Stewart's Mill

ATLANTA, GA

3421 STEWART MILL ROAD, 30135

STEWART’S MILL

188

UNITS

1988

YEAR BUILT

VIKRAM RAYA CEO / Founder

RAVI GUPTA COO / Founder

TABLE OF CONTENTS Executive Summary

Financial Analysis

Property Description

Location Overview

Portfolio & Performance

2

Executive Summary

Property Description

Location Overview

Financial Analysis

Portfolio &

Performance

Executive Summary

INVESTMENT SUMMARY Introducing the Stewart's Mill apartment community, an exceptional investment opportunity nestled in Atlanta, Georgia.

Viking Capital is pleased to present this prime offering located in the highly coveted I-20 West area, renowned for its robust economic drivers. Strategically positioned just a mile from Arbor Place Mall and nine miles west of Fulton Industrial Blvd.'s thriving industrial employment base, this 188-unit property offers compelling investment potential.

Built in 1988, Stewart's Mill presents investors with an ideal chance to acquire a value-driven asset with the potential to yield average premiums of $175 or more.

Atlanta and its surrounding submarkets have been experiencing sustained population growth and rent appreciation, making it a lucrative investment destination. The city's magnetic appeal extends to attractions such as the Atlanta Falcons, Hawks, and Braves, which draw enthusiastic fans year-round. Moreover, Atlanta is home to the headquarters of industry giants like Delta Airlines and Porsche, contributing to a stable economic foundation. The presence of Trilith Studios, a thriving film and entertainment hub, adds to the area's allure.

With 110 hospitals and several large universities in the vicinity, Stewart's Mill enjoys a strong tenant demand from the healthcare and education sectors. This, coupled with the strategic location of the property, significant value-add potential, and numerous amenities, positions Stewart's Mill as an outstanding investment opportunity.

OFFERING SUMMARY Cap (T-12)

5.73%

Expense Ratio (T12)

47%

Physical Occupancy

95%

DSCR Yr 1

1.66x

DSCR avg.

1.83x

Purchase Price Hold Period

$28,200,000 5

Equity

$16,000,000

LP Class A LP

$1,600,000

Class B

$10,400,000

Reserve Class

$4,000,000

PROPERTY SUMMARY Stewart’s Mill Residential

Atlanta, GA

3421 STEWART MILL ROAD, 30135

188 UNITS 167,704 RENTABLE SF

19

ACRES

1988 YEAR BUILT 892

AVG UNIT SF

9.89 UNITS PER ACRE

12 11 RESIDENTIAL + 1 OFFICE PARKING: ON-SITE & 12 DETACHED GARAGES BUILDINGS:

INVESTMENT HIGHLIGHTS Asset

Financial

Economies of Scale

Value-add

19 Acres

New leases in the past 30 days

A true value-add asset,

Viking Capital owns 9 other

Clubhouse/Leasing Center

are 3% higher than in-place

Stewart’s Mill will have

properties in ATL area,

Detached Garages Available

rents (on average, roughly

$14,000/unit of renovations,

providing economies of

Dog Park/Play Area

$40 increase).

with over 73% primed for

scale.

Gazebo Gym

Renewals are right in line with

renovations.

Optionality to position this

in-place rents.

Renovations will provide over

asset to exit as a portfolio

Laundry Facility

Douglasville submarket rose

$163 of headroom for rent

along with other Viking ATL

On-Site Parking

by 48% between 2015-2023

increases.

properties. Thus increasing

Package Lockers

and is expected to continue to

Playground

grow by over 16% by 2027.

Grilling/Picnic Areas

Rentable Storage Units Resident Business Center Swimming Pool WiFi Available

Minimal concessions (0.1% on T12, 0.4% on T3).

exit liquidity, including an exit to an institutional investors.

CONSIDERABLE ORGANIC RENT GROWTH PROGRESSION VALUE-ADD UPSIDE

Unit Mix

3421 W. Stewart Mill Rd. Atlanta, GA, 30135

Property Summary

Year Completed

1988

Total Units

188

Average Unit Size (SF)

892

Physical Occupancy

95%

Avg. Effective Rents

$1,409

New Move-Ins (30 days)

$1,462

Units Primed for Upgrade

148 - 75 Partials & 73 Classics

57

$53 per unit immediately

Description

# Units

% Mix

Avg SF

Rent

Rent/SF

1 BR / 1 BA

60

32%

689

$1,251

$1.82

2 BR / 1 BA

59

31%

880

$1,399

$1.59

2 BR / 2 BA

41

22%

960

$1,464

$1.52

3 BR / 2 BA

28

15%

1,253

$1,674

$1.34

Total / Avg.

188

100%

892 SF Avg.

$1,409

$1.58

Three-Tiered Return Options A three-tiered return structure gives investors options when placing their equity. Investors have the ability to invest in either tier of equity Class A, Class B, Reserve Class, or a combination of Class A and Class B. Diversifying in both A and B classes allows for a risk-adjusted, blended return.

