroll

334,810

341,568

348,462

355,496

362,671

Total Expenses

1,959,280

1,998,031

2,035,771

2,070,250

2,105,064

Expense Ratio

59.3%

55.4%

52.7%

51.9%

51.2%

Net Operating Income (NOI)

$1,342,201

$1,608,706

$1,825,298

$1,918,881

$2,005,400

EXPENSES

Year Built

1986

Cap Rate

5.1%

Occupancy

96%

AVG DSCR

2.1%

Hold Period

5 Years

Tremendous Value-Add Potential This property offers immense upside with a rental delta of approximately $500 when compared with nearby comparable properties. With 57 units already having received a light renovation, there is a proven value-add plan to enhance up to the 67% of units and capture $200+/unit premiums.

Location, Location, Location!

Atlanta has become one of the most sought-after locations in the U.S., and Woodstock is no exception. Woodstock was recently named the 3rd best Suburb in the Country by Homes.com. The area has experienced a 25% population increase in the last 10 years and an 80% growth in the last 20 years. And there’s a good reason for the explosive growth. Within a 5-mile radius of the property, there are numerous attractive retail opportunities: Costco, Target, Sam’s Club, Sprouts, Home Depot, Kohl’s, and much more.

3rd and Final Asset Within the Fund 120-unit apartment community built in 1986. Sky Ridge is supremely located in the Atlanta’s Platinum Triangle and just minutes from the retail, path of progress, luxury homes and jobs. In addition to its superior submarket and favorable floor plans, Sky Ridge allows us to achieve substantial rent growth. With its excellent location and value-add potential, Sky Ridge is positioned well for long–term stability, future rent growth and value appreciation.

The previous ownership has successfully renovated 40 units total that averaged $200 more per month than prior rents. With the opportunity to renovate 80 more units, Viking can potentially generate over $450,000 in additional revenue by averaging $10,000 per renovation.

Interior renovations will not only result in immediate upside but aid significantly in tenant retention.

Institutional Quality Ownership Viking is acquiring Sky Ridge from one of the top real estate investment companies in the nation.

As such, we can rest assured that the quality of the property, the tenant profile, and the minimal deferred maintenance will allow us to focus on revenue-generating improvements. The fact that institutional-level groups are investing within Woodstock, further supports the notion that this is a great area with high growth potential.

3rd and Final Asset Within the Fund Leasing Momentum with new lease premiums Class B asset in an A+ area, poised to take advantage of surging submarket True Value Add Deal, purchased at discount Buying from Blackstone – Institutional quality Core/Core Plus Alley of High-End Apartments Attractive Debt Terms from Private Lender Repeatedly named Top Places to live by Money Magazine Cherokee County is ATL 2nd fastest growing county with 25% population growth and 33% employment growth

Lack of Historical Multifamily Deliveries and Strong Population Growth Drive Property Performance Cherokee County boasts the best supply/demand fundamentals in the Atlanta MSA with the greatest population growth relative to multifamily deliveries.

No units under construction

submarket vacancy

Y-o-Y Growth

NET ABSORPTION OUTPACING DELIVERIES DRIVING VACANCY TO RECORD LOW

POPULATION GROWTH TO DELIVERIES SINCE 2010 1,200

Cherokee

10.0% 9.0%

Gwinnett

1,000

15:1

8.0% 7.0%

800

Cobb

6.0%

DeKalb

5.0%

600

4.0%

Fulton

400

0

2

4

6

8

10

12

14

3.0%

16

2.0%

200

1.0% 0

Recent deliveries are proving Class A demand with rapid lease-up (20-25 units/mo) and rents approaching $2,000/unit

2015

2016

2017 Absorption

2018

2019

Net Deliveries

Vacancy

2020

2021 YTD

Recent multifamily deliveries have leased quickly, pushing the submarket’s vacancy rate to a record low of 2.9%. Rents are rising at a historic pace with year-over-year rent growth of 25.2%. With no properties under construction within a 5-mile radius of Hudson Woodstock, the property is poised for tremendous growth.

