8 4 5 5 W G R A N D AV E N U E , P E O R I A , A R I Z O N A L O C AT E D I N A Q U A L I F I E D O P P O R T U N I T Y Z O N E
peoria gateway A P A R T M E N T S
200 UNITS
PHOENIX, AZ NEW CONSTRUCTION
$6.0M PREFERRED EQUITY
2026
CLASS A MULTIFAMILY
16% IRR
6% COC
V I K I N G CA P L LC .C O M F O R I N F O R M AT I O N A L P U R P O S E S O N LY – N O T A N O F F E R T O S E L L S E C U R I T I E S . O F F E R S C A N B E M A D E O N LY B Y T H E C O N F I D E N T I A L P R I VAT E P L A C E M E N T M E M O R A N D U M .
1
D I S C L O S U R E S This presentation is for informational purposes only and does not constitute an offer to sell or a solicitation to purchase any security. Any offering is made only through the applicable Private Placement Memorandum (PPM), subscription documents, and related offering materials. Investments involve risk, including the possible loss of principal. There is no guarantee of returns, distributions, or investment objectives. Any projected, targeted, or estimated returns are forward-looking statements and are not guarantees of future performance. Real estate investments are illiquid and may not be suitable for all investors. Preferred equity investments are subordinate to senior debt and involve additional risks. Past performance is not indicative of future results. Tax, legal, and retirement account information provided is for educational purposes only. Investors should consult their own professional advisors. Investing through a self-directed IRA involves specific rules and requirements. Investors should consult their custodian and advisors before investing. Please review all offering documents carefully and conduct your own due diligence prior to making any investment decision. The material contained in this Offering Memorandum is confidential, furnished solely for the purpose of considering an investment in the Property and is not to be used for any other purpose or made available to any other person without the written consent of Viking Capital LLC. The material has been obtained from sources Viking Capital deems to be reliable; however, Viking and its affiliates make no representations or warranties regarding the accuracy or completeness of this material. Among other considerations, prospective investors should recognize that this Offering Memorandum contains forward-looking statements (including projections as to construction schedules and costs, operating results, and economic trends), all of which are inherently speculative and many of which are based on future events not within the control.
V I K I N G
C A P I T A L
2
MEET OUR TEAM
Vikram Raya
CEO, Founder
Dr. Vikram Raya is an experienced investment strategist, entrepreneur, and capital markets leader with over a decade of experience sourcing and scaling institutional-grade real estate investments. As a Co-Founder, he leads the firm’s investment strategy, capital deployment, and strategic partnerships across high-growth, supply-constrained markets. A Georgetown University graduate, Vikram brings a disciplined, performancedriven approach to the full investment lifecycle, from market selection and operator diligence to fund design and investor alignment. Since founding, he helped grow Viking Capital into a nationally recognized multifamily platform, acquiring over $1 billion in assets, managing more than 5,000 units, and raising over $250 million in equity.
Chris Parrinello SVP, Capital Markets & Head of Investor Relations
Chris Parrinello is a capital markets executive focused on institutional capital formation, portfolio construction, and long-term investor alignment within private real estate. As Senior Vice President of Capital Markets and Head of Investor Relations at Viking Capital, he leads capital strategy and investor engagement, working closely with RIAs, family offices, and high-net-worth investors to integrate multifamily real estate into diversified portfolios. His approach emphasizes risk-adjusted returns, capital stack structuring, and transparency throughout the investment lifecycle. Chris has raised over $350 million in private capital and played a key role in scaling Viking Capital’s investor platform to more than 1,100 investors, supporting the firmʼs growth and institutional positioning. He is an active contributor within the investment community, frequently speaking on alternative asset allocation, capital markets strategy, and the role of private real estate in modern portfolio construction. V I K I N G
C A P I T A L
3
ABOUT VIKING CAPITAL
2015 YEAR FOUNDED
6,522 TOTA L U N I T S AC Q U I R E D
$1.02B
Viking Capital is a multifamily real estate-focused investment firm. The original and institutional holding company for Viking Capital was established in 2015 and was created to serve the unique needs of institutional partners, family offices, high-net-worth investors, and advisory groups seeking access to high-performing multifamily investments. Viking Capital focuses on acquiring, developing, and optimizing highquality multifamily communities in growth markets throughout the United States. The firm’s strategy is rooted in disciplined market selection, operational precision, and a long-term commitment to quality—delivering consistent value to investors and an elevated standard of living for residents. By combining institutional rigor with community-forward thinking, Viking fosters sustainable, income-producing assets designed to outperform across market cycles.
