V I K I N G C A P I T A L
2 0 2 6 T R AC K R E C O R D B O O K
2015 YEAR FOUNDED
6,522 TOTA L U N I T S AC Q U I R E D
$1.02B
ABOUT VIKING CAPITAL 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
EXECUTIVE LEADERS
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
EXECUTIVE TEAM Strategic leaders driving disciplined growth and long-term value
V I K R A M
R A Y A
CEO, Founder 2015
S A M A N T H A P A R R I N E L L O
Director of Marketing 2023
C H R I S
P A R R I N E L L O
S U E
V I C K E R Y
SVP, Capital Markets | Head Of Investor Relations
VP, Asset Management
2022
2025
K E L L Y
D I C O C C O
Director of Finance 2024
R A V I
G U P T A
CO-FOUNDER & ADVISORY COUNCIL
2015
V I K I N G
C A P I T A L
CYCLE-TESTED PERFORMANCE Viking Capital is a cycle-tested multifamily investment firm focused on disciplined execution, capital preservation, and long-term value creation across changing market environments.
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
ATLANTA
COVID-19
HOUSTON SAN ANTONIO SOUTH BEND WASHINGTON, DC DALLAS AUSTIN ATLANTA
2015
2017
2018
2020
2021
2022
2023
2024
2025
NASHVILLE
STRATEGIC APPROACH
Acquire with Discipline
Reposition with Precision
Optimize Performance
Stabilize & Exit
Select assets positioned for
Execute targeted renovations,
Drive NOI growth through
Over a 5-7 year hold, enhance
operational upside in structurally
amenity upgrades, and
institutional asset management,
performance and position assets
advantaged submarkets.
technology enhancements to
expense efficiencies, and data-
for premium institutional
elevate asset quality.
driven rent strategy.
dispositions.
INVESTMENT CITERIA
Property & Asset Profile
Scale & Vintage
Pricing Structure
Garden Style & Mid-Rise property types Asset Class A to B− Location Quality A+ to B
200 to 350+ units per asset Single asset or portfolio acquisitions Properties built 2000 or newer
$30M to $125M+ deal size Traditional GP/LP structure Market-rate debt with loan assumptions on a case-by-case basis
Investment Structure Traditional GP/LP structure utilizing market-rate debt. Loan assumptions considered on a case-by-case basis.
We Invest Where Growth Is
TARGET MARKETS
CORE MARKET AREA FOCUS & STRATEGY
12 core cities/ Regions Dallas
S. Florida Raleigh/Durham Estimated Population Growth Over The Next 5 Years Austin Orlando Charlotte EstimatedHouston PopulationTampa Growth Over The Next 5 Years Atlanta
Selected Estimated Population Growth Over The Next 5 Years
Nashville
• Dallas - 4.9% • Nashville - 5.3% • Tampa - 4.5% • Charlotte - 5% • Austin - 6.5% • S. Florida - 4.3% • Phoenix - 5.4% • Atlanta - 6.4% • Houston - 5.6% • Orlando - 5% • Raleigh/Durham - 5.7% • Indianapolis - 4% Indianapolis
Phoenix
Charleston
Dallas
Austin Tampa
Orlando South Florida
Source: Amadeus, CBRE, Company Filings, ConstructConnect, datacenterHawk, DC Byte, INTEX, Lodging Econometrics, Moody’s Analytics, NCREIF, NIC MAP Vision, Oxford Economics, RealPage, Yardi and Green Street.
For BD/RIA/Institutional use only
Target distressed multifamily properties below replacement cost, providing substantial potential to increase value by employing various renovation, management, and operational strategies. Seek properties with broken capital stacks, not broken operations, where rents are substantially below newer Class-A projects that have become unaffordable for many tenants.
Focus on properties in the Sun Belt that have experienced superior population and employment growth.
Charlotte
Atlanta
Houston
Indianapolis
Pursue deals off-market.