0.0%

Georgia Express Lanes Project Improves Commute Times to Major Demand Drivers

Demand Drivers KSU is a top-50 largest public institution in the nation with a $1.55B economic Impact.

Kennesaw State University Highlights Third largest university in the state of Georgia with 35,000+ students The university has nearly 150 undergraduate, master’s and doctoral programs Consists of 130 buildings and facilities for academics, operations, culture, recreation and residential

Sky Ridge Apartments is proximate to the newly con-structed Norwest= Corridor Express Lanes.

Residents can now access Kennesaw, Marietta, and the Cumber-land Office Market 30% faster.

The 31M SF Cumberland/Galleria office submarket serves as headquarters for major employers including Home Depot, Comcast, HD Supply, Genuine Parts, and Synovus Financial. The Bat-tery, the Atlanta Braves’ mixed-use de-velopment centered around Truist Park, triggered a new wave of Class A oce developments including new headquarters locations for TK Elevator and Papa John’s.

Downtown Woodstock Just 2-miles from Sky Ridge, Downtown Woodstock exudes southern charm and historic ambiance.

COOPER COIN COFFEE

CANYONS BURGER COMPANY

VINGENZO’S PASTA & PIZZERIA

CENTURY HOUSE TAVERN

Set within a thriving “Main Street” environment, Downtown Woodstock offers one-of-a-kind shopping, 20 chef-driven restaurants, art galleries, clothing boutiques, craft breweries and more.

FIRE STONE WOOD FIRED PIZZA & GRILL

SALT FACTORY PUB

FREIGHT KITCHEN & TAP

ICE MARTINI BAR

New Downtown Woodstock Unveils Ambitious Growth Plans Expansion to include a Boutique Hotel, Shopping, and Office to form new Woodstock City Center, just minutes from Sky Ridge Apartments.

PROJECT COMPLETION IN 36 MONTHS

Strategic LocationSuperior School Zoning & Demographic Profile Sky Ridge benefits from being located within a premier school zoning district.

Woodstock Elementary, Woodstock Middle School and River Ridge High School are consistently ranked as some of the best schools in the State of Georgia.

AREA DEMOGRAPHICS

Source: CBRE Research Analytics

Woodstock Elementary

Woodstock Middle School

River Ridge High School Source: Niche Ratings

Atlanta MSA

Limited Multifamily Competition

Canton

575 20

20

20

Very few residential market-rent apartment complexes exist within a short radius and there is very limited supply bring brought to market.

Sky Ridge is a dominant presence within the region and with the lack of available product in the market, it ensures a high occupancy and strong rent gains year-round.

Holly Springs

17 MILES

10 MILES

400

575

141

Mountain Park

Woodstock

Alpharetta

75

2 MILES

120

10 MILES

120

400

Johns Creek 141

7 MILES

Roswell

Kennesaw 75

400

575

East Cobb 75

Downtown Marietta

Berkeley Lake

Rosewell 400

Dunwoody

Norcross

141

Competitive Rental Set Sky Ridge has the rare advantage of being one of the few choices for affordable renters looking for a quality apartments in the Woodstock area.

The surrounding A+ area is saturated with Class A units including Station 92 a 2015 vintage garden style apartment complex also owned by Blackstone.

Blackstone choosing to hold its core-plus asset in the area shows that they are very high on the Woodstock market.

HUDSON WOODSTOCK

Year Built: 2000 Units: 498

INTERIOR RENOVATION SCOPE: PROVEN VALUE ADD POTENTIAL

Sky Ridge Apartments Classic Unit

$200 premium

Sky Ridge Apartments Renovated Unit

EXTERIOR RENOVATION SCOPE: PROVEN VALUE ADD POTENTIAL

Sky Ridge Apartments Classic Exterior

Organic Rent Growth $300 Value Add $200 Total Rent Premium up to $500

Sky Ridge Apartments Renovated Exterior

CAPITAL EXPENDITURES Interior

Vinyl Plank Flooring Hard Surface Countertops Cabinet Fronts And Painted Boxes Backsplash Light And Plumbing Fixtures As Needed Total - $10,000 Per Classic Unit (57)

Exterior

W/D (54 Units) Landscaping (Inclusive of pine tree removal) Roof & Gutters (6 of 11) Amenity Poly Reserve Repaint Exteriors (Including wood repair) Repair concrete walkways Fire, Life & Safety Signage/monument Add picnic tables to grill station Dog park upgrade Drainage repair Misc.