C U M U L AT I V E AU M
V I K I N G
C A P I T A L
4
CYCLE-TESTED PERFORMANCE Viking Capital is a multifamily investment firm focused on disciplined execution, risk management, and long-term value creation across different market cycles.
6,522
Units
TOTA L U N I T S AC Q U I R E D
7,000 6,500 6,000 5,500 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 200 0
Rates & Supply
DFW SAN ANTONIO
Economic Downturns
PHOENIX
NASHVILLE
ATLANTA
COVID-19
HOUSTON SAN ANTONIO SOUTH BEND WASHINGTON, DC DALLAS AUSTIN ATLANTA
2015
2017
2018
2020
2021
2022
2023
2024
2025 V I K I N G
C A P I T A L
5
Viking Capital’s Track Record Disclaimer: This track record reflects all Viking Capital exits and corresponding performance metrics to date. While these results were achieved during a historically favorable period for multifamily dispositions, they demonstrate the firm’s disciplined execution, value creation, and successful realization strategies. Past performance was influenced by market conditions and is not necessarily indicative of results in the current or future economic environment. Please note that all properties marked with an asterisk () represent joint venture partnerships.*
Exit Date
Units
Projected Hold Period (Yrs)
Hold Purchase Period Price (Yrs)
Sale Price
Total Cap.
Deal Name
Location
Acq. Date
Reserve at Walnut Creek*
Austin, TX
2019
2022
284
4
3
$36.3M
Estates at Las Colinas*
Dallas, TX
2019
2022
415
4
3
$4M
$79.19M
$65.175M
$19M
$46.3M
The Avery*
Dallas, TX
2017
2022
304
4
5
$40.8M
$59.25M
$43.78M
$15M
Ascent at Riverdale I
Atlanta, GA
2017
2019
118
4
2
$4.125M
$6.732M
$5.9M
Wildcreek*
Atlanta, GA
2015
2018
242
4
3.25
$15.3M
$20.963M
Hills at East Cobb*
Atlanta, GA
2018
2021
268
4
3
$33.25M
Villas of South Cobb I*
Atlanta, GA
2016
2018
188
4
2.5
Villas of South Cobb II*
Atlanta, GA
2016
2019
152
4
2.5
Securities Offered by Patrick Capital Markets, Member FINRA/SIPC
Projected IRR
Realized IRR
Projected CoC
Realized CoC
Projected EM
Realized EM
15%
27.90%
8.27%
7.20%
2.37x
2.14x
19.61%
35.20%
75%
19.80%
22.20%
9%
6%
2.27x
1.73x
25.30%
25%
$30.6M
75%
18%
19.20%
8.70%
5.50%
2.1x
1.9x
22%
21.60%
$1.95M
$3.3M
80%
17.85%
34.70%
9.50%
9.50%
2.03x
1.76x
22.64%
38%
$16.6M
$5.75M
$11.475M
75%
20.67%
15.20%
9.16%
9.12%
2.03x
1.65x
20.70%
20%
$39M
$35.6M
$9.4M
$26.2M
79%
16.50%
4.80%
8.38%
7.83%
2.09x
1.1x
21.91%
3.30%
$12.4M
$15.32M
$14.22M
$4.3M
$9.92M
80%
17.80%
25.10%
8.80%
8.13%
2.01x
1.48x
20.20%
19%
$10.25M
$13.35M
$12M
$4.313M $7.687M
75%
17.20%
25.30%
8.90%
8.18%
2.03x
1.48x
20.73%
19%
Equity
Debt
LTV
$46.825M $40.615M $15.75M $24.865M 68.50%
Projected Realized AAR AAR
V I K I N G
C A P I T A L
6
CURRENT PROPERTIES
OPEN RAISE AVONDALE COMMONS
Property Details
A
Asset Class
Avondale, AZ
2025
Year Constructed
324
No. of Units
OPEN RAISE PEORIA GATEWAY
Property Details
B
Asset Class
Atlanta MSA, GA
1988
Year Constructed
188
No. of Units
ELEVATE ON MAIN
Property Details
B+
Asset Class
South Bend, IN
2000
Year Constructed
400
No. of Units
2026
A
Year Constructed
Asset Class
ELEVATE AT STEWARTS MILL
Property Details
Phoenix, AZ
200
No. of Units
PARK 33
Property Details
B+
Asset Class
2018
188
No. of Units
ELEVATE WOODSTOCK
Property Details
B
Asset Class
Atlanta, GA
1986
Year Constructed
Property Details
B
Asset Class
Nashville, TN
1985
