Phoenix has remained at the center of our investment conversations—and for good reason. Strong population inflows, with nearly 49,900 new households added in 2025; rising single-family housing costs; and a shifting construction pipeline—defined by 27,700 units delivered from March 2024 to March 2025— continue to shape the metro’s unique position in the multifamily market. At the same time, demand remains robust: 18,000 units were absorbed over the last 12 months, keeping vacancy near 6.1%despite record supply.
To help our investors cut through the noise, Viking Capital has put together a 2025 Phoenix Market Report.
In our Phoenix Market Report, you’ll discover:
✔ How Phoenix’s population and job growth are driving steady rent gains across the metro
✔ Why shifting migration patterns and infrastructure development are pushing demand west
✔ Which suburban pockets are showing the strongest rent resilience and upside heading into 2025
We are proud to announce the successful closing of The Hamilton in Hendersonville, TN—Viking Capital’s 31st multifamily acquisition. This milestone underscores both our firm’s continued growth and the confidence placed in us by our valued investors and partners.
The Hamilton is a class-A asset in the Nashville MSA, a region consistently ranked among the nation’s fastest-growing markets.
Our investment strategy here is built on three pillars:
- Favorable financing that locks in stability and mitigates risk in today’s interest rate environment.
- Market positioning in a high-demand suburban corridor where housing supply remains constrained.
- Upside potential through operational efficiencies and steady rent growth supported by the area’s population and employment trends.
We’re grateful for your continued confidence as we pursue opportunities like The Hamilton—investments designed to protect capital, unlock value, and deliver strong risk-adjusted returns.
Wealth Unfiltered Season 2: Financial Freedom for Physicians – NOW LIVE. Watch HERE.
What’s Inside This Episode:
- Debt to Wealth– Founder of Millionaires in Medicine, Kristin Burton, shares her journey from graduating with over $150,000 in student loans to becoming a millionaire by age 31—and the mindset shifts that made it possible.
- Money Lessons in Medicine– Why personal finance is rarely taught in medical education, and the biggest money mistakes she sees professionals make.
- Millionaires in Medicine– The story behind her platform, the community she’s built, and the powerful success stories emerging from medical professionals taking control of their finances.
- Practical Strategies– Debt payoff vs. investing, how to diversify income beyond the clinic, and tips for balancing lifestyle with long-term wealth building.
- Wealth & Well-Being– How Kristin manages the demands of medicine, entrepreneurship, and motherhood while staying intentional with her money and avoiding burnout.
This episode is packed with real-world strategies and empowering advice for anyone balancing a demanding career with the pursuit of financial freedom.
As always, if you have any questions, do not hesitate to reach out to our Investor Relations Team.
Onward & Upward,
The Federal Reserve cut rates by 25 basis points in September, the first reduction since December, and signaled more cuts are likely before year-end. This move was widely expected, but it still marks a significant shift: the Fed is easing policy to slow the economy gently while avoiding a hard landing.
Why now?
Inflation has cooled, unemployment has edged higher, and growth has slowed. The Fed is beginning to loosen conditions, but it remains cautious—balancing the need to support the economy without reigniting inflation.
Implications for Multifamily Real Estate
- Lower borrowing costs:Debt is becoming cheaper, improving loan terms for both acquisitions and refinances. As financing becomes more accessible, competition among buyers should increase.
- Potential asset value growth:Elevated rates stalled transaction volume over the past two years. Lower rates could unlock activity, creating opportunities to acquire assets at attractive prices with room for appreciation.
- Refinancing tailwinds: Lower rates improve refinancing prospects, boosting property cash flow and investor distributions.
- Resilient fundamentals: Strong rent demand in key markets continues to attract capital, positioning multifamily ahead of more cyclical asset classes.
Private equity has outperformed public markets during downturns for decades— and the data proves it. Over the past 23 years, state pension performance shows that private equity delivered an 11% annualized return, compared to just 6.2% for public stocks.
The resilience is clear:
- During major downturns—the dot-com crash, the 2008 financial crisis, and the 2022 correction—private equity declined less than public equities by at least 1,000 basis points.
- Even in its worst-performing quarter, private equity generated a +9% return, while public equities posted a –2% loss.
- Real assets like real estate and infrastructureprovide natural inflation hedges through contracts and leases that adjust with rising prices.
- Over time, the compounding effect of consistent outperformance translates into stronger long-term valuefor investors.
This is why institutional capital continues to prioritize private markets: stability through volatilityand the ability to generate superior risk-adjusted returns.
For investors, private equity’s track record reinforces the value of diversification into alternatives—offering stability through cycles and compounding returns over time.
We’re excited to highlight key updates across three of our communities: Bluebonnet, Dawson Forest, and Avondale Hills. Each upgrade is designed to enhance resident experience, strengthen rental appeal, and drive long-term value:
- Bluebonnet– A full exterior paint refresh has modernized the community’s curb appeal, strengthening first impressions and helping the property stand out in the submarket.
- Dawson Forest– A newly updated fitness center enhances wellness-focused amenities, supporting resident satisfaction, retention, and reduced turnover.
- Avondale Hills – We’ve partnered with EnviroSparkto install EV charging stations, making this the second property in our portfolio (alongside Elevate Twenty-Three) to offer this in-demand feature.
These updates go beyond aesthetics—they’re strategic enhancements designed to boost leasing velocity, strengthen retention, and future-proof our assets while compounding long-term investor returns.