Total - $7,500 Per Unit TOTAL CAPEX BUDGET: $1.47M

UNIT MIX

SKY RIDGE APARTMENTS 107 Skyridge Drive, Woodstock, Georgia 30188

Units

Unit Type

Sq Feet

Effective Rent

Pro Forma Rent

26

Studio 1 Bath

288

$932

$1,312

88

1 Bed 1 Bath

576

$1,057

$1,486

2

2 Bed 1 Bath

864

$1,516

$1,668

4

2 Bed 2 Bath

864

$1,226

$1,694

120

Averages:

528

$1,043

$1,458

Studio - 22% 1 Bedroom - 73% 2 Bedroom - 5%

FLOOR PLANS Studio

1 Bath

288 Sq.Ft.

1 Bed

1 Bath

576 Sq.Ft.

FLOOR PLANS 2 Bed

1Bath

864 Sq.Ft.

2 Bed

2 Bath

864 Sq.Ft.

PROFORMA Year 1

Year 2

Year 3

Year 4

Year 5

Gross Potential Income - Loss to Lease - Vacancy - Concessions - Models, Office, Employee Units - Bad Debt Effective Gross Rental Income

1,878,793 -194,968 -134,034 0 -5,159 -23,840 1,520,793

2,059,992 -110,278 -121,585 0 -10,300 -20,600 1,797,230

,2 169,756 -51,370 -108,488 0 -10,849 -21,698 1,977,351

2,235,751 -22,358 -111,788 0 -11,179 -22,358 2,068,070

2,303,753 -23,038 -115,188 0 -11,519 -23,038 2,130,972

Other Income Total Net Incom e

154,159 1,674,952

158,848 1,956,078

163,680 2,141,031

168,658 2,236,728

173,788 2,304,760

181,293 25,625 21,378 11,290 2,734 54,943 12,977 4,749 58,623 85,378 29,584 31,598 182,952 703,124 42.0%

226,851 27,809 21,909 11,571 2,802 56,307 13,300 4,867 68,463 87,498 30,319 32,383 187,497 771,574 39.4%

228,892 28,370 22,351 11,804 2,859 57,444 13,568 4,965 74,936 89,264 30,931 33,036 191,281 789,702 36.9%

231,191 28,943 22,802 12,042 2,916 58,603 13,842 5,065 78,285 91,066 31,556 33,703 195,142 805,158 36.0%

233,514 29,527 23,263 12,285 2,975 59,786 14,121 5,167 80,667 92,904 32,192 34,383 199,081 819,866 35.6%

$971,828

$1,184,504

$1,351,329

$1,431,570

$1,484,894

INCOME

EXPENSES Real Estate Taxes Insurance Contract Services Electric Gas Water and Sew er Trash Removal Other Utilities Management Fee Repairs and Maintenance General/Admin Advertising and Leasing Payroll Total Expenses Net Operating Incom e (NOI)

DEMOGRAPHICS

Rising Income The 5-mile radius around Sky Ridge has a median household income greater than the state of Georgia and Cherokee County.

Best Places to Live Woodstock is one of the top 20 best places to live in the U.S. according to a recent report by Money magazine Economic Development Woodstock is a growing city with a young, vibrant, well-educated population.

Population Density The 5-mile radius of people per square mile is greater than Georgia and Cherokee county combined

Sky Ridge Apartments Rapid Growth Since 2010, the population in the immediate area has increased by 25%. That doesn’t even touch on the 20%+ rent growth.

Explosive Rental Growth Lease trade outs” have seen a 21% increase in rental rates between previous and current leases.

