We’re proud to share an exciting milestone in Viking Capital’s evolution, the hiring of our first-ever President, Alex Gill.

Alex joins Viking Capital to scale growth, elevate operations, and deliver best-in-class investment opportunities and property oversight for our valued investors. With a proven track record leading the acquisition and development of over 5,000 multifamily units and a total capitalization exceeding $1.55 billion, Alex brings both strategic vision and operational excellence to the team.

His ability to identify opportunity, execute with precision, and lead with integrity makes him the ideal choice to guide Viking Capital into its next chapter of growth.

As Viking continues to expand, so does our commitment to evolve — to serve our investors with excellence, transparency, and care. The addition of Alex Gill underscores our dedication to raising the bar and ensuring every partnership with Viking Capital remains truly best-in-class.

3 Conversations Every Investor Should Hear | Watch HERE.

At Viking Capital, strong partnerships and experienced leadership are key to driving consistent performance. In these three featured episodes, you’ll meet the people shaping our strategy, from the partners managing our properties to the executives leading our next phase of growth.

🎙️ Jackie Ware, CEO of Pegasus Residential Get to know the CEO of our property management partner, Pegasus Residential. Jackie shares how her team drives resident satisfaction, operational efficiency, and long-term asset performance across our communities.

🎙️ Vikram Raya, CEO of Viking Capital with Chris Parrinello VP of Investor Relations & Alex Gill President of Viking Capital — Part 1 Vik, stands in as guest host as he, Chris and Alex discuss the next chapter of Viking Capital. They dive into this leadership change and what’s on the horizon for Viking Capital as we scale and perform in today’s multifamily environment.

🎙️ Alex Gill, President of Viking Capital — Part 2 In this follow-up, Alex dives deeper into Viking’s investment strategy for 2026 and our focus on disciplined growth and investor alignment.

Together, these episodes give a closer look at the people and partnerships that power Viking Capital’s success, and the principles guiding our path forward.

Watch or listen to all three episodes to learn more about the leadership and partnerships shaping Viking Capital’s next chapter.

The multifamily market is entering a new phase of equilibrium. After two years of elevated interest rates and record-high deliveries, fundamentals are beginning to normalize. According to CBRE, national rent growth remains positive at 1.2% year-over-year, while new construction starts have slowed nearly 40%compared to 2023, helping absorption catch up with supply. Cap rates are stabilizing around 4.8%, signaling that investor confidence is gradually returning as pricing expectations realign with market realities.

These shifts mark more than just a mid-cycle adjustment; they represent the early stages of a market recalibration. Investors are no longer navigating pure uncertainty; they’re now interpreting signals of recovery.  That’s exactly the backdrop for our recent exclusive webinar with John Chang, Head Economist at Marcus & Millichap, who joined Viking Capital to unpack the data behind these transitions and what they mean for multifamily investors positioning for the next cycle.

In the Webinar Replay, you’ll discover:

✔ How interest rate shifts and capital flows are influencing today’s multifamily valuations and setting the stage for the next acquisition cycle

✔ Why resilient rent growth and moderating supply continue to support strong property performance despite tighter financing conditions

✔ Where market opportunities are emerging—including secondary and Sun Belt metros poised for above-average recovery

✔ What strategies leading sponsors are using to navigate debt costs, preserve returns, and capitalize on the 2026 rebound

As always, if you have any questions, do not hesitate to reach out to our Investor Relations Team.

Onward & Upward,

Earlier this month, Amkor Technology broke ground on what will become the largest semiconductor packaging and testing campus in the United States, right in Peoria, Arizona. Backed by Apple, the $7 billion investment is expected to create more than 3,000 high-paying jobs and anchor a new wave of economic momentum across the West Valley.

Why Now?

This development isn’t just another corporate expansion, it’s a long-term signal of confidence in the region’s infrastructure, workforce, and livability. Peoria is quickly transforming from a suburban community into a high-tech employment hub, attracting professionals and fueling sustained housing demand.

• Massive job creation = surging housing demand
• A $7B anchor employer = long-term economic stability
• Apple’s involvement = confidence and momentum

At Viking Capital, we’re investing in step with Peoria’s next chapter through our Peoria Gateway new development offering, strategically positioned to capture the demand surge this expansion will bring. We’re pleased to announce that Viking Capital’s Peoria Gateway has reached a major milestone with the successful closing of its senior loan, officially paving the way for vertical construction to begin. With strong early interest and limited availability, now is the time to secure your place in one of Arizona’s fastest-growing corridors.

👉 Don’t miss your chance to invest where growth is being built from the ground up. Spots are limited!

Commercial real estate capital is moving again, and the data backs it up. After two years of tight credit and subdued transaction volume, CRE deal flow is accelerating. According to industry reports, 2025 capital raising is pacing above the 10-year average, with quarterly inflows exceeding $29 billion.

Why Momentum Is Building:

1. Monetary easing and policy tailwinds The Federal Reserve’s pivot toward rate cuts, paired with the reinstatement of bonus depreciation, is breathing new life into deal pipelines. Both institutional and private investors are returning to the market with renewed confidence.

2. Valuations are recovering After a 19% correction since 2022, property pricing has begun to stabilize across major asset classes, creating opportunities for acquisitions at more attractive basis levels.

3. Construction moderation New starts are down nearly 40% from 2023 highs, giving demand time to absorb existing inventory. As supply and demand rebalance, rent growth is strengthening across roughly 70% of U.S. markets.

4. Renewed capital availability Lenders are re-engaging, recapitalizations are gaining traction, and acquisition financing is gradually improving—unlocking deal flow that had been paused during the rate spike.

This resurgence marks more than a short-term recovery—it signals the start of a new expansion phase. As liquidity returns and fundamentals strengthen, commercial real estate is once again proving its resilience as a cornerstone oflong-term, risk-adjusted portfolio growth.

For investors, this means a rare window of opportunity: entering the market as capital reactivates allows participation in the next cycle’s appreciation curve, capturing value before competition and pricing fully rebound.