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No. 12
Revenue growth FY 2021 to 2023: 123.2%
2023 revenue: $99 million
Onyx + East broke ground this year on its largest for-sale community ever. Flora in Carmel reflects what brings the company success: adaptability. As economic conditions and homeowner interests shift, Onyx + East pivots, as well. Flora features a range of housing options at various prices with green spaces and energy-saving technology. “I think between COVID supply chain issues [and] the interest rate environment, we’ve had to really continuously evolve and really challenge everything we do and how we do it to continue to hit the growth plan that we’ve set forth and continue to open new markets,” CEO Kelli Lawrence says. This is the third consecutive year for the company on the Fast 25 list.
Being tenacious: Lawrence chalks up the ability to successfully pivot to a team that is determined to make things work, no matter what comes at it. Interest rates keep rising? Forge new relationships with lenders who can offer potential buyers more options. Inflation has material prices high? Bring urban-like design approaches to suburban areas. A global pandemic upends how and where many people work? Change home-design plans to incorporate a home office. “It’s been really great to see the tenacity in which we try new things and innovate,” she says.
Build to rent: Another pivot for Onyx + East is embracing an emerging housing trend: build-to-rent communities. High home prices and high interest rates have helped spark interest in these communities of single-family homes that are built to be leased, not owned. In 2022, Onyx + East partnered with New York investment firm Pretium Partners LLC to invest $600 million to build and operate such build-to-rent communities across the Midwest and in Florida. Onyx + East launched a division called Black Opal that specializes in the approach. “We were excited to launch that over the last year,” Lawrence says, “which has been a big part of our growth.”
Ohio opportunities: The Buckeye State has represented another growth area for Onyx + East over the past two years. The company has projects in Columbus and Cincinnati, where overall job growth and a diversified economy are appealing criteria. Proximity also helps, she says, as the company can leverage its operations in Indiana to grow across the state line.•
Check out more of IBJ’s ranking of Indy’s fastest-growing companies.
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