Three-Tiered Equity Structure

Allows Investors to Match Investment Goals Class A

Class B

Reserve Class

•

Prioritized Cash Flow

•

7% Preferred Return

•

8% Preferred Return

•

9% Preferred Return

•

70/30 Profit Share

•

80/20 Profit Share

•

No Profit Share

Minimum investment

$50,000

Minimum investment

$50,000

Minimum investment

$500,000

8

INVESTMENT OFFERING

Purchase $28,200,000 Price Debt $18,612,000 Total Equity $15,984,804

Capital Structure LP: RESERVE

$16M

LP: CLASS B Class A

LP: CLASS A

$18.6M

Debt

© Copyright 2022

Class B

Reserve Class

LP Equity

$1,600,000

$10,400,000 $4,000,000

Pref.

9%

7%

8%

Hold Period

5 Years

5 Years

5 Years

Equity Multiple 1.45x

1.8x-2.0x

2.0x-2.3x

Avg. CoC

9%

7%

8%

IRR

9%

14%

16% 9

INVESTOR RETURNS: $100,000 INVESTMENT Annual Percent Return

Class Annual Distribution A $100k Equity Split

Year 1

Year 2

Year 3

Year 4

Year 5

9%

9%

9%

9%

9%

$9,000

$9,000

$9,000

$9,000

$9,000

Total Expected Return Including Return of Principal ($100k) Annual Percent Return

Class Annual Distribution B $100k Equity Split (70/30)

$145,000

5%

5%

6%

7%

7%

$5,000

$5,000

$6,000

$7,000

$7,000 $60,000

$190,000

Total Expected Return Including Return of Principal ($100k) Annual Percent Return

Reserve Class $500k

Annual Distribution

5%

5%

6%

7%

7%

$25,000

$25,000

$30,000

$35,000

$35,000

Equity Split (80/20) Total Expected Return Including Return of Principal ($500k)

$425,000

$1,075,000 21

NEED BONUS DEPRECIATION IN 2023?

2023

80%

11

© Copyright 2022

2024

60%

2025

40%

2026

20%

2027

0%

DEBT FINANCING* LOAN PRINCIPAL

$18,612,000

LOAN TO VALUE

66%

INTEREST RATE (FIXED)

6.0%

FIXED OR ADJUSTABLE

FIXED

AMORTIZING PERIOD

30

INTEREST ONLY

24 MONTHS

58 to change before closing *Subject

SENSITIVITY ANALYSIS Cap Rate

Projected Sale Price

Deal Level IRR

Equity Multiple

AAR

4.88%

$53,420,542

20.03%

2.32x

26.41%

4.93%

$52,878,752

19.69%

2.29x

25.76%

4.98%

$52,347,841

19.34%

2.26x

25.13%

5.03%

$51,827,484

19.00%

2.23x

24.51%

5.08%

$51,317,371

18.66%

2.20x

23.90%

5.13%

$50,817,202

18.32%

2.17x

23.31%

5.18%

$50,326,688

17.99%

2.14x

22.73%

5.23%

$49,845,554

17.66%

2.11x

22.15%

5.28%

$49,373,531

17.33%

2.08x

21.59%

5.33%

$48,910,365

17.00%

2.05x

21.04%

5.38%

$48,455,808

16.68%

2.03x

20.50%

5.43%

$48,009,622

16.36%

2.00x

19.97%

5.48%

$47,571,578

16.04%

1.97x

19.45%

5.53%

$47,141,455

15.72%

1.95x

18.94%

5.58%

$46,719,041

15.40%

1.92x

18.43%

5.63%

$46,304,129

15.09%

1.90x

17.94%

SENSITIVITY ANALYSIS Hold Period

Cash Flow

AAR

EM

1

5.40%

0.75%

1.01x

2

5.40%

19.39%

1.39x

3

5.70%

23.59%

1.71x

4

5.64%

23.07%

1.92x

5

5.73%

22.15%

2.11x

6

5.89%

21.55%

2.29x

7

6.09%

21.28%

2.49x

8

6.31%

20.86%

2.67x

9

6.54%

20.69%

2.86x

10

6.79%

20.90%

3.09x

Executive Summary

Property Description

Location Overview

Financial Analysis

Portfolio &

Performance

Financial Analysis 56

PROFORMA

INCOME

1

2

Gross Potential Income

3,322,702

3,563,251

- Loss to Lease

(46,666)

-1.4%

(35,633)

-1.0%

(38,042)

-1.0%

(28,796)

-0.7%

(20,381)

-0.5%

- Vacancy

(184,357)

-5.5%

(178,163)

-5.0%

(190,210)

-5.0%

(197,794)

-5.0%

(203,810)

-5.0%

- Concessions

(12,315)

-0.4%

(10,690)

-0.3%

(7,258)

-0.2%

(3,956)

-0.1%

(4,076)

-0.1%

- Models, Office, Employee Units

(11,943)

-0.4%

(9,606)

-0.3%

(10,256)

-0.3%

(10,664)

-0.3%

(10,989)

-0.3%

- Bad Debt

(96,580)

-2.9%

(51,753)

-1.5%

(38,042)

-1.0%

(39,559)

-1.0%

(40,762)