Year Constructed
232
No. of Units
ELEVATE GREENE
South Bend, IN
Year Constructed
THE HAMILTON PREMIER APARTMENTS
120
No. of Units
Property Details
B
Asset Class
Atlanta, GA
2005
Year Constructed
252
No. of Units
AVONDALE HILLS
Property Details
A
Asset Class
B+
Asset Class
Stockbridge, GA
1999
Year Constructed
368
No. of Units
2022
Year Constructed
240
No. of Units
Property Details
A
Asset Class
ELEVATE EAGLE’S LANDING
Property Details
B+
Asset Class
MARBELLA PLACE
Property Details
Atlanta MSA, GA
THE TOWNHOMES AT BLUEBONNET TRAILS
Atlanta, GA
2006
Year Constructed
176
No. of Units
A
Asset Class
Washington, DC
2010
Year Constructed
2020-2021 Year Constructed
114
No. of Units
A
Asset Class
Houston, TX
2007
Year Constructed
49
No. of Units
Property Details
B
Asset Class
192
No. of Units
Marietta, GA
1980
Year Constructed
AUSTIN/ SAN ANTONIO TX
2012
A
Year Constructed
Asset Class
252
No. of Units
ELEVATE AT HUEBNER GROVE
KINGS COVE
Property Details
Property Details
Property Details
B
Asset Class
VERITAS AT EAST COBB
THE GRIFFIN
Property Details
Dallas-Fort Worth, TX
VILLAS AT SUNDANCE
192
No. of Units
1981
Property Details
B+
Asset Class
Atlanta MSA, GA
1998
Year Constructed
268
No. of Units
ELEVATE AT THE POINTE
San Antonio, TX
Year Constructed
ELEVATE AT DAWSON FOREST
Property Details
B
210
Asset Class
No. of Units
Atlanta, GA
1969
Year Constructed
181
No. of Units
THE HYPE
Property Details
B
Asset Class
Atlanta, GA
1960
Year Constructed
14
No. of Units
V I K I N G
C A P I T A L
7
peoria gateway PROPERTY SUMMARY 8455 NW GRAND AVE, PEORIA, ARIZONA
200
UNITS
2027
YEAR BUILT
191, 488
RENTABLE SF
957
AVG UNIT SF
3
CONSTRUCTION
STORY + TOWNHOMES
331
STRUCTURED PARKING SPACES V I K I N G
C A P I T A L
8
2025
JAN-DEC 2025
2025-2026
2026-2027
Q1 2027
NOV. 2027-JUNE 2028
Q3 2028
PERMIT IN HANDS
EQUITY RAISE
CONSTRUCTION STARTS
LEASING STARTS
FIRST DELIVERY OF UNITS
STABILIZATION
SALE
All required permits secured, enabling construction to move forward and reducing development execution risk.
Capital commitments secured from investors, strengthening the capital stack and funding the project’s next phase.
Site work and vertical construction commenced, marking the transition from planning into active development.
Pre-leasing launched with marketing and tenant outreach underway, beginning the path toward occupancy stabilization.
Initial units delivered and available for occupancy, generating the project’s first operating revenue.
Occupancy and operations reached stabilized levels, supporting consistent cash flow and longterm asset performance.
Asset marketed for disposition following stabilization, with exit timing aligned to performance objectives and market conditions.
V I K I N G
C A P I T A L
9
INVESTMENT HIGHLIGHTS
200 UNITS
PEORIA, AZ
2027 16% 6% $6.0M Up to
Year Built
IRR
COC
PREFERRED EQUITY
V I K I N G
C A P I T A L
10
INVESTMENT HIGHLIGHTS
LOCATION OVERVIEW Minutes from major employers, including Honeywell Aerospace, UHaul International, and Amkor Technology. Convenient access to Arizona State University West, Grand Canyon University, Phoenix Sky Harbor Airport, and State Farm Stadium. Surrounded by premier retail and entertainment destinations, including P83 Entertainment District, Arrowhead Towne Center, Park West, and Peoria Gateway.
