What Novo Development Group does

Novo Development Group is a privately held, full-service real estate development firm specializing in urban-styled, residential multi-family communities. Founded by Tony Birkla and operating as a subsidiary of Birkla Investment Group, the company is headquartered at 20 W. Carmel Drive in Carmel, Indiana, with operations across Indiana and Ohio. With more than 30 years of combined group experience, Novo integrates four business lines under one roof: design and development, construction, property management, and investment services. Its integrated operating model places the development and construction teams in the same office, enabling seamless concept-to-completion execution at "Main & Main" urban locations.

The company's core product portfolio consists of mixed-use and luxury multi-family developments including @580 and 830 Main in Cincinnati, OH; Proscenium, REV at Proscenium, VER at Proscenium, and Mezz42 in Carmel, IN; and Lofts at Willow Creek in Beavercreek, OH. Across these assets, the firm has developed 700+ residential units combining for-rent apartments and for-sale condominiums with integrated retail (20,000 sq ft) and office space (60,000 sq ft) at Proscenium. Notable technical and amenity features include Control 4 smart home technology, a $1M rooftop amenity deck with stainless steel pool, fitness centers, dog parks, and walkable access to dining and retail.

Novo monetizes through multiple revenue streams: (1) project-based design and development fees, (2) general contracting and construction services for its own and potentially third-party projects, (3) recurring managed services fees from property management of mixed-use assets, and (4) investment and financial planning services for real estate projects. The customer base is bifurcated: B2C residents including millennials and active adults seeking walkable urban lifestyle experiences, and B2B commercial tenants including corporate headquarters relocations (Schwarz Partners, Valeo Financial Advisors, Lauth Group) and anchor retail brands (Wahlburgers). GTM motion is regional direct sales and leasing with project-specific marketing channels and earned media coverage in local outlets.

Name

Novo Development Group

Legal name

Novo Development Group

Website

https://novo.dev

Company type

Private

Operating status

Operating

Headcount range

1–10 employees

Short description

Novo Development Group is a privately held real estate developer and subsidiary of Birkla Investment Group that develops urban-styled, mixed-use multi-family communities across Indiana and Ohio. The firm integrates design, construction, property management, and investment services to deliver 700+ luxury residential units plus retail and office space.

Ownership category

akta.pro rank

Product category

Multi-Family Residential Real Estate Development

NAICS

Residential Remodelers (236118)

SIC

Operative Builders (1531), Land Subdividers & Developers (No Cemeteries) (6552), Operators Of Apartment Buildings (6513), Real Estate (6500)

akta.pro primary industry

Residential Land Development & Subdivision Homebuilding (Build-to-Sell Communities) (IMAFABAL)

akta.pro secondary industry

Independent Living Community Development & Construction (Senior Housing Developers) (HLADAAAH)

Keywords

• Multi-family residential development
• Real estate development services
• Property management services
• Mixed-use development
• Construction services

Headquarters

HQ city

Carmel

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Supply Chain, Operations, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Design & Development Services: In-house architectural and design team that develops project concepts from initial ideas through drawings and into construction-ready plans.
2. Property Management: Full-service property management firm focusing on leasing and management of mixed-use properties, providing recurring management fees from property operations.
3. Investment Services: Financial management and investment planning services for real estate projects, including safeguards and proper execution throughout project duration.
4. Construction Services: General contracting and construction services for multi-family and mixed-use developments, including the Proscenium project.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Novo Development Group is a full-service real estate development firm specializing in urban-styled, multi-family residential communities in Indiana and Ohio. The company integrates in-house design, development, construction, property management, and investment services under one operation to deliver mixed-use projects that combine luxury residential units with retail and office components. Its portfolio includes apartments, condominiums, and mixed-use properties developed for end-user residents and commercial tenants.

Product overview

Novo Development Group is a real estate development company and Birkla Investment Group subsidiary with over 30 years of experience developing urban-styled, residential multi-family communities. The company operates as a single unified offering platform that combines development services with property operations. The portfolio includes multiple named residential products: @580 and 830 Main (Cincinnati, OH), Proscenium with its REV condominiums and VER apartments (Carmel, IN), Lofts at Willow Creek (Beavercreek, OH), and Mezz42 (Carmel, IN). These residential developments are supported by integrated service offerings spanning design & development, property management, investment services, and construction, enabling the company to deliver projects from concept through ongoing operations.