-1.0%

Effective Gross Rental Income

2,970,842

3,277,406

3,520,391

3,675,105

3,796,178

Other Income

320,161

329,899

339,933

350,273

360,927

Total Net Income

3,291,003

3,607,306

3,860,325

4,025,378

4,157,105

4

Units renovated

40

60

37

0

0

Renovation Premiums earned

8,200

12,300

7,125

0

0

3,804,199

5

3,955,874

4,076,196

Renovations

EXPENSES

/unit

/unit

/unit

/unit

/unit

Real Estate Taxes

422,390

2,247

426,633

2,269

430,919

2,292

435,248

2,315

439,621

2,338

Insurance

133,034

708

135,720

722

138,459

736

141,254

751

144,105

767

Contract Services

85,277

454

86,999

463

88,755

472

90,546

482

92,374

491

Electric

34,502

184

35,198

187

35,908

191

36,633

195

37,373

199

0

0

0

0

0

0

0

0

0

0

Water and Sewer

93,171

496

83,239

443

84,919

452

86,633

461

88,382

470

Trash Removal

62,305

331

63,562

338

64,845

345

66,154

352

67,489

359

Other Utilities

270

1

276

1

281

1

287

2

293

2

Management Fee

98,730

525

108,219

576

115,810

616

120,761

642

124,713

663

Repairs and Maintenance

95,025

505

96,943

516

98,899

526

100,896

537

102,932

548

General/Admin

57,015

303

58,166

309

59,340

316

60,537

322

61,759

329

Advertising and Leasing

38,010

202

38,777

206

39,560

210

40,358

215

41,173

219

Payroll

323,084

1,719

329,605

1,753

336,258

1,789

343,045

1,825

349,969

1,862

Total Expenses

1,442,812

7,675

1,463,336

7,784

1,493,953

7,947

1,522,353

8,098

1,550,182

8,246

Gas

$758K OF NOI GROWTH INCREASES STEWART’S MILL VALUE BY $11.4 MILLION

3

% EGI

*Subject to change before closing

Net Operating Income (NOI)

43.8%

40.6%

$1,848,191

$2,143,970

38.7%

37.8%

37.3%

$2,366,372

$2,503,025

$2,606,922

$11,400,000

VALUE-ADD UPSIDE 3 Bedroom / 2 Bathroom 28 Classic Units 6 Renovated Units 13 Partially Renovated Units

73% Units Primed for Upgrades

1 Bedroom / 1 Bathroom 60 Classic Units 8 Renovated Units 22 Partially Renovated Units

2 Bedroom / 2 Bathroom 41 Classic Units 7 Renovated Units 17 Partially Renovated Units

2 Bedroom / 1 Bathroom

59 Classic Units 19 Renovated Units 2 Partially Renovated Units

CONSIDERABLE ORGANIC RENT GROWTH PROGRESSION VALUE-ADD UPSIDE

1 Bedroom / 1 Bathroom

2 Bedroom / 2 Bathroom

Classic Units $1,224

Classic Units $1,396

Renovated Units $1,370

Renovated Units $1,601

$146/ Unit Upside

$205/ Unit Upside

2 Bedroom / 1 Bathroom

3 Bedroom / 2 Bathroom

Classic Units $1,314

Classic Units $1,568

Renovated Units $1,553 $239/ Unit Upside

Renovated Units $1,848 $280/ Unit Upside

VIKING CAPITAL WILL IMPLEMENT OUR VALUE ADD BUSINESS PLAN ON 73% OF UNITS.

VALUE-ADD UPSIDE

Classic Units The property features 40 renovated units, 75 partially renovated units, and 73 classic units. Viking Capital plans to renovate 148 units to achieve premiums of $175+.

Fully renovated units at Stewart's Mill include laminate (formica) countertops, stainless steel appliances, brand-new shaker-style cabinetry, subway tile backsplash, brushed nickel hardware, luxury vinyl flooring, and other top-of-the-market features.

Laminate Countertops White Appliances Original Lighting/Fixtures Brown Cabinets Faux-Wood /Tile in Wet Areas Only

$210 Premium for Classic to Elite Units

Partial Units PREVIOUS OWNERSHIP RENOVATED UNIT

New Laminate Countertops Painted Cabinets Black Appliances Upgraded Lighting/Fixtures

$175 Premium for Partial to Elite Units

Elite Units FULLY RENOVATED UNIT

Faux Marble Countertops Painted Cabinets /new Hardware Stainless-Steel Appliances Faux-Wood Flooring Upgraded Lighting/Fixtures

$14,000 The average cost for interior upgrades

CLASSIC UNIT Laminate Countertops White Appliances Original Lighting/Fixtures Brown Cabinets Faux-Wood /Tile in Wet Areas Only

FULLY RENOVATED UNIT Faux Marble Countertops Painted Cabinets / New Hardware Stainless-Steel Appliances Faux-Wood Flooring Upgraded Lighting / Fixtures

ELITE UNIT

Executive Summary

Property Description

Location Overview

Financial Analysis

Portfolio & Performance

Property Description 14

Stewart’s Mill Atlanta, GA 188

UNITS

1988

PARK 33

Desirable Location - Stewart's Mill is situated in the desirable I-20 West submarket, providing excellent access to major Atlanta job centers including downtown Atlanta and the metro's largest industrial hub - the Fulton Industrial Corridor. This allows for an easy commute for residents.

Quality Asset - Previous ownership has invested over $3.5M into capital improvements including new roofs, amenity upgrades, flooring, and several interior/exterior repairs. The asset is in good physical condition.