DEMOGRAPHICS

Best Place to Live 2021 Woodstock, Georgia Population

Median Household Income

Median Home Price

Unemployment Rate

Sources: Population and median household income provided by Synergos Technologies Inc.; unemployment rate (by county) provided by the Bureau of Labor Statistics; and median home price provided by ATTOM Data Solutions.

FAST-GROWING CHEROKEE COUNTY Cherokee County is Atlanta’s 2nd fastest growing county with 25% population growth over the last decade. The county’s explosive growth can be attributed to its highly educated workforce, proximity to major employment centers and some of the best public schools in the state of Georgia.

60.00% 52.20% 50.00% 43.50% 40.00%

36.30% 32.8%

29.9%

29.5%

30.00%

34.90% 25.6%

25.80% 23.3%

19.9%

20.00%

RECENT JOB ANNOUNCEMENTS

29.90% 25.10% 21.8%

21.3% 13.10%

10.00%

0.00% Cherokee

Forsyth

Hall

Coweta

% Increase in Employment 2010 - 2019 Source: Atlanta Regional Commission

Fulton

Gwinnett

Cobb

% Projected Increase in Employment 2020 - 2050

DeKalb

Third largest university in the state of Georgia with 35,000+ students The university has nearly 150 undergraduate, master’s and doctoral programs Consists of 130 buildings and facilities for academics, operations, culture, recreation and residentia

The 31M SF submarket serves as headquarters for major employers including Home Depot, Comcast, HD Supply, Genuine Parts, and Synovus Financial. The Battery, the Atlanta Braves’ mixed-use development centered around Truist Park, triggered a new wave

of

Class

A

office

developments

including

headquarters locations for TK Elevator and Papa John’s.

new

Just two miles from Sky Ridge is the Outlet Shoppes

of

Atlanta.

This

outdoor

mall

encompasses 1.9 M SF of retail space has served the residents of the Northwestern suburbs and its surrounding cities since 2013. The location is extremely convenient for residents of Sky Ridge and is one of only two major malls in the Northwestern suburbs.

Viking Capital is pleased to announce the first official property to be acquired within the Viking Fund, Tivona Apartments, a 210-unit apartment community built in 1981. Tivona is supremely located near the South Texas Medical Center and just minutes from the I-10 as well as the USAA World Headquarters. In addition to its superior location and favorable floor plans, Tivona allows us to achieve substantial rent growth. With its excellent location and value-add potential, Tivona is positioned well for long–term stability, future rent growth and value appreciation.

The previous ownership has successfully renovated 28 units total that averaged $150 more per month than prior rents. With the opportunity to renovate 182 more units, Viking can potentially generate over $660,000 in additional revenue by averaging $150 per renovation.

Interior renovations will not only result in immediate upside but aid significantly in tenant retention.

Year Built

1981

Cap Rate

3.66%

Occupancy

97%

DSCR (Year 1)

1.3+

Hold Period

5 Years

Tremendous Value-Add Potential Tivona presents a substantial value-add opportunity largely due to its dynamic location in San Antonio, TX. Interior renovations will not only result in immediate upside but aid significantly in tenant retention. Nearby properties that have implemented a more robust value-add program have achieved rental rate increases of over 17% per month.

Location, Location, Location!

Located just one mile north of San Antonio's largest single employer, USAA, which employs over 19,000 people, Tivona is situated in a prime location along I-10 in the heart of the thriving South Texas Medical Center, the epicenter of employment for San Antonio.

Free and Clear of Debt Tivona Apartment Homes are being offered free and clear of existing debt to allow for unrestricted financing options in the current historically low interest rate environment. This allows Viking the opportunity to take advantage of the most favorable financing options.

Operational Upside Opportunities exist to enhance income through the addition of rentable items such as washer, dryers, fenced yards and more covered parking. Currently all units except for the smallest floor plan at Tivona have connections and the property only leases 17 washers & dryers but has the potential to lease to another 155 units for $40 per month.

