One up-and-coming custom homebuilder aims to make its mark on Orange County’s luxury market with a handful of notable projects in the works, as OC continues to struggle with a supply and demand imbalance.
Irvine-based Revere Real Estate, led by 36-year-old local developer Nick Lind, is in growth mode as it looks to fulfill that demand.
“We’re a privately funded firm that handles the entire development process from A-Z, the only outsourcing we do is for architecture and civil engineering,” Lind, an OC native, told the Business Journal.
The company acquires vacant, distressed or underutilized lots in Southern California to develop luxury properties on a speculative basis, delivering projects that range from $3 million to upward of $20 million.
“We set ourselves apart from some of the more established custom homebuilders through our attention to detail, forward-thinking design and efficient methods,” Lind said.
Revenue, Sales Returns
Revere Real Estate ranked as the second fastest-growing private company in Orange County in the Business Journal’s September list, in the small company category, which ranks those with less than $10 million in annual revenue.
It reported two-year revenue surging 363% in the year ending June 30.
That growth is only expected to continue next year as Revere adds to its team and scouts new development opportunities in Orange and Los Angeles counties.
“The last four units we sold, sold before completion,” Lind said.
Today, the firm counts more than a dozen projects in the works in those two markets, including four in Orange County—last year it had just five projects in the works in total.
Those local projects represent nearly $20 million in value, with sales prices projected to near $30 million.
They include three townhome projects in Huntington Beach and Capo Beach, and a single-family remodel in Newport Beach.
For the latter project, Revere paid $2.7 million for a nearly 30,000-square-foot lot at 2420 23rd St. in Cherry Lake, near Newport Beach’s Back Bay, and is investing an additional $1.5 million to develop a 4,900-square-foot home.
It expects a nearly 250% return on that project.
Lind was a private wealth manager with experience in real estate investing prior to launching Revere in 2018.
The company counts a staff of about 11 individuals, more than double the amount from last year.
“We’re most proud of the fact that our custom homes are being compared with builders that have been doing it for several decades,” Lind said.