23Thirty Cobb by Viking Capital Investments

23Thirty Cobb Apartment Homes

Confidential Investment Summary

23Thirty Cobb APARTMENT HOMES

Dr. Vikram Raya Founder

Dr. Ravi Gupta Founder

Dipen Patel Managing Partner

Legal Disclosures The following information is an investment summary provided to prospective investors. This information is not a formal offering to sell either a security or a solicitation to sell a security. At the request of a recipient, the Company will provide a private placement memorandum, subscription agreement and the Limited Liability Company Operating Agreement. The Managing Member in no way guarantees the projections contained herein. Real estate values, income, expenses and development costs are all affected by a multitude of forces outside the Managing Member’s control. This investment is illiquid and only those persons that are able and prudence in your decision is strongly suggested. Please consult your attorney, CPA and/or professional financial advisor regarding the suitability of an investment by you.

Table Of Contents Executive Summary Property Profile Financial Analysis Market Analysis Portfolio Index

Executive Summary Investment Summary Investment Offering

Investment Summary 23THIRTY COBB SMYNRA, GA The Viking Capital Investments team has identified 23Thirty Cobb for acquisition. Viking Capital is acquiring 23Thirty Cobb, a 222-unit B class garden style, Core Plus asset built in 1986 located in Symrna, GA. The property features eleven 3-story buildings located in the heart of the rapidly growing Southeast Atlanta Industrial Submarket, the second largest market in the Atlanta MSA. 23Thirty Cobb is ideally located between major interstates I-75 and I-675, combining to see nearly 300,000/vehicles per day. Smyrna,GA has seen the job market increase by 2.9% over the last year. Future job growth over the next ten years is predicted to be 46.1%, which is higher than the US average of 33.5%. 23Thirty Cobb's location makes commuting to Atlanta’s largest employment centers quick and easy compared to most Atlanta commutes. A fully-signaled entrance on Cobb Parkway (38,000 vehicles/ day) gives the property superior access. Prominent signage along this thoroughfare also provides excellent drive-by visibility.

OFFERING SUMMARY Cap (T-12)

4.0%

Reversion Cap

4.5%

Expense Ratio (T-12)

46%

Physical Occupancy (as of 04/12/21)

96%

DSCR Yr 1

1.54

DSCR avg.

1.77

Purchase Price Hold Period

$41,100,000 5 years

Equity

$11,000,000

LP Class A Equity

$2,200,000

LP Class B Equity

$8,800,000

LP Class A IRR

10%

LP Class B IRR

14-15%

LP Class B Equity Multiple LP Class B Average Annual Returns incl. Sale

1.8x 16-18%

Proven Value Add Upside, WellMaintained Community Previous ownership has implemented a successful interior renovation program at 23Thirty Cobb, completing 36 units to date which command an average premium of $209 and a return on cost of approximately 25%. 59 classics and 127 partial upgrades remain available to complete.

Outstanding Property Performance Through the Pandemic Despite the asset level challenges frequently associated with the COVID-19 pandemic, 23Thirty Cobb’s performance has been impressive. Occupancy averaged nearly 95% while undergoing interior renovations (T12), and currently stands at 97%.

Location, Location, Location! Spurred on by the Atlanta Braves’ relocation in 2017, this path of progress location is now home to a critical mass of restaurants, hotels, and entertainment venues accompanied by 17 million SF of office space. Rapid growth has created outsized demand while the submarket continues its transformation.

High Growth Platinum Triangle/Galleria Submarket Large corporate headquarters have consistently chosen the Cumberland CID as their home. For three decades, residents and the workforce within Cobb County have benefited from the visionary leadership of the local government and the Cumberland CID, which encompasses the heart of the thriving Platinum Triangle/Galleria submarket.

Two-Tiered Equity Structure Allows Investors to Match Investment Goals Two-Tiered Return Structure: A two-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 or a combination of both Class A and Class B. Diversifying in both classes allows for a risk adjusted and blended return. Limited Partner (A) Class A investors sit atop the capital stack after debt. Class A Limited Partners earn a preferred rate of return of 10% per year (minimum investment: $100,000).

$11,000,000

General Partners

30% Ownership

Limited Partner (B)

70% Ownership

Limited Partner (A)

Debt

$35,000,000

Investment Offering

Limited Partner (B) Class B investors sit behind Class A investors in the capital stack, per the diagram. Class B Limited Partners receive a preferred rate of return of 7% per year. Class B Limited Partners will receive 70% percent ownership of the property (minimum investment: $50, 000).