CAPITAL EXPENDITURE BUDGET Interior

Exterior

Replace cabinet fronts

Paint trim and doors

Replace countertops with faux granite

Reseal asphalt, stripe and asphalt repair

Plank flooring (faux wood throughout)

Concrete work - drainage, walkways

Black appliances

Landscaping

Backsplash

Tree trimming

Fixtures as needed

Update pool furniture

*TOTAL- $8,666 per Unit

Convert Tennis Court Signage & Branding W/Ds in units Gutter clean out Pool decking & tile Misc. *TOTAL- $4,762 per Unit *Total Capex Budget- $3,404,600 * Subject to change upon closing

Sparkling Pool with Sundeck Modern Clubhouse with Coffee Bar, Business Center, & Resident Lounge State-of-the-Art Fitness Center Sports Court with Tennis and Basketball Luxer Parcel Lockers Bark Park Clothes Care Facility Barbecue Area

Address

1150 Huebner Road

City

San Antonio

County

Bexar

Year Built

1981

Units

210

Total Square Feet

163,824 SF

Average Unit Size

780 SF

Building Type

Garden

Number of Apartments Buildings

24

Number of Stories

2

Foundation

Post Tension Concrete Slab

Framing

Wood

Exterior

Stucco

Roof

Pitched Composition Shingle

HVAC

Individual - Ground - R22

Water Heater

Individual

Electrical Wiring

Copper

Plumbing

Copper

Washer/Dryer Connections

Yes

UNIT MIX

TIVONA 11500 Huebner Rd, San Antonio, TX 78230

Built................................................1981 Occupancy: .............................95% Units...............................................210

Units

Unit Type

Unit SF

MARKET RENT

RENT/SF

8

1/1

645

$858

$1.33

48

1/1

645

$749

$1.16

8

1/1

692

$923

$1.33

56

1/1

692

$800

$1.17

7

1/1

876

$910

$1.04

35

1/1

876

$915

$1.04

1

2/1

939

$1,145

$1.22

15

2/1

939

$1,010

$1.08

3

2/1

948

$1,067

$1.13

13

2/1

948

$995

$1.05

2

2/2

1,027

$1,157

$1.13

14

2/2

1,027

$1,114

$1.08

210

WT AVG.

780

$877

$1.12

1 Bed / 1 Bath - 77% 2 Bed / 1 Bath - 15% 2 Bed / 2 Bath - 8%

San Antonio On The Rise Located on the edge of South and Central Texas and just 80 miles south of Austin, San Antonio anchors the southwestern corner of the Texas Triangle that includes Houston near the Gulf coast and Dallas in the north. The San Antonio metro, home to 3.27 million people, currently ranks 31 in the Labor IQ Index of the largest 150 U.S. metros due to its job growth, net migration and GDP growth.

San Antonio is one of the largest metro areas in the U.S., coming in at number 21. The growing population in the city and its suburbs, including New Braunfels, combined with similar growth in nearby Austin and its suburbs means these two population centers are headed towards merging into a single labor market similar to Dallas-Fort Worth in the near future. Much of the area’s recent growth is from higher-paying industries such as technology and cybersecurity. With 40% of the area population age 24 years and younger, San Antonio will continue to have a long-term working-age labor supply. Although rents and home prices are rising, the area remains the most affordable major housing market in Texas.

In addition to forecasted continued market growth, this affordability and the metro’s moderate wage growth make San Antonio an attractive location for employers and employees.

DEMOGRAPHICS

Youthful Residents The median age of residents in this submarket is 34.0, compared to 35.7 across Greater San Antonio

5-Mile Radius

Rapid Population Growth Since 2010, the population across the submarket increased by 11.3% to surpass 78,100 in 2020.

Over the same time, the population across the nation increased by 6.8%

Rising Income

Sophisticated Workforce

The median household income in the area is forecast to appreciate by 8.7% through 2025, growing to $51,973

69% of residents age 16+ work in white collar positions, compared to 63% across the region

Renters by Choice 63% of occupied housing units are renter occupied, compared to 39% across the City of San Antonio

Key Renter Age Group 23% of residents are within the key renter age group of 18 to 35 years of age

NOTABLE EMPLOYERS

Audie L Murphy Memorial Veterans Hospital

San Antonio

NORTH

Job openings by industry, posted over the past 30 days

Health Care Insurance Tech Transportation Real Estate Retail 0

200

400

600

800

1,000

The South Texas Medical Center (STMC) consists of 900 acres of medical-related facilities on the northwest side of San Antonio making it one of the largest medical districts in the US.