Raleigh Nashville
Phoenix
Target strong markets with historical appreciation and rent growth and are projected to perform well when supply/demand stabilizes. Invest in landlord-friendly / low-tax states that support real estate owners. Achieve portfolio diversification by creating a portfolio of different multifamily properties spread through a diverse geography in the target market.
CURRENT PROJECTS
Property
Portfolio Status
Market
Units
Park Village Apartments
Current
Dallas, TX
350
The Hype
Current
Atlanta, GA
16
Veritas at East Cobb
Current
Atlanta, GA
192
The Griffin
Current
Washington, DC
49
Marbella Place
Current
Atlanta, GA
368
Elevate Twenty-Three
Current
Atlanta, GA
222
Elevate on Main
Current
South Bend, IN
400
Elevate at the Pointe
Current
Atlanta, GA
181
Elevate at Huebner Grove
Current
San Antonio, TX
210
Kings Cove
Current
Houston, TX
192
Elevate Woodstock
Current
Atlanta, GA
120
Elevate Eagle’s Landing
Current
Atlanta, GA
167
Elevate Greene
Current
Atlanta, GA
252
Park 33
Current
South Bend, IN
188
Stewart’s Mill
Current
Atlanta, GA
188
Dawson Forest
Current
Atlanta, GA
268
Villas At Sundance
Current
Austin, TX
252
Avondale Hills
Current
Atlanta, GA
240
The Townhomes at Bluebonnet Trails
Current
Dallas, TX
114
Peoria Gateway
Current
Phoenix, AZ
200
The Hamilton Premier Apartments
Current
Nashville, TN
232
Avondale Commons
Current
Phoenix, AZ
324
V I K I N G C A P I T A L ’ʼ S T R A C K R E C O R D 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.
Deal Name
Acq. Location Date
Reserve at Walnut Creek* Austin, TX
Exit Units Date
Projected Hold Period (Yrs)
Hold Purchase Sale Period Price Price (Yrs)
Total Cap.
Equity
Debt
LTV
2019
2022
284
4
3
$36.3M
$46.825M $40.615M $15.75M $24.865M 68.50%
$79.19M $65.175M
$19M
$46.3M
Projected IRR
Realized Projected Realized Projected IRR CoC CoC EM
Realized EM
Projected AAR
Realized AAR
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%
Estates at Las Colinas
Dallas, TX
2019
2022
415
4
3
$4M
The Avery*
Dallas, TX
2017
2022
304
4
5
$40.8M
$59.25M
$43.78M
$15M
$30.6M
75%
18%
19.20%
8.70%
5.50%
2.1x
1.9x
22%
21.60%
Ascent at Riverdale*
Atlanta, GA 2017
2019
118
4
2
$4.125M
$6.732M
$5.9M
$1.95M
$3.3M
80%
17.85%
34.70%
9.50%
9.50%
2.03x
1.76x
22.64%
38%
Wildcreek*
Atlanta, GA 2015
2018
242
4
3.25
$15.3M
$20.963M
$16.6M
$5.75M $11.475M
75%
20.67%
15.20%
9.16%
9.12%
2.03x
1.65x
20.70%
20%
Hills at East Cobb*
Atlanta, GA 2018
2021
268
4
3
$33.25M
$39M
$35.6M
$9.4M
$26.2M
79%
16.50%
4.80%
8.38%
7.83%
2.09x
1.1x
21.91%
3.30%
Villas of South Cobb I*
Atlanta, GA 2016
2018
188
4
2.5
$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%
Villas of South Cobb II*
Atlanta, GA 2016
2019
152
4
2.5
$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%
JV Partnership*
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
11
It is my pleasure to write this letter acknowledging our excellent business relationship for so many years. As I have shared with you, Vik and other members of the team, when you guys commit to a deal, it gets done on time and at the agreed upon price. We have closed multiple transactions with you guys since 2018 and each time it has been super easy with no hiccups.
Kevin Geiger
I N V E S T@V I K I N G C A P L LC .C O M