DIVERSIFIED EMPLOYMENT BASE Strong economy supported by healthcare, finance, education, technology, manufacturing, logistics, retail, and professional services. A diverse employment base helps reduce economic volatility and supports long-term apartment demand.
STRONG EMPLOYMENT GROWTH Employment has grown more than 130% over the past 20 years. Continued business expansion and population growth are driving sustained demand for quality rental housing. Peoria has become one of Greater Phoenix's fastest-growing employment hubs.
V I K I N G
C A P I T A L
11
PROPERTY LOCATION
PEORIA GATEWAY 25 miles
13 miles
Scottsdale Phoenix
V I K I N G
C A P I T A L
12
ACCOLADES
1
CITY TO LIVE, WORK, # AND PLAY Ranking Arizona
1
MASTERPLANNED # COMMUNITY IN ARIZONA Ranking Arizona
2
#
BEST PLACE TO LIVE IN ARIZONA Ranking Arizona
SUBMARKET OVERVIEW
PEORIA TOP BOOMTOWNS IN
20 AMERICA Smart Asset
V I K I N G
C A P I T A L
13
SUBMARKET OVERVIEW
1 Mile
3.1 Miles
3.7 Miles
4.1 Miles
West Valley Art Museum
Slick City Action Park
Outlet Mall
P83 Entertainment District
4.1 Miles
4.8 Miles
5.1 Miles
Peoria Sports Complex
Arrowhead Towne Center
Westgate Entertainment District
V I K I N G
C A P I T A L
14
SUBMARKET OVERVIEW
PEORIA MAJOR EMPLOYMENT INDUSTRY:
HEALTHCARE 12,550+ healthcare professionals employed in Peoria, making healthcare the city's largest employment sector. Home to nationally recognized healthcare systems, including Banner Health, Mayo Clinic, HonorHealth, Abrazo Health, Valleywise Health, Cigna, Select Medical, and City of Hope. Arizona's healthcare industry generates $78B in annual economic impact. Supports nearly 1 million jobs and $69B in personal income statewide. V I K I N G
C A P I T A L
15
SUBMARKET HIGHLIGHTS
PEORIA: YIELD ADVANTAGE WITHIN A HIGH-GROWTH METRO Relative affordability and cap rate spread create upside within the Phoenix MSA.
SUBMARKET vs. METRO SNAPSHOT
WE S T
Indicative figures — for illustrative comparison METRIC
PEORIA / WEST VALLEY
PHOENIX MSA AVG.
~$1,340
~$1,480
~5.3% – 5.4%
~5.2%
Submarket Grade
B+
Core / A
Yield Spread vs. MSA
+10–20 bps
—
Average Rent Cap Rate
R E N T
G A P
T O
C O R E
~$140 below MSA average
C A P
R A T E
P R E M I U M
+10–20 bps vs. core
V ALLE Y
S U B M AR K E T
DY N AM ICS
Peoria sits within the West Valley, where new supply is concentrated but supported by sustained migration trends. Rent levels remain below core submarkets, supporting absorption, while cap rates provide a yield premium relative to institutional cores.
P O S I T I O N I N G
A D V A N T A G E
LOWER
basis entry vs. core submarkets
UPSIDE
from rent-growth convergence
BROADER
tenant demand pool access
3c V I K I N G
C A P I T A L
16
PHOENIX TOP EMPLOYERS
BANNER HEALTH
AMAZON
HONEYWELL
AMERICAN EXPRESS
EMPLOYS 55,000
EMPLOYS 36,000
EMPLOYS 7,111
EMPLOYS 7,000
ST JOSEPH’S HOSPITAL
ASU
SROUTS
WELLS FARGO
EMPLOYS 5,000
EMPLOYS 18,500
EMPLOYS 13,526
EMPLOYS 15,000
V I K I N G
C A P I T A L
17
LOCATION HIGHLIGHTS
PHOENIX MULTIFAMILY: A HIGH-GROWTH MARKET ENTERING A DISCIPLINED PHASE Long-term demand remains intact as near-term supply resets pricing and creates opportunity.
SUN BELT TAILWINDS Phoenix has been one of the strongest beneficiaries of Sun Belt migration, supported by a favorable tax and policy environment, continued corporate expansion across technology and manufacturing, and strong demographic inflows—particularly within renter-heavy age cohorts.