YEAR BUILT

892

AVG UNIT SF

167,704

RENTABLE SF

9.89

UNITS PER ACRE

19

ACRES

$1.65

AVG. EFFECTIVE RENT / SF

$1,409

AVG. EFFECTIVE RENT

Clear Value-Add Strategy - The investment highlights a clear value-add blueprint with the opportunity to renovate 148 of the 188 units to achieve rental premiums of over $167 per unit.

Strong Submarket Rental Growth Within the Douglasville submarket, average effective rents have increased by 48% since 2015. Effective rent is expected to continue increasing by over 16% by 2027 Economies of Scale- We have multiple ATL properties, and an efficient property management company in ATL that can create economies of scale.

Strong Economic Drivers - Strong population growth. Atlanta’s 29-county Metropolitan Statistical Area is the ninth-largest and one of the fastestgrowing metro areas in the nation.

MODERN FITNESS CENTER

RESORT STYLE-POOL

RESIDENT CLUBHOUSE

PLAYGROUND

POOLSIDE OUTDOOR KITCHEN

PROPERTY INFORMATION Number of Units

188 Units

Year Built

1988

Stories

Two-Three Stories

Net Rentable Area

167,704 SF

Average Unit Size

892 SF

Schools Elementary School

Holly Springs Elementary

Middle School

Chapel Hill Middle School

High School

Chapel Hill High School

Property Policy Information

Systems & Utilities

Security Deposit

HVAC / Hot

1 Month's Rent

Pet Fee

$300 non-refundable

Pet Rent

$15/Pet/Month

1 Full Time Property Manager 1 Full Time Leasing Agent

Maintenance

Electric - Greystone Electric

Water/Sewer

Douglasville Water & Sewer

Trash Removal

City of Douglasville

All Services Paid by Resident

Staffing Office

Water/Cooling

1 Full Time Maintenance Supervisor 1 Full Time Maintenance Tech

POOL - TOP VIEW

COMMUNITY AMENITIES Clubhouse/Leasing Center Detached Garages Available Dog Park/Play Area Gazebo Gym Grilling/Picnic Areas Laundry Facility On-Site Parking Package Lockers Playground Rentable Storage Units Resident Business Center Swimming Pool