Differentiator

Problem solved

Functional benefit

Products and services

• @580 225 luxury one- and two-bedroom residential units in downtown Cincinnati designed for millennials, featuring a wellness center, outdoor dog park, underground parking, rooftop lounge, and building security.
• 830 Main 60-unit apartment complex in Cincinnati built in the 1903 Second National Bank Building with Beaux Arts Classic style design, upgraded elevators, and adjacent parking.
• Proscenium Mixed-use development in Carmel, Indiana combining 225 luxury residential units with 20,000 sq ft retail space, 60,000 sq ft office space, and 1.8-acre public green space, featuring a podium-style parking garage.
• REV at Proscenium Luxury condominium community at Proscenium featuring Control 4 smart home technology, quartz countertops, stainless steel appliances, tankless water heaters, private below-grade parking, fitness center, and resort-style pool.
• VER at Proscenium 197 luxury one- and two-bedroom apartment units at Proscenium with fitness center, clubhouse, theater room, conference room, and pet wash, designed for millennials and active adults.
• Lofts at Willow Creek Residential community in Beavercreek, Ohio featuring a heated pool with sundeck and Jacuzzi, on-demand movie theatre, reservable clubhouse, bike storage, pet-friendly amenities, and private garages.
• Mezz42 Studio, one- and two-bedroom apartment community in Carmel, Indiana with spacious layouts, premium finishes, 24-hour fitness center, and walkable location to shopping, dining, and entertainment.
• Design & Development Services In-house design and development team that leads projects from concept ideas through architectural drawings to fruition for investors and partners.
• Property Management Services Full-service property management focusing on leasing and management of mixed-use properties with superior client service for property owners and investors.
• Investment Services Financial management services including investment planning with safeguards to ensure proper project execution throughout the duration of the project for real estate investors.
• Construction Services Construction expertise enabling concept and development of high-quality projects at Main & Main locations, with development and construction teams working together in the same office.

Quantifiable outcome

• Multiple successful projects completed across Indiana and Ohio markets with over 700+ residential units developed.

Named customers6 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Scale indicators3 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Flaherty & Collins Properties: Indianapolis-based multifamily developer and property manager with a similar full-service platform (development, construction, property management) and a comparable Midwest geographic footprint, including luxury urban-styled communities.
• Milhaus: Indianapolis-based multifamily developer specializing in urban-styled, mixed-use residential communities targeting millennials and active adults, with integrated development and property management — a directly comparable operating model.
• TWG Development: Indianapolis-based real estate development firm focused on urban mixed-use and multifamily housing in the Midwest, with a vertically integrated approach to development and property operations similar to Novo.
• Lauth Group Inc: Carmel, Indiana-based commercial real estate developer and property manager with a long-standing regional presence in office, industrial, and mixed-use developments across the Midwest.

Regional players

• Strategic Capital Partners: Carmel, Indiana-based real estate investment and development firm focused on mixed-use and multifamily projects in the Midwest, with overlapping market geography and similar tenant-mix strategies.

Broad incumbents

• Greystar Real Estate Partners: Largest U.S. multifamily developer, operator, and property manager with a national platform; comparable in the property management and operational arms of Novo's integrated model, though vastly larger in scale.
• JLL Residential (Greystar-affiliated / JLL): Global real estate services firm providing multifamily development advisory, property management, and investment services — comparable in the property management and investment service lines Novo offers.
• CBRE Group: Global commercial real estate services and investment firm offering property management, brokerage, and development advisory — comparable in property management and commercial leasing operations to Novo's mixed-use portfolio.

Others

• Beazer Homes USA: National residential homebuilder with limited multifamily exposure; relevant as a broader residential construction peer for capital intensity and cyclical exposure benchmarking.
• Zillow Group: Online residential real estate marketplace — relevant only as a downstream channel that influences Novo's end-user buyer discovery and lease-up dynamics for projects like REV at Proscenium.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/NovoDevelopmentGroup
• LinkedInlinkedin.com/company/novo-development-group

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Novo Development Group