DURABLE EMPLOYMENT FOUNDATION Job creation has been driven by semiconductor investment, advanced manufacturing, and sustained corporate relocations from higher-cost coastal markets. This diversified base supports consistent workforce demand and rental absorption across multiple income segments.
INSTITUTIONAL CAPITAL POSITIONING Institutional investors continue to prioritize Phoenix as a core long-term allocation despite short-term volatility, reflecting confidence in the metro's growth trajectory, demographic profile, and rental housing demand fundamentals.
+10K J O B S
Driven by semiconductor, manufacturing, and corporate investment commitments.
I N C O M I N G
Above Avg.
25–34 renter cohort growth ranks among the highest nationally.
P O P U L A T I O N G R O W T H
AM A R K E T
Institutional-quality market with strong long-term fundamentals. G R A D E
V I K I N G
C A P I T A L
18
LOCATION HIGHLIGHTS
SUPPLY-DRIVEN RESET CREATING A STRATEGIC ENTRY WINDOW Near-term pressure is cyclical, not structural.
SUPPLY GROWTH TEMPORARILY OUTPACING DEMAND Annual change, Phoenix MSA — Illustrative
Supply Growth (%)
S H OR T - T E R M
Supply Outpacing Absorption
Demand Growth
3.5
Supply growth running near 2.4% annually Elevated deliveries concentrated in outer submarkets Rent growth temporarily moderating
3.0
WH AT
2.5
T H IS
M E ANS
Normalization, Not Overbuilding
2.0
Developers meeting demand, not exceeding it structurally Market transitioning from hyper-growth to normalization
1.5
FOR WAR D
1.0
V IE W
Re-Stabilization Underway
0.5
0.0
DY N AM IC
Population and job growth absorb supply over time Rent growth expected to re-stabilize with income growth 1.0
2.0
3.0
4.0
5.0
6.0
7.0
Investor takeaway: this phase historically rewards investors entering at basis discipline during supply normalization. V I K I N G
C A P I T A L
19
SUPPLY PIPELINE
NEARBY PROJECTS ( WITHIN ~5 MILES OF 455 NW GRAND AVE, PEORIA AZ ) PROJECT NAME
DEVELOPER / OWNER
TYPE
STATUS
UNITS
MARLOWE PEORIA PLACE
GREYSTAR RE PARTNERS
3-STORY GARDEN
COMPLETE - MAY 2025
370
BELLA OLIVIA
BELLA FLOR COMMUNITIES
BTR
COMPLETE - JAN 2025
112
THE SOMERSET
RIDGEHOUSE CAPITAL
4-STORY GARDEN
COMPLETE - MAR 2025
234
GREENLIGHT COMMUNITIES
3-STORY GARDEN
COMPLETE - JUNE 2025
190
SUMMERWELL PEORIA PLACE
GREYSTAR RE PARTNERS
BTR
COMPLETE - NOV 24
255
PROPOSED - 5 MILE RADIUS
-
-
PROPOSED
456
STREAMLINER 87TH
WH AT
T H IS
M E ANS
P E O R I A GAT E WAY W I L L B E T H E O N LY N E W M U LT I FA M I LY P R O P E R T Y I N A 5 - M I L E R A D I U S TO C O M E TO M A R K E T OV E R T H E N E XT 4 Y E A R S
V I K I N G