RESORT-STYLE POOL

MODERN FITNESS CENTER

RESIDENT CLUBHOUSE

PLAYGROUND

3 BEDROOM 28 UNITS

15%

1 BEDROOM 60 UNITS

32%

2 BEDROOM 100 UNITS

53%

UNIT MIX

UNIT AMENITIES Breakfast Bar/Pass-Through

Stainless Steel Appliances

Cable & Internet Ready

Tiled Kitchen Backsplash

Faux-Granite Countertops

Walk-In Shower

Fireplace - Wood Burning

W/D Appliances Included

Fully Equipped Kitchens

W/D Connections

Laundry/Utility Room

Window Blinds

Patio or Balcony

Wood-Style Flooring

N

SITE PLAN

FLOOR PLANS

1 BEDROOM, 1 BATH | 689 SF

2 BEDROOM, 1 BATH | 880 SF

2 BEDROOM, 2 BATH | 960 SF

3 BEDROOM, 2 BATH | 1,253 SF

Executive Summary

Property Description

Location Overview

Financial Analysis

Portfolio &

Performance

Rent Comparison Overview 36

RENT COMPARABLES One Bedrooms Brook Valley Apartment Homes

$1,250

Lakeside at Arbor Place

$1,325

Carrington Point

$1,238

Douglasville Proper

$865

Brookview

$146 Headroom for Rent Increases

$1,077

Stewart's Mill

$1,384

Arbor Place

$1,517

Park West

$1,344

One Rocky Ridge

$1,709 $0

$500

$1,000

$1,500

$2,000

RENT COMPARABLES Two Bedrooms Brook Valley Apartment Homes

$1,496

Lakeside at Arbor Place

$225 Headroom for Rent Increases

$2,061

Carrington Point

$1,385

Douglasville Proper

$1,020

Brookview

$1,846

Stewart's Mill

$1,583

Arbor Place

$1,517

Park West

$1,669

One Rocky Ridge

$2,138 $0

$500

$1,000

$1,500

$2,000

$2,500

RENT COMPARABLES Three Bedrooms Lakeside at Arbor Place

$3,022

$280 Headroom for Rent Increases

$1,620

Carrington Point Douglasville Proper

$1,175

Brookview

$1,429

Stewart's Mill

$1,671

Arbor Place

$1,706 $1,825

Park West One Rocky Ridge

$2,072 $0

$1,000

$2,000

$3,000

$4,000

Executive Summary

Property Description

Location Overview

Financial Analysis

Submarket Overview 36

Portfolio &

Performance

DEMOGRAPHICS SUMMARY AVERAGE HOUSEHOLD INCOME ONE MILE

$76,251

THREE MILE

$88,098

FIVE MILE

$82.249

EXPECTED INCOME GROWTH BY 2027 ONE MILE

11.89%

THREE MILE

11.66%

FIVE MILE

11.60%

% OF POPULATION WITH COLLEGE EDUCATION ONE MILE

61.2%

THREE MILE

60.6%

FIVE MILE

58.3%

WHITE COLLAR EMPLOYMENT ONE MILE

55.1%

THREE MILE

59.9%

FIVE MILE

58.1%

MEDIAN AGE ONE MILE

36

THREE MILE

38

FIVE MILE

37

DOUGLASVILLE, GEORGIA POPULATION 2023

14% GROWTH EXPECTED 2023-2029 40K

6.6% Growth since 2020 85% Growth since 2000

37,118

30K

10K

1910

1970

2020

DEMOGRAPHICS SUMMARY

ATLANTA SUBMARKET EFFECTIVE RENT GROWTH

29%

RENTER OCCUPIED HOUSING

$80,000 AVG. HOUSEHOLD INCOME

48%

WHITE COLLAR JOBS

STRONG SUBMARKET DEMOGRAPHICS 5-MILE RADIUS

FAVORABLE APARTMENT MARKET DOUGLASVILLE SEEING RAPID RENT GROWTH The Douglasville submarket offers easy access to Atlanta’s largest employment centers. The immediate area surrounding the subject continues to improve, which has supported rapid rent growth.

DOUGLASVILLE’S RISING RENTS With a limited development pipeline, rents have consistently increased. The average effective rent for Douglasville rose by 48% between 2015- 2023, and is expected to continue to grow by over 16% by 2027.

Since 2020, the population of Douglas County has experienced significant growth, welcoming over 3,000 new residents, and further highlighting the area's desirability.

48%

6.50%

Growth in average effective rent since 2015

Q2 2023 Average submarket vacancy

2 18

LOCATION OVERVIEW/ NEARBY ATTRACTIONS

3 17 20

14

63,5 00 VPD

16

11

1

5

7

6

10 12

13

9

8 15 RD . 24 G A -5 /B IL L A RP

,

90 0 V P D

4

STEWARTS MILLS

MAJOR EMPLOYERS 1. U.S. Post Office 2. Martin Marieeta Douglasville Quarry & CW Matthews Contracting 3. Industrial Park (Gatorade, Pepsi Co., JJ Haines Flooring, Chadwell Supply)

RETAIL 4. Publix Super Market at Cosby Station 5. Douglasville Town Center 6. Park Place Shopping Center 7. The Home Depot 8. Kroger 9. Home Goods

POINTS OF INTEREST 10. Lowe’s Home Improvement 11. At Home & Douglas Corner Shopping Center 12. Market Square Shopping Center 13. Best Buy 14. Sam’s Club & Walmart Supercenter

15. Talerico Lake 16. West Douglas Park & Ride 17. Bright Star Elementary School 18. Hunter Memorial Park & Douglas County Boys & Girls Club

Stewart’s Mill

DOWNTOWN & MIDTOWN ATLANTA (40.4M SF Office, 327K Jobs)

5

3

10

2

1

TY ER

6

OP

D

21

MIL

TY

FR

OM

PR

PROPER

,5

VP

ES FROM

63

00

7

9

ES

20

8

10 .5 M IL

LOCATION OVERVIEW/ NEARBY ATTRACTIONS

4

STEWARTS MILL

11

12

MAJOR EMPLOYERS 1. WellStar Douglas Hospital (102 Beds) 2. West Georgia Technical College Douglas Campus (7,331 total enrollment) 3. Douglas County Sheriff’s Office 4. Vulcan Materials Co./E R Snell 5. I-20 WEST/FULTON INDUSTRIAL DISTRICT (about 7.5 square miles of mostly industrial space that has a workforce of more than 40,000 people and approximately 94M SF of industrial space)

RETAIL 6. Arbor Place Mall & Regal Theaters 18 (1.2M SF retail, 140+ stores including Belk, Dillard’s, Macy’s, JCPenney) 7. The Landing of Arbor Place shopping center

POINTS OF INTEREST 8. Douglasville Pavilion (Marshalls, Target, Petsmart, Starbucks, Restaurants) 9. Village at Chapel Hill & Hobby Lobby, Kohl’s 10. Ingles Market

11. Arbor Station Elementary School 12. Talerico Lake

DRIVING TIME TO MAJOR JOB HUBS PLATINUM TRIANGLE 28 MINUTES

FULTON INDUSTRIAL 12 MINUTES

Stewart’s Mill is 20 minutes from downtown Atlanta.

STEWART'S MILL

DOWNTOWN 26 MINUTES

SOUTHWEST INDUSTRIAL

ATLANTA AIRPORT

30 MINUTES

30 MINUTES

CLOSE PROXIMITY TO MANY MAJOR CITIES

32 Miles to Duluth

27 Miles to Atlanta Atlanta Stewart’s Mill

250 Miles to Nashville

442 Miles to Orlando

Executive Summary

Property Description

Location Overview

Financial Analysis

Location Overview 36

Portfolio &

Performance

1

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Metro Area for Corporate Headquarters

#1 Best State for Doing Business

Largest Black Tech Workforce Comp TIA 2021

LEADING JOB PROVIDERS DELTA AIRLINES Delta Air Lines is one of the major airlines of the United States and a legacy carrier. One of the world's oldest airlines in operation, Delta is headquartered in Atlanta, Georgia.

EMORY UNIVERSITY & EMORY HEALTHCARE Emory Healthcare is part of Emory University and is the largest healthcare system in the state. It comprises 11 hospitals, the Emory Clinic and more than 250 provider locations.