5.8M Patient Visits (Annually)

STMC, which directly serves 38 counties, consists of 75 medically related institutions; separate medical, dental and nursing schools, five higher educational institutions, twelve hospitals and five specialty institutions.

In 2009, STMC was home to more than $350 million in construction projects. More than $1 billion in new construction projects have been completed since 2014.

165,000 Total Employees

Contributes Over $30.6B to the San Antonio Economy

Third Largest University in Texas

The San Antonio area is home to 15 colleges and universities with a total student population of more than 160,000, including Texas State University, Texas A&M University-San Antonio, and the Alamo Community College District.

Contributes Over $1.2B to the San Antonio Economy

7,000 Faculty and Staff Employed

Amazon has announced plans to construct a $20 million, 141,360-square-foot logistics hub that will employ 1,500 people.

San Antonio’s diverse industries, skilled workforce, and sustainable infrastructure make us resilient and we are ready to support significant growth from tech-focused companies like Amazon.

We look forward to supporting Amazon as they grow and hire more than 1,500 San Antonians — Ron Nirenberg, San Antonio Mayor

We’re thrilled to be able to continue our growth throughout the San Antonio area. Amazon is a great place to work with highly competitive pay, benefits from day one, and training programs for in-demand careers. We’re grateful for the support we’ve received from local and state leaders and look forward to creating over 1,500 new, full-time jobs for the San Antonio community.

— Alicia Boler Davis, Amazon’s Vice President of Global Customer Fulfillment

500,000 SqFt

“The Rock at La Cantera” The Spurs new campus is now officially known as The Rock at La Cantera, a multi-phase $500 million, 500,000-square-foot performance center and public outdoor event plaza, according to a news release. The property will include a state-of-the art training facility, medical and research offices, retail, park and community space.

$500M Project

1,700+ New Employees

SAN ANTONIO RIVER WALK Named by some as the American Venice,

15 Mile Destination

2.2M Annual Visitors

100+ Retailers

San Antonio’s River Walk is a 15-mile oasis, where brightly colored umbrellas line the riverbank as diners sit at tables underneath, relishing the atmosphere.

2M+ SF

Large Scale, Master-Planned Complexes to Personal Neighborhood Centers

100+ Premier Stores, Service Businesses and Restaurants

North Star Mall is one of the premier shopping destinations in San Antonio that underwent a renovation in 2008.

THE SHOPS AT LA CANTERA 4M SF

The Shops at La Cantera is an award-winning open-air shopping

194+ Retailers and Restaurants

San Antonio’s Luxury Shopping Destination

center located within the La Cantera District of San Antonio.

San Antonio International Airport (SAT) is a large $5B Economic Output

100,000 Direct & Indirect Jobs

and busy airport about 7 miles north of the city center. With 3 runways serving 24 gates across 2 terminals, it covers a total area of 2,305 acres and sees about 260 departures and arrivals every day.

San Antonio had 4.6% annualized growth and 5.7% over the last three months, according to the Current Employment Statistics

Tesla may be moving to Austin, HP to Houston and Charles Schwab to Dallas — but the Alamo City had the highest growth in six-figure salaries in Texas, according to a new study from real-estate software company Stessa

From 2015-2020, the San Antonio-New Braunfels metro logged a 163% increase in positions paying greater than $100,000 — meaning that nearly 6% of all jobs in the area delivered salaries above that coveted threshold.