C A P I T A L
20
AERIAL IMAGE
PEORIA GATEWAY A P A R T M E N T S
V I K I N G
C A P I T A L
21
SITE PLAN
V I K I N G
C A P I T A L
22
PROJECT FACTS
LEASE-UP TIMELINE:
LAND AND UNIT DATA:
TOTAL NUMBER OF UNITS:
200
GROSS LAND AREA (ACRES):
7.50
NET LAND AREA (ACRES):
7.50
GROSS BUILDING AREA (INCL. CORRIDORS):
200,654
TOTAL AIR-CONDITIONED AREA (SQ. FEET):
191,488
GROSS FLOOR AREA RATIO:
0.61
PARKING RATIO - RESIDENTIAL (PER UNIT):
1.70
PARKING RATIO - RESIDENTIAL (PER BR):
1.18
PARKING RATIO - RETAIL (PER 1,000 SQ FT):
0.00
EFFICIENCY RATIO (NRSF/GROSS SF):
0.95
LAND COST/UNIT:
LAND CLOSE
CONSTRUCTION START DATE
FIRST UNIT DELIVERED
LAST UNIT DELIVERED
STABILIZED
OCTOBER 2025
NOVEMBER 2025
FEBRUARY 2027
OCTOBER 2027
DECEMBER 2027
YIELD ON DEVELOPMENT COST: UN-TRENDED YIELD ON COST:
5.92%
YIELD ON DEBT:
8.58%
$25,000
LAND COST/NET SF OF LAND:
$15.30
DENSITY - UNITS/NET ACRE:
26.67
V I K I N G
C A P I T A L
23
INVESTMENT OFFERING
CAPITAL STRUCTURE $1.4M
GP: EQUITY
$9.0M
LP: CLASS B
$3.8M
LP: RESERVE
$6.0M
PREF EQUITY
$45.0M
DEBT
Project Cost Debt Pref Equity Common Equity
$65,205,426 $45,000,000 $6,000,000 $14,205,426
Reserved Class
Hold Period
~2 years
IRR
16.00%
Current Pay
6.00%
Accrued Return
10.00%
V I K I N G
C A P I T A L
24
ONE BEDROOM
PROPERTY
UNIT TYPE
YEAR BUILT
SF
UNITS
AVG. EFFECTIVE RENT
$ / PSF
MARLOWE PEORIA PLACE
1x1
2025
823
370
$1,800
$2.19
VILLAGE AT PIONEER PARK
1x1
2022
680
332
$1,745
$2.57
VLUX AT PEORIA HIEGHTS
1x1
2022
647
189
$1,694
$2.62
VILLAS ON OLIVE
1x1
2017
634
153
$1,699
$2.68
WEIGHTED AVG.
1x1
718
1,044
$1,749
$2.44
SUBJECT
1x1 - Junior
648
48
$1,570
$2.42
SUBJECT
1x1
762
72
$1,735
$2.28
716
120
$1,669
$2.33
WEIGHTED AVG.
V I K I N G
C A P I T A L
25
TWO BEDROOMS
UNIT TYPE
YEAR BUILT
SF
UNITS
AVG. EFFECTIVE RENT
$ / PSF
MARLOWE PEORIA PLACE
2x2
2025
1,176
370
$2,223
$1.89
SUMMERWELL PEORIA PLACE
2x2
2024
1,078
255
$2,188
$2.03
VILLAGE AT PIONEER PARK
2x2
2022
1,011
332
$2,195
$2.17
VLUX AT PEORIA HEIGHTS
2x2
2022
995
189
$2,104
$2.11
VILLAS ON OLIVE
2x2
2017
990
153
$1,799
$1.82
PEORIA GRAND APARTMENTS
2x2
1985
864
144
$1,550
$1.79
1,046
1,443
$2,083
$1.99
953
48
$1,945
$2.04
PROPERTY
WEIGHTED AVG. SUBJECT
2x2
V I K I N G
C A P I T A L
26
THREE BEDROOMS
UNIT TYPE
YEAR BUILT
SF
UNITS
AVG. EFFECTIVE RENT
$ / PSF
SUMMERWELL PEORIA PLACE
TH
2025
1,921
15
$2,599
$1.35
VILLAGE AT PIONEER PARK
TH
2024
1,462
8
$2,099
$1.44
VILLAS ON OLIVE
TH
2023
1,467
26
$2,020
$1.38
1,605
49
$2,210
$1.38
PROPERTY
WEIGHTED AVG. SUBJECT
2x3 - TH
1,868
8
$2,724
$1.46
SUBJECT
3x3 - TH
1,868
24
$2,842
$1.52
1,868
32
$2,813
$1.51
WEIGHTED AVG.