THE HOME DEPOT The Home Depot, Inc., is an American multinational home improvement retail corporation that sells tools, construction products, appliances, and services, including fuel and transportation rentals.

COCA-COLA Dr. John S. Pemberton, the inventor of Coca-Cola, served the beverage for the first time at Jacobs’ Pharmacy in Downtown Atlanta. Nearly 130 years later, The Coca-Cola Company remains headquartered just over 1 mile from where the iconic beverage was first enjoyed.

NORTHSIDE HOSPITAL The Northside Hospital System is a hospital network in the Atlanta area of Georgia in the United States.

Its specialties include oncology, gynecology, neurology, orthopedic surgery, and gastroenterology.

UPS UPS is a transportation company focusing on package delivery, specialized logistics services, and global commerce enablement.

Headquartered in Atlanta, GA.

ATTRACTIONS AND TOURISM Georgia Aquarium Georgia Aquarium is a public aquarium in Atlanta, Georgia, United States. It exhibits hundreds of species and thousands of animals across its seven major galleries, all of which reside in more than 11 million US gallons of water.

Attractions in Atlanta include the largest aquarium in the western hemisphere, the CNN Center, the Fox Theater, the King Center and the new $1.5 billion home of the Atlanta Falcons football franchise, Mercedes-Benz Stadium.

Hartsfield-Jackson Atlanta International Airport is the world’s busiest airport, making the city a hub for business and tourism travelers alike.

CNN CENTER The CNN Center in Atlanta, Georgia, is the international headquarters of the Cable News Network. The main newsrooms and studios for several of CNN's news channels are located in the

ATLANTA HAWKS | STATE FARM ARENA

ATLANTA BRAVES | TRUIST PARK

building.

FOX THEATRE The Fox Theatre, a former movie palace, is a performing arts venue located at 660 Peachtree Street NE in Midtown Atlanta, Georgia, and is the centerpiece of the Fox Theatre Historic District.

ATLANTA UNITED FC | MERCEDES-BENZ STADIUM

ATLANTA FALCONS | MERCEDES-BENZ STADIUM

IDEALLY POSITIONED NEAR HARTSFIELD-JACKSON AIRPORT

$70.9 B TOTAL ECONOMIC IMPACT 275,000 PASSENGERS PER DAY 63,000 EMPLOYEES 2,700 FLIGHTS EACH DAY

As Georgia’s largest employer with 63,000 jobs, Hartsfield-Jackson Atlanta International Airport generates an economic impact of $70.9 billion in the state of Georgia and $34.8 billion in metro Atlanta.

ENTERTAINMENT INDUSTRY: $4.4 ECONOMIC IMPACT

Home to Avengers: Endgame Trilith Studios is an American film and television production studio located in Atlanta, Georgia. Originally known as Pinewood Atlanta Studios, the studio has been used to produce many films and television programs, particularly those produced by Marvel Studios.

ANNUAL ECONOMIC IMPACT OF $4.4B New insights on Georgia's rapidly growing entertainment industry reveal how industry investment boosts rural and suburban economic development, provides workforce opportunities for Georgia's diverse labor markets, and reinforces the goal of building Georgia's status as a global digital entertainment capital.

Source: Georgia State University

METRO ATLANTA SNAPSHOT

Opened its $100M North American HQ in 2015 next to Hartsfield-Jackson International Airport and added 400 jobs.

1

ATLANTA CONTINUES TO OUTPERFORM

2

EXCELLENT ACCESS TO ATLANTA JOBS

3

FAVORABLE APARTMENT MARKET

4 5

Atlanta, the largest city in the No. 1 ranked state for business climate, has proven particularly attractive to tech companies looking to capitalize on its deep and diverse talent pool and entrepreneurial spirit.

Situated less than a mile off of I-20, Stewart's Mill is a quick commute to major Atlanta job hubs and is easily accessible to Georgia's busy film industry, which is concentrated in Southwest Atlanta.

Within the Douglasville submarket, average effective rents have increased by 48% since 2015. Effective rent is expected to continue increasing by over 16% by 2027.

QUALITY ASSET

The asset received a total facelift with new roofs, asphalt repairs, amenity upgrades, and several other interior/exterior capital improvements. The physical plant is in great shape and primed for future growth.

VALUE-ADD BLUEPRINT IN PLACE

Current ownership has fully renovated only 21% of the property.

By upgrading the remaining 148 units to the existing "full" renovation level, the property can anticipate rental premiums of $175+.