The National Association of Realtors named San Antonio among its “hidden gems” for 2022 — meaning home prices here are expected to appreciate at a higher rate than most other markets

San Antonio Industry Spotlight: Tech Hiring Going Strong. San Antonio's tech industry is experiencing strong job growth. Local employers posted 784 new jobs in the last month, ranking third among local industries, according to ZipRecruiter

RENT COMPS

AVERAGE RENTS $100 BELOW RENT COMPS

AVG RENT/UNIT $2,000 The Hill at Woodway

$1,050 $1,000 Hyperion

$950

The Henry B The Joseph The Lilia @ Oakgate Woods of Elm Creek

City Crest

Spice Creek

$900 Renata

$850

Avistar on the Boulevard

700

725

750

PROPERTY NAME

775

800

825

850

875

AVG SF/UNIT

900

T E

1 2 S

4

T

3

T R

8 7

65

A T

O

9 10

T

A

T

NT

O

PAN Y

A

A

RENT

A

RENT

INCOME

Year 1

Year 2

Year 3

Year 4

Year 5

Gross Potential Income

2,521,525

2,756,675

2,954,625

3,111,749

3,209,766

Loss to Lease

-61,959

-27,567

-29,546

-31,117

-32,098

Vacancy

-148,417

-137,834

-147,731

-155,587

-160,488

Concessions

-30,254

-27,567

-29,546

-22,645

-16,049

Models, Office, Employee Units

-15,408

-16,540

-17,728

-18,670

-19,259

Bad Debt

-19,522

-13,783

-14,773

-15,559

-16,049

Effective Gross Rental Income

2,245,966

2,533,385

2,715,300

2,868,170

2,965,824

Other Income

338,511

348,807

359,417

370,349

381,613

Total Net Income

2,584,477

2,882,192

3,074,717

3,238,519

3,347,437

Real Estate Taxes

606,628

609,157

615,277

621,458

627,701

Insurance

125,733

128,271

130,860

133,502

136,196

Electric

25,827

26,348

26,880

27,422

27,976

Water and Sewer

80,843

82,475

84,139

85,838

87,570

Trash Removal

44,866

45,772

46,696

47,638

48,600

Other Utilities

10,449

10,660

10,875

11,094

11,318

Management Fee

77,534

86,466

92,242

97,156

100,423

Repairs and Maintenance

111,452

113,701

115,996

118,338

120,726

General/Admin

53,072

54,143

55,236

56,351

57,489

Advertising and Leasing

40,208

41,019

41,847

42,692

43,554

Payroll

318,430

324,857

331,414

338,103

344,928

Total Expenses

1,495,041

1,522,870

1,551,462

1,579,592

1,606,481

Expense Ration

57.8%

52.8%

50.5%

48.8%

48.0%

Net Operating Income (NOI)

$1,089,436

$1,359,322

$1,523,255

$1,658,927

$1,740,956

EXPENSES

CURRENT ASSETS UNDER MANAGEMENT

Exits & Performance PROPERTY

HOLD PERIOD

UNITS

AVG. ANNUALIZED RETURN TO LP INVESTORS

Wildcreek

3.25 years

242

20%

Villas of South Cobb I

2.5 years

188

19%

Villas of South Cobb II

2.5 years

152

19%

Ascent at Riverdale I

2 years

118

38%

Ascent at Riverdale II

2 years

62

38%

The Hills at East Cobb

3 Years

268

10%*

Reserve at Walnut Creek

3 years

284

35%

Estates at Las Colinas

3 years

415

24%

4.5 years

304

20%

The Avery Total

2055 20SS

Avg. 24.8%

* The Hills at East Cobb returns total 10% over 3 years 3% factored into average annualized return of 23%

Second Acquisition Within The Fund

CURRENT PROPERTY

Background & Market Located in Marietta, GA / Atlanta, GA MSA. Liberty Pointe is located in the path of progress, has tremendous value-add potential through a comprehensive renovation plan extending from the exterior to unit interiors.

Liberty Pointe benefits from the ease of access to top employers and the continual increase of job creation.

Business Plan Planned Improvements include exterior facelift, green improvements includes total overhaul retrofitting of existing toilets, shower heads, and aerators with the installation of a modern water conservation project.

By taking the interior improvements to the platinum level renovation, this will allow for premium rent increases and current tenant satisfaction to reach $200-225/per unit.