V I K I N G
C A P I T A L
27
SALES COMPARIBLES
PROPERTY NAME
PROPERTY ADDRESS
PROPERTY CITY
NUMBER OF UNITS
YEAR BUILT
SALE DATE
SALE PRICE
PRICE PER UNIT
PRICE PER SF
AVG UNIT SF
ONYX UPTOWN PHX
500 W CAMELBACK RD
PHOENIX
280
2024
4/15/2025
$87,000,000
$310,714
$246.64
841
SPIRE DEER VALLEY
24100 N 19 T H AVE
PHOENIX
388
2024
1/15/2025
$131,1000,000 $337,887
$241.86
1004
THE MCKINLEY
280 W MCKINLEY ST
PHOENIX
108
2019
5/30/3035
$30,600,000
$283,333
$230.52
775
SLATE SCOTTSDALE
18220 N 68 T H ST
PHOENIX
278
2016
7/18/2025
$97,375,000
$350,270
$272.79
920
ILUMINATE URBAN APARTMENT HOMES
290 E ROOSEVELT ST
PHOENIX
111
2016
5/30/2025
$30,6000,000 $275,676
$216.25
790
LINEAR APARTMENT HOMES
295 E ROOSEVELT ST
(PART OF A 3 PROPERTY PORTFOLIO)
PHOENIX
104
2016
5/30/2025
$28,800,000
$276,923
$250.43
873
MASON OLIVER
11 S 12 T H ST
PHOENIX
292
2015
7/28/2025
$62,300,000
$213,356
$294.73
826
MARQUIS AT DESERT RIDGE
2115 N 56 T H ST
PHOENIX
370
2014
1/23/2025
$126,000,000 $340,541
$337.74
911
LEVEL AT SIXTEENTH
1550 E CAMPBELL AVE
PHOENIX
240
2008
6/30/2025
$61,500,000
$256,250
$170.80
786
OBSIDIAN ON GLENADALE
7601 W GLENDALE AVE
PHOENIX
216
2023
7/18/2024
$52,000,000
$240,740
$254
920
GLEN 91
8991 W GLENDALE AVE
PHOENIX
296
2023
7/12/2024
$76,500,000
$258,445
$244
871
CUVEE AT WESTGATE
7200 N 91 S T AVE
PHOENIX
310
2022
11/16/2023
$86,000,000
$277,419
$554
886
(PART OF A 3 PROPERTY PORTFOLIO)
(PART OF A 15 PROPERTY PORTFOLIO)
(PART OF A 3 PROPERTY PORTFOLIO)
V I K I N G
C A P I T A L
28
PROJECT COST SUMMARY
COST ITEM
TOTAL
PER UNIT
PER SF
$44,990,000
$224,950
$234.95
CONSTRUCTION MANAGEMENT (CM) FEE
$500,000
$2,500
$2.61
LAND
$5,000,000
$25,000
$26.11
TAXES
$16,254
$81
$0.08
LEGAL
$550,000
$2,750
$2.87
CLOSING COSTS
$491,550
$2,458
$2.57
FINANCING
$1,290,500
$6,453
$6.74
MUNICIPAL FEES
$550,000
$2,750
$2.87
ARCHITECT
$1,200,000
$6,000
$6.27
ENGINEERING AND SURVEYING
$200,000
$1,000
$1.04
PRELEASING
$250,000
$1,250
$1.31
MARKETING
$700,000
$3,500
$3.66
CONSTRUCTION INTEREST
$4,012,728
$20,064
$20.96
OTHER DEVELOPMENT COSTS
$200,000
$1,000
$1.04
MISC/OTHER
$150,000
$750
$0.78
LEASE-UP OPERATING DEFICIT
$187,020
$935
$0.98
OVERHEAD
$1,692,374
$8,462
$8.84
SOFT COST CONTINGENCY
$3,225,000
$16,125
$16.84
TOTAL PROJECT COST
$65,205,426
$326,027
$340.52
CONSTRUCTION HARD COSTS
V I K I N G
C A P I T A L
29
CAPITALIZATION
SOURCES & USES
TOTAL
PER UNIT
% OF TOTAL
PER APT. SF
CONSTRUCTION LOAN
$45,000,000
$225,000
69.0%
$235.00
PREFERRED EQUITY
$6,000,000
$30,000
9.2%
$31.33
SPONSOR
$1,420,543
$7,103
2.2%
$7.42
JV PARTNER
$12,784,883
$63,924
19.6%
$66.77
TOTAL EQUITY
$65,205,426
$326,027
100.00%
$340.52
TOTAL CAPITALIZATION
$63,692,497
100.00%
$318,462
UN-TRENDED YIELD ON TOTAL PROJECT COST
5.92%
YIELD ON DEBT
8.58%
V I K I N G
C A P I T A L
30
INVESTMENT HIGHLIGHTS
200 UNITS
PEORIA, AZ
2027 16% 6% $6M Up to
Year Built
IRR
COC
Preferred equity
BOOK A CALL
peoria gateway Class A Multifamily Opportunity
OPEN TO ACCREDITED INVESTORS
V I K I N G
C A P I T A L
31