HIGHER EDUCATION GEORGIA INSTITUTE OF TECHNOLOGY EMORY UNIVERSITY SPELMAN COLLEGE MOREHOUSE SCHOOL OF MEDICINE GEORGIA STATE UNIVERSITY

TOP 5 EMPLOYMENT INDUSTRIES

HEALTH CARE AND SOCIAL ASSISTANCE Employed: 325,121 (10.7% of total employment)

RETAIL TRADE

EDUCATIONAL SERVICES

Employed: 316,482 (10.4% of total employment)

Employed: 268,425 (8.8% of total employment)

PROFESSIONAL, SCIENTIFIC, AND TECHNICAL SERVICES

MANUFACTURING

Employed: 308,537 (10.2% of total employment)

Employed: 265,364 (8.7% of total employment)

ATLANTA

AWARDS AND ACCOLADES #1 #1

#1

Most Livable Towns and Cities in America, Outside 2021

World’s Busiest Airport, Airports Council International, 2022

Trending Destination for 2022, Booking.com

#1 #1 #1

Best City for Diversity in Tech Workforce, Beyond HQ 2022

Top State for Doing Business, Area Development 2022

Best Place to Live in the United States, Money 2022

CATALYST FOR ATLANTA’S GROWTH As of April of this year, Atlanta’s unemployment rate

Metro Atlanta offers access to extensive healthcare

had fallen below 3% to reach an all-time low, even as

systems, including 110 hospital locations with more

the labor force has more than fully recovered post-

than 10,000 total beds and more than 90,000

pandemic.

hospital workers

In 2021, there were slightly over 27,000 residential building permits issued in the 11-county region.

Metro Atlanta houses the headquarters of 30 companies in the 2021 Fortune 1000, of which 17 companies are ranked in the elite Fortune 500. In

With 292,000 students enrolled in the 54 two- and four-year colleges and universities in the metro Atlanta/Athens area. Georgia ranks as the #1 State for Leading Workforce Development Programs (Area Development, 2022).

fiscal year 2020, these companies generated aggregate revenues of more than $429 billion.

Since 1998, Hartsfield-Jackson Atlanta International Airport (ATL) has been the busiest airport in the United

In the fiscal year 2022, 412 productions were filmed in the Peach State with $4.4B in direct spending going into Georgia’s economy.

States, and functions as headquarters for Delta Air Lines.

Catalyst for Atlanta’s Growth

#1 Busiest Airport in the World

Port of Brunswick

Record Industrial Warehouse Demand

Port of Savannah

Highway Infrastructure

Nation’s Busiest for Auto Imports

Fastest Growing Port in the U. S.

Over 80% of the U.S. is within a 2-day truck drive

Railroad Access

CSX’s Fairburn terminal is the company’s 9th largest

Executive Summary

Financial Analysis

Property Description

Location Overview

Portfolio &

Performance

Portfolio & Performance

ABOUT VIKING CAPITAL 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 1, secondary and tertiary markets across the United States.

MEET OUR TEAM

Vikram Raya CEO, Co-Founder

Ed Monarchik Director of Asset Management

Ravi Gupta COO, Co-Founder

Chris Parrinello Director of Investor Relations

Judah Fuld VP of Acquisitions

Amanda Loveless Director of Operations

Nathan Loy Director of Strategic Planning

Amir Nassar Investor Relations Manager

Ashley Penrod Director of Marketing

Amber Butler Investor Concierge

SUSTAINABILITY & GREEN INITIATIVES ESG Platform: Viking has rolled out an ESG initiative across all properties to minimize environmental impact and enhance communities.

Eco-Friendly Tech: Regular integration of watersaving mechanisms, LED lights, and smart thermostats and doors.

Solar Exploration: Viking Capital is actively considering solar solutions for suitable properties.