PROPERTY DETAILS Asset Class

B

Location

Atlanta MSA, GA

Year Constructed

1969

No. of Units

181

Purchase Price

$37M

CURRENT PROPERTY

Background & Market Located in South Bend MSA, IN, Elevate on Main has high income rent-by-choice tenants with high demand for the highest level of interior renovations.

PROPERTY DETAILS

75% of the property interiors are to be renovated and earn a corresponding $225+ monthly rent increases.

Asset Class

B

Location

South Bend MSA, IN

Year Constructed

2000

No. of Units

400

Purchase Price

$76M

Business Plan Planned Improvements include total property reroofing, fitness center upgrades, exterior facelift with outdoor grilling station, fire pit, and dog park. Green improvements includes total overhaul retrofitting of existing toilets, shower heads, and aerators with the installation of a modern water conservation project.

By taking the interior improvements to the platinum level renovation, this will allow for premium rent increases and current tenant satisfaction.

CURRENT PROPERTY

Background & Market Located in Smyrna, GA, Elevate Twenty Three is in the direct path of progress, The Battery, that has seen more than $1 billion in development over the past few years.

Elevate Twenty Three’s room for improvement included exterior, amenity upgrades and extensive interior renovations Business Plan 80% of the interiors to be renovated to platinum level, this includes stainless appliances, quartz countertops, smart devices installment, and vinyl plank flooring. Modernizing the property includes removing textured wall and ceiling to a smooth and contemporary feel.

Exterior improvements include massive facelift from paint, structural repairs to the building bridge catwalks and stair systems. In addition, sport court and recreational areas will be added to build value and attract supreme tenant base.

PROPERTY DETAILS Asset Class

B

Location

Smyrna, GA

Year Constructed

1986

No. of Units

222

Purchase Price

$41.1M

CURRENT PROPERTY

Background & Market Located in Marietta, GA, Veritas is directly benefiting from the redevelopment of the Franklin Gateway corridor.

PROPERTY DETAILS

Veritas’ room for improvement included exterior and amenity upgrades and unit renovations.

Asset Class

B

Business Plan

Location

Marietta, GA

Year Constructed

1980

No. of Units

192

Purchase Price

$25.8M

Planned Improvements included installing new roofs and Hardieplank siding, renovating the remaining classic units to premium level with granite and stainless steel appliances, modernizing the leasing office, interior and adding an outdoor fitness center and turf athletic field.

Stabilize economic and physical occupancy while capturing increased rental revenue driven by property upgrades.

CURRENT PROPERTY

Background & Market Located in the Atlanta’s Clayton County, top 10 rent growth county in the U.S. Institutional quality seller fully renovated the amenities and interiors in 2017 offering little remaining deferred maintenance.

PROPERTY DETAILS

Local rent growth outpaced on-site rent renewals, resulting in 16+% loss to lease on site, providing Viking with the opportunity to increase rents significantly to market rate and increase both revenue and NOI at a lower renovation cost basis.

Asset Class

B+

Location

Stockbridge, GA

Year Constructed

1999

Business Plan

No. of Units

368

Minor updates to the unit interiors, pool and exteriors and upgrade fitness center to ensure Marbella Place attracts top quality tenants.

Purchase Price

$52.7M

Immediately on acquisition, raise renewal rents and new leases to market rental rates.

CURRENT PROPERTY

Background & Market Located on high traffic Georgia Avenue in Washington, D.C. and adjacent to a Metro rail stop. Petworth is a sought-after neighborhood and the lack of for-sale residential homes has increased value.

PROPERTY DETAILS

Purchased at $390,000 per rental unit with nearby condominium comps selling for $550,000 which provided $7 million of intrinsic value.

Asset Class

A

Location

Washington, DC

Year Constructed

2010

Business Plan

No. of Units

49

Efficiently operate the rental property, modernizing the lobby and common spaces to capture market rent growth and positioning the asset for condo conversion.

Purchase Price

$19.3M

The Griffin was built and zoned as condos, but delivered to market as a rental property.

Investor Relations Team invest@vikingcapllc.com