$41,00,000

Purchase Price Debt Total Equity

$35,000,000 $11,000,000 Class A

LP Equity Pref. Hold Period

Class B

$2,200,000

$8,8000,000

10%

5 Years

Investor Returns Based on $1,000,000 Investment - Class A Investment

Investor Annual Percent Return Limited Partner Annual Return Limited Partner Return At Exit Total Projected Return

Year 1

($1,000,000)

10% $100,000

Year 2

Year 3

10% $100,000

Year 4

10% $100,000

Year 5

10% $100,000 $1,000,000 $1,500,000

Investor Returns Based on $1,000,000 Investment - Class B Investor Annual Percent Return Annual Return - Limited Partner Limited Partner Return At Exit Total Projected Return

Investment

Year 1

Year 2

Year 3

Year 4

($1,000,000)

6.6% $65,930

7.4% $74,070

7.00% $70,000

Return Summary IRR

Equity Multiple

Avg. CoC*

Limited Partner - Class A

10.00%

1.50x

10.00%

Limited Partner - Class B

14 -15%

1.8x

*From Operations

Year 5 7.00% $70,000 $1,479,450 $1,829,450

Investment Offering The Viking Capital Investments team is pleased to present this offering, 23Thirty Cobb apartment homes. Positioned in the most attractive market in the southeast, 23Thirty Cobb is a 1986-built garden style apartment community. This 222-unit B+ institutional quality asset is located in Atlanta's Platinum Triangle/Galleria submarket and is anchored by the I-75/I-285 interchange. East Cobb is one of Atlanta’s fastest growing and most accessible employment centers. 23Thirty Cobb has outperformed since the onset of the pandemic, achieving substantial income growth and excellent collections. .

222

$41,100,000

96%

46.1%

Units

Occupancy

Purchase Price

Employment Growth by 2025

1986

83%

20 min.

$131,670

Year Built

To Downtown Atlanta

Units Will Be Renovated

Avg Household Income 1-mile radius

Property Profile Property Specification Amenities Property Details Site Plan

Value-Add Business Strategy Our business plan is to raise current below market rents to the market average. Viking will upgrade the property's exterior and strategically enhance 83% of the classic unit interiors. Our aim is to ensure 23Thirty Cobb achieves best-in-market rents and attracts high-quality tenants.

Property Specifications

2BR/2BA 27%

1BR/1BA 51.4%

2BR/1BA 21.6%

Unit Mix

Elite Community Amenities Recently-renovated Leasing Center with coffee bar and business center, 2-Story fitness center, a resort-style swimming pool and poolside pergola, grilling station, tennis court, dog park, central amenity space with picnic area and bocce courts, and package locker system with remote access.

The Amenities 23Thirty Cobb is a Core Plus caliber property with significant upside. The asset has only 38 units that have been renovated by the seller. Renovation features include new cabinet faces, painted boxes, quartz countertops, luxury vinyl plank flooring throughout living areas on ground floor units, stainless steel or black appliances, subway tile backsplash, washer/dryer units and new plumbing and lighting fixtures, all of which help earn renovation premiums. The prior owner invested $4+ million in capital improvements over the past four years including new roofs, common amenity upgrades, exterior paint, landscaping, new leasing office, and HVAC and water heater replacement.

Luxurious Gym

Resort-Style Pool with Pergola

New Cabinet Faces, Backsplash and Stainless Steel Appliances

Quartz Countertops

Abundant Natural Lighting

Sizable Bedrooms

Financial Analysis Return on Investment Overview Debt and Cash Flows Pro Forma Projections Rent Comps Sale Comps

Financial Overview

OFFERING SUMMARY Cap (T-12) Reversion Cap Expense Ratio (T-12) Physical Occupancy (as of 04/12/21) DSCR Yr 1 DSCR avg. Purchase Price Hold Period Equity LP Class A Equity LP Class B Equity LP Class A IRR LP Class B IRR LP Class B Equity Multiple LP Class B Average Annual Returns incl. Sale

4.0% 4.5% 46% 96% 1.54 1.77 $41,100,000 5 years $11,000,000 $2,200,000 $8,800,000 10% 14-15% 1.8x 16-18%

Debt Financing* Loan Principal Balance

$35,037,000

Loan to Value

85%

Interest Rate (floating with 4% cap)

3.5%

Interest Only Payments (Months) Term (Years)

60 3 yrs+two 1 yr extensions

Fixed or Adjustable Amortizing Period (Years)

Adjustable with Cap N/A

Prepayment Penalty

N/A *Subject to change before closing

Pro Forma Projections Table

Rent Comps

Market Analysis Smynra, GA Overview Atlanta Market Hartsfield Airport Piedmont Henry Hospital Warehouse Demand

Aerial View

Atlanta, GA

Hartsfield-Jackson International Airport Located 15 miles from Hartsfield-Jackson Atlanta International Airport, the world's busiest airport, 23Thirty Cobb is ideally positioned to reap the benefits of the state's most significant, and ever-expanding economic driver.

