Viktor Zaboienko
Viktor Zaboienko is the founder of FERO Development, a U.S. real estate development firm working in hospitality, multifamily, and income-producing assets in the United States. He has spent over a decade in real estate investment and development — from investment advisory and sales leadership to building concepts, financial models, and operating models for development projects.
His expertise centers on the economics of a development project: investment analysis, financial modeling, product definition, commercial strategy, and operating model. The principle underlying his approach is that the financial model should precede design rather than justify it after the fact.
From investment advisory to development
Zaboienko began his real estate career in investment advisory in Kyiv, working with executives, investors, and private clients on asset acquisitions. A degree in banking and finance from the University of Customs and Finance shaped his view of real estate first as an investment asset — one whose economics must be established before execution begins.
He moved next to SAGA Development, where he served as Sales Director. He led a department of five divisions working across 15 projects, from mid-market residential to premium developments in central Kyiv. SAGA Development’s total portfolio at the time exceeded 2 million square meters.
Working on the developer side gave him a practical understanding of how product, price, positioning, absorption pace, and demand structure drive a project’s financial outcome — and how far decisions made at the early stages determine the economics that follow.
30+ development projects across international markets
Zaboienko went on to found Everpoint, an advisory firm serving developers. The team worked on more than 30 projects in Ukraine, Indonesia, Thailand, and Turkey, with a combined project area exceeding 300,000 square meters.
The work covered concept development, financial and operating models, commercial strategy, and go-to-market planning. Some clients came in at an early stage — with a site and the need to define the future product and its economics. Others came during execution, when the concept, the financial model, the positioning, or the sales system had to be revisited.
That experience shaped one of his core operating principles: a significant part of a development’s outcome is determined before construction begins. It is at the outset that the product, its audience, its revenue sources, its cost structure, and its operating model are defined — and it is at that stage that changing a decision typically costs the least.
Real estate development in the United States
In 2025, Viktor Zaboienko founded FERO Development, a U.S. development firm specializing in hospitality, multifamily, and other income-producing real estate in the United States.
FERO Development is a continuation of the experience accumulated across development projects in different markets. Working with a range of asset types made it possible to see which assumptions in financial models most often fail in practice, how early decisions affect later costs, and what determines a property’s ability to generate income once it is placed in service.
At FERO Development, Zaboienko is responsible for the investment and commercial logic of each project: market and demand analysis, concept and product definition, the financial model, pricing and commercial strategy, the operating model, and projected returns.
In practice, this means answering the fundamental questions before design begins: what to build, for which audience, what need the product should address, how it will generate income, what it will cost to build and operate, and under what conditions the investment model works.
From that framework, FERO Development builds out project execution and engages specialist partners for individual disciplines — design, entitlements, and construction. Partners are selected on the basis of their experience with the specific property type and the specific market.
Viktor Zaboienko’s approach to real estate investment
For FERO Development, real estate is first an investment and operating asset rather than a physical object alone. Evaluating a development project therefore does not end with a construction cost or sales forecast.
It covers the full economics of the asset: who the end user will be, what they are willing to pay for, what income and expenses the property will generate, what the operating model will be, what can increase its value, and how resilient the financial model remains across different scenarios.
The economics of the project come first, and decisions about what and how to build follow.
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