OUR TRACK RECORD 24

$771

5,030

Properties Acquired

In Assets Acquired

Units under Management

million

24% Average LP AAR

CURRENT & PREVIOUS PROJECTS

Property

Sold/Current

Market

Units

Purchase Price

Wildcreek

Sold 2018

Atlanta

242

$22,350,000

Villas of South Cobb I

Sold 2018

Atlanta

188

$17,782,494

Villas of South Cobb II

Sold 2018

Atlanta

152

$15,317,506

Ascent at Riverdale I

Sold 2019

Atlanta

118

$7,600,000

Ascent at Riverdale II

Sold 2019

Atlanta

62

$5,900,000

The Hills at East Cobb

Sold 2021

Atlanta

266

$35,000,000

Towne Oaks Townhomes

Sold 2021

Tyler, TX

90

$7,000,000

Reserve at Walnut Creek

Sold 2022

Austin

284

$36,300,000

The Avery

Sold 2022

Dallas

304

$41,000,000

Estates at Las Colinas

Sold 2022

Dallas

415

$61,750,000

Park Village Apartments

Current

Dallas

350

$31,350,000

The Hype

Current

Atlanta

16

$6,700,000

Veritas at East Cobb

Current

Atlanta

192

$25,800,000

The Griffin

Current

Washington, DC

49

$19,300,000

Marbella Place

Current

Atlanta

368

$55,000,000

Elevate Twenty-Three

Current

Atlanta

222

$41,000,000

Elevate on Main

Current

Indiana

400

$76,000,000

Elevate at the Pointe

Current

Atlanta

181

$37,000,000

Elevate at Huebner Grove

Current

San Antonio

210

$26,000,000

Kings Cove

Current

Houston

192

$34 ,000,000

Elevate Woodstock

Current

Atlanta

120

$19,600,000

Elevate Eagle’s Landing

Current

Atlanta

167

$39,250,000

Elevate Greene

Current

Atlanta

252

$57,250,000

Park 33

Current

South Bend

188

$33,250,000

5,028

$750M +

TOTAL

CURRENT ASSETS UNDER MANAGEMENT Property

Units

Purchase Price

Equity Raise

Closing Date

Park 33

188

$33,250,000

$15,300,000

Sept- 23

Elevate Greene

252

$57,250,000

$34,000,000

Mar-23

Elevate Eagle's Landing

167

$39,250,000

$22,400,000

Dec-22

Elevate Woodstock

120

$19,600,000

Fund Asset

Aug-22

Kings Cove

192

$34,000,000

Fund Asset

Apr-22

Elevate at Huebner Grove

210

$26,000,000

Fund Asset

Mar-22

Elevate at the Pointe

181

$37,000,000

$11,500,000

Dec-21

Elevate on Main

400

$76,000,000

$20,700,000

Sept-21

Elevate Twenty-Three

222

$41,000,000

$11,000,000

Jun-21

Marbella Place

368

$52,700,000

$19,110,000

Jan-21

The Griffin

49

$19,300,000

$7,716,000

Jul-20

Veritas at East Cobb

192

$25,800,000

$11,250,000

Dec-19

EXITS & PERFORMANCE

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 Colina's

3 Years

415

24%

The Avery

4.5 Years

304

20%

2,033

Avg. 24%

Property

Total

* The Hills at East Cobb returns total 10% over 3 years

Park 33

Background & Market

LATEST ACQUISITION | CLOSED SEPTEMBER 2023

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.

A light value add to increase rents across the property.

Strong Economic Drivers make this submarket a profitable investment offering.

Business Plan

B+

South Bend,IN

2018

188

$33.25M

Asset Class

Location

Year Constructed

No. of Units

Purchase Price

Green improvements include total overhaul retrofitting of existing toilets, shower heads, and aerators with the installation of a modern water conservation project.

Taking interior improvements to the platinumlevel renovation will increase rent premiums and tenant satisfaction.

Economies of scale with surrounding Viking properties creates management efficiencies and decrease staffing costs.

Elevate Eagles Landing Background & Market The Crossing at Eagle’s Landing comprises eight 2, 3 and 4-story residential buildings, one clubhouse and 4 garage structures, located in the heart of the rapidly growing South Atlanta Industrial Submarket, the second largest market in the Atlanta MSA. Easily accessible, the property is well-situated between major interstate I-75 and Route 23.

The unit mix is favorably weighted toward larger floor plans, with 103 two-bedroom, 28 one-bedroom and 36 three-bedroom apartments.

CURRENT PROPERTY

Business Plan

B+

Atlanta, GA

2006

176

$39.25M

Asset Class

Location

Year Constructed

No. of Units

Purchase Price

The newer 2006 vintage carry little deferred maintenance, especially with new roofs installed in 201415. As a result, Viking will be able to immediately focus on renovating units and efficiently managing the rent roll to raise rents to market.

Viking Capital aims to raise Eagle's Landing $1,702 inplace average to the on-site $1,860 average rent achieved in 10% of the rent roll over the last two months.

We will also strategically look to renovate the partially renovated and classic units to the elite standard.

Elevate Greene

Background & Market Elevate Green is a 2005 built asset located in Henry County which has long been an outperforming industrial submarket due to ideal proximity to I-75 and the Hartsfield-Jackson International Airport (30 min. drive) Convenient access to interstate highways, national train systems, and global ports.

Attractive floor plans include large floor plans and unit mixes weighted toward large two and three-bedrooms.

Offers a wide range of amenities, including a pool with poolside BBQ & a picnic pavilion, fire pit, bark park, walking trail, gated entrance, private garages and storage units available, playground, tennis court, car care center, and a package locker.

CURRENT PROPERTY

Business Plan

B

Atlanta, GA

2005

252

$57.25M

Asset Class

Location

Year Constructed

No. of Units

Purchase Price

Through strategic management, Viking Capital aims to raise Crossings at McDonough’s $1,565 in-place average rents to $1,689 per unit.

The market has proven demand for higher quality interiors and the previous owner has proven this out, earning $219-$600 in premiums and comps indicating market surety of these rates.

These renovations will complement our efficient operations which leverage our best-in-class third-party property management team.

Elevate Twenty-Three

Background & Market Located in Smyrna, GA, Elevate Twenty-Three is located near The Battery in the direct path of progress 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

CURRENT PROPERTY

Business Plan

B

Smyrna, GA

1986

222

$41.1M

Asset Class

Location

Year Constructed

No. of Units

Purchase Price

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 through 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

Veritas at East Cobb CURRENT PROPERTY

Background & Market Located in Marietta, GA, Veritas is directly benefiting from the redevelopment of the Franklin Gateway corridor Veritas’ room for improvement included exterior and amenity upgrades and unit renovations

Business Plan 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

B

Marietta, GA

1980

192

$25.8M

Asset Class

Location

Year Constructed

No. of Units

Purchase Price

Marbella Place 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 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.

Business Plan

B+

Stockbridge, GA

1999

368

$52.7M

Asset Class

Location

Year Constructed

No. of Units

Purchase Price

Minor updates to the unit interiors, pool and exteriors and upgrade fitness center to ensure Marbella Place attracts top quality tenants Immediately on acquisition, raise renewal rents and new leases to market rental rates

STEWART’S MILL *Limited Shares Remaining. Scan the code & Register Now to learn more about this investment opportunity in the booming economy of Atlanta

CONTACT US invest@vikingcapllc.com vikingmultifamily.com