Amazon’s Distribution Center Illustrates Outsized Logistics and Industrial Demand South of Atlanta

Viking Capital Portfolio Viking Capital Investments Portfolio

VIKING CAPITAL INVESTMENT PORTFOLIO Property Wildcreek (Sold 2018) Villas of South Cobb I (Sold 2018) Villas of South Cobb II (Sold 2018) Ascent at Riverdale I (Sold 2019) Ascent at Riverdale II (Sold 2019) Mira Vista Ranch Pennington Pointe (Hills at East Cobb) Town Oakes Townhomes Park Village Apartments Reserve at Walnut Creek Marabella Apartments 1136 Crescent Ave. Mixed- Use Project (The Hype) Bella Grand (Veritas at East Cobb) The Griffin Marbella Place Total

Market

Units

Atlanta, GA Atlanta, GA Atlanta, GA Atlanta, GA Atlanta, GA

242 188 152 118 62

$22,350,000

Dallas, TX Atlanta, GA Tyler, TX Dallas, TX Austin, TX Dallas, TX Atlanta, GA Atlanta, GA Washington, DC Atlanta, GA

304 268 90 350 284 415 16 192 49 368

$41,000,000 $35,000,000 $7,000,000 $31,350,000 $36,300,000 $61,750,000 $6,700,000 $25,800,000 $19,300,000 $58,000,000

3,098

$391,100,000

Market Value

$17,782,494 $15,317,506 $7,600,000 $5,900,000

DIPEN PATEL INVESTMENT PORTFOLIO Property

Market

Units

Meadow Crossing (Sold 2018)

Atlanta, GA

184

$14,150,000

Terra Creek (Sold 2019) Brookstone at Brookhaven

Atlanta, GA Atlanta, GA

193 160

$9,600,00 $24,100,000

West Eleven Ashford Walk 550 Abernathy

Atlanta, GA Atlanta, GA Atlanta, GA

224 306 228

$36,400,000 $39,000,000 $44,290,000

1,295

$167,540,000

Total

Market Value

VIKING CAPITAL INVESTMENT EXITS Property Wildcreek - Clarkston, GA Villas of South Cobb - Smyrna, GA Villas of South Cobb II - Smyrna, GA Ascent at Riverdale I & II - Riverdale, GA Total

Units

Hold Period

Market Value

242 188

3.25 Years

20.1%

152 180

2.5 Years 2.5 years 2.0 years

19.1% 19.1% 38.0%

762

Avg 2.56 years

Avg 24.1%

eading

Sponsorship/ Management Team The Viking Capital team as been investing in commercial real estate assets since 2015 with a portfolio in access of $390MM with 3k+ apartment units. Dr. Vikram Raya Managing Partner

Dr. Ravi Gupta Managing Partner

Dipen Patel Managing Partner

Index Property Management Real Estate Terms & Definitions Sponsorship / Management Teams

Property Management

Real Estate Terms Capitalization Rate (Cap Rate) – A rate of return on a real estate investment property based on the expected income that the property will generate. Capitalization rate is used to estimate the investor's potential return on his or her investment. This is done by dividing the income the property will generate (after fixed costs and variable costs) by the total value of the property. When acquiring income property, the higher the capitalization rate (“Cap Rate”), the better. When selling income property, the lower the Cap Rate the better. A higher cap rate implies a lower price, a lower cap rate implies a higher price. Cash Flow – Cash generated from the operations of a company, generally defined as revenues less all operating expenses. Cash-on-Cash – A rate of return often used in real estate transactions. The calculation determines the cash income on the cash invested. Calculated: Annual Dollar Income Return / Total Equity Invested = Cash-on-Cash Debt Service Coverage Ratio (DSCR) – It is the multiples of cash flow available to meet annual interest and principal payments on debt. This ratio should ideally be over 1. That would mean the property is generating enough income to pay its debt obligations. Return on Equity (ROE) – The amount of net income returned as a percentage of shareholders equity. Investor Average Annual Return, excluding disposition – The average return per year during the investment hold. Investor Average Annual Return, including disposition – The average return per year including profits from disposition. This calculation does not include the return of invested capital. Internal Rate of Return (IRR) – The rate of return that would make the present value of future cash flows plus the final market value of an investment opportunity equal the current market price of the investment or opportunity. The higher a project's internal rate of return, the more desirable it is to undertake the project. Return on Equity (ROE) – The amount of net income returned as a percentage of shareholders equity. ROE is expressed as a percentage and calculated as: Return on Equity = Net Income/Shareholder's Equity

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