We’re excited to share a significant and strategic update—Viking Captial is officially transitioning away from Asset Living (formerly known as First Communities Management) as our property management company. In their place, we’ve formed a long-term partnership with Pegasus, a best-in-class firm known for its operational excellence, boutique service model, and proven success.
At Viking, one of the key principles we promote when raising capital is the value of third-party property management. The benefit of not being vertically integrated is simple: when a property management company underperforms, we have the power to replace them. This is exactly what we’re doing.
Like many of you, we’ve been disappointed by the recent performance of several assets.
While we were initially very happy with First Communities Management, much of that quality was lost after their acquisition by Asset Living—a large, corporate firm where we ultimately lost the personal attention and trusted team members who made a difference.
We’re proud to be taking decisive action. Pegasus brings deep in-market experience, a strong track record, and a hands-on relationship with our asset manager, Ed Monarchik. We’re also working directly with Jackie, their CEO, to ensure dedicated support. In fact, Pegasus is creating a Viking-only vertical within their business to prioritize our portfolio.
The result? Better service. Greater attention to detail. Lower costs. And most importantly, a renewed commitment to operational excellence.
Thank you for your continued trust. We are confident this move will mark a powerful new chapter of growth for every one of our assets.
We are pleased to announce the Viking Capital app is now available in the app store- for both Android and Apple!We’ve been working diligently on making this app for on-the-go investing possible, and it’s finally here!
HOW TO DOWNLOAD:
1. Go to the Android/Apple App Store
2. Type in Viking Capital
3. Find our logo, and download- it’s Free!
4. Activate your account with your Investor Portal email and by pressing “forgot password” for a password reset.
5. Find all of your property updates, newsletters, podcast episodes, plus and invest within the app!
If you run into any issues, please email us at invest@vikingcapllc.com, and we’ll help you!
New Episode of Wealth Unfiltered: From Physician to a Billion-Dollar Portfolio
In this episode:
- How one physician became a real estate powerhouse
- What it really takes to build a billion-dollar investment firm
- Why the best opportunities go to those who take action early
- How partnerships, discipline, and a long-term vision changed everything
We hope you have a happy and safe Fourth of July.
As always, if you have any questions, do not hesitate to reach out to our Investor Relations Team.
Onward & Upward,
As many developers across the country hit pause on new projects due to market uncertainty, Viking Capital is moving forward with confidence—not because we’re ignoring the risks, but because we planned ahead and secured our position early. The latest national housing data reveals a unique opportunity: a shrinking supply pipeline, fewer competitors, and a rare window for new, well-positioned developments to outperform.
Market-Wide Slowdown in New Supply
- Permitting activity is pulling back, with multifamily permits for 5+ unit buildings falling 4.4% month-over-month in April.
- The active pipeline is thinning—units under construction are down 20.2% year-over-year.
- Deliveries are also slow, down 1.7% YoY, meaning fewer new units will hit the market in the near future.
This paints a clear picture: developers are pumping the brakes, and new inventory is not keeping pace with long-term demand—especially in high-growth areas like Phoenix’s northwest suburbs.
Developers Are Playing Defense
- Concerns over construction costs, interest rates, and tariffs are causing delays and deal re-evaluations.
- While some developers report minimal price changes so far, uncertainty is enough to stall new starts.
- This cautious environment is thinning the pipeline for 2025–2026 deliveries.
Because Viking Capital acted early—locking in the land, permitting, strategy, and team—we’re able to confidently move forward while others hesitate.
Watch the Peoria Groundbreaking for more information on our new development project in Phoenix.
The latest round of renovations at Green showcases our continued commitment to enhancing asset value and resident experience. As seen in the most recent drone footage, the property has undergone a visible transformation—from refreshed exterior facades and upgraded common areas to newly modernized units with premium finishes.
These renovations aren’t just cosmetic—they’re strategic. By elevating the look, feel, and functionality of the property, we’re able to justify higher rents, attract quality tenants, and reduce turnover. This directly contributes to a steady increase in Net Operating Income (NOI) over time. In fact, as upgraded units lease at a premium and operating efficiencies take hold, we anticipate strong year-over-year NOI growth that supports both short-term cash flow and long-term asset appreciation.
Green is well on its way to becoming one of the most desirable communities in the submarket—and our latest footage proves it.
