Strategically allocating
capital to minimize risks
and maximize returns.
As a dedicated investment management and real estate development firm, we specialize in shaping vibrant living spaces that redefine the way we live. Our commitment to excellence, integrity, and visionary design drives us to create extraordinary multifamily developments that spark connections, elevate lifestyles, and leave an enduring legacy.
The Surge Advantage
We understand that our projects go beyond bricks and mortar; they become the foundation for nurturing communities and enhancing lives. Our unwavering dedication to excellence, innovation, and ethical standards drives everything we do.
Entitlement Experience
- 4.031 units approved
- 30+ cites
- 7 markets
- 1.275 units in entitlement pipeline
Construction Experience
- 928 units developed
- $117MM construction debt
- 7 markets
- 15+ General Contractors
- 35+ years of team experience
Capital and Investments
- Raised: $34MM
- Deployed: $29MM
- Average Check Size: $1,244,120
- Capital raising efforts commenced November 2021 at firm’s inception.
Our Portfolio
We don’t just build properties; we forge relationships to ensure the success of every project. In every successful project, we strive to provide the best possible outcomes for our investors and move the real estate industry one step forward.
Norman Lofts
- Huntersville / NC
- Units: 45
- April 2024
Amenities:
Covered parking
Storage area
Garages
Close to major thoroughfare
ZOE – Luxury Apartment Homes
- Waco / TX
- Units: 214
- July 2024
Amenities:
Covered parking
Pickleball court
Garages
Pool
Clubhouse
BBQ Area
Fitness Center
The Morrelli
- Ogden / UT
- Units: 44
- December 2023
Amenities:
Covered parking
Downtown location proximity
Close to major thoroughfare
The Alston
- Greenville / SC
- Units: 96
- March 2024
Amenities:
Covered parking
Open/Green Space
Close to major thoroughfare
10 minutes from Furman University and Downtown Greenville
Southport Apartment Homes
- Spartanburg / SC
- Units: 244
- October 2024
Amenities:
Covered parking
Storage area
Pickleball court
Garages
BBQ Area
Pool
Clubhouse
Gym
Anderson Heights
- Waco / TX
- Units: 388
Amenities:
Gym
Garages
Pool
Community garden
Pickleball court
Covered parking
Clubhouse
BBQ area
Storage area
Cora Flats
- Waco / TX
- Units: 77
Amenities:
Covered Parking
Patio area
Close to major thoroughfare
Emmitt’s Crossing
- Fayetteville / NC
- Units: 90
Amenities:
Pickleball court
Dog park
Covered parking
Patio area
Close to major thoroughfare
Close to highway and retail centers
Twin Lofts
- Wilmington / NC
- Units: 147
Amenities:
Patio area
Elevators
Covered Parking
Clubhouse
OUR PRODUCT
We love building projects that have a positive impact on their communities. We focus our efforts on development and new construction for multi-family assets. We love to keep projects that we build, but we also frequently build with the intent to sell after construction is completed.
- Class-B Multifamily Apartments
- Garden-style Product
- Workforce Housing
- Market-rate, Long-term Rentals
- Ground-up Development
- Primary/Secondary Markets
Leadership
Paul Poteet (Principal & CEO)
Paul is the CEO and Founder of Surge Development and Surge Capital. He earned a degree in Business Management and Entrepreneurship from BYU-Idaho. With 6 years in development, Paul led entitlements for 4,031 units across 44 projects and 7 states, valued over $60MM. He managed financing and construction of 12 multifamily projects (774 units, $180MM value). Previously co-founded a successful multifamily firm before starting Surge Development. Under his leadership, Surge grew with 5 new employees, 6 development sites acquired, $30MM equity raised, and $47MM construction debt closed in 2022.
Dennis Richmond (Partner)
With decades in Texas construction, Dennis owned firms since 1987. In 2018, he partnered with a multifamily developer, contributing to 6 projects (580 units, $140MM value) in DFW. Now a valued Surge partner, Dennis focuses on Texas development and advises the company nationwide. He has a civil service record, including roles as Murphy Texas City Council Member, Parks Board President, and Community Development Corporation Directo
Michael Black (Advisor)
With over 37 years in North Texas real estate, Michael's journey began after BYU when he joined KPMG Dallas. His focus there was the financial and tax aspects of apartment syndications, including contributing to the Fountain Place office tower in Downtown Dallas. Transitioning in 2005, he developed 6 commercial properties totaling 68,000 sq. ft. As a licensed CPA in Texas, his practice centers on taxes and real estate. Now, as an advisor and partner at Surge Development, he brings his expertise to our team.
Wayne Lounsbury (Director of Construction)
Kyle Macdonald (Partner & Fund Manager)
As Surge Development's Fund Manager, Kyle oversees fund administration, capital raising, and compliance for Surge Real Estate Fund I (SREF I). He holds a degree from the Marriott School of Business - BYU Provo. With experience in brokerage, real estate private equity, investment sales, and development, Kyle has a strong affinity for commercial real estate. He has sourced, vetted, and entitled over $30MM in land value for future projects during his time in development.
Eivan Ram (Financial Analyst)
Ethan Larkin (Partner & VP of Business Development & Investor Relations)
Ethan holds a Masters in Business Administration from Southern Utah University. He shifted from sales and marketing (Phenom, Savvos Health) to real estate post-MBA. Handling acquisitions and entitlements for Texas development sites, he also nurtures current investor relationships within the Investor Relations team.
Jake Lambson (Partner & VP of Acquisitions)
Jake, a Utah Valley University graduate in Business Management, serves as a Land Entitlement Specialist. With prior project management experience in development, he conducts due diligence on multi-family opportunities. Jake aids in site discovery, early project diligence, city entitlement processes, and development underwriting at Surge.
