About Dvelpco

A firm built on relationships, not transactions.

Our Story

Dvelpco was founded with a straightforward idea: build commercial real estate the way we'd want it built for ourselves.

We are a privately-held, vertically integrated development firm based in Indianapolis — meaning land acquisition, design, construction, leasing, and property management are all handled in-house by the same team. Our roots are in industrial and flex real estate, where we've spent years operating, leasing, and acquiring properties. That operating background informs every decision we make as a developer — from how we site buildings, to how we structure leases, to how we treat the people we work with.

We're not chasing volume. Every project we take on is one we'd be comfortable holding for the long term. That discipline is what our partners, lenders, and tenants count on.

How We Work

Disciplined underwriting. Real partnerships.

Every deal starts with the fundamentals — location, market depth, replacement cost, exit. We underwrite conservatively and capitalize each project on its own merits.

But the numbers are only half the work. The other half is showing up. Returning calls. Doing what we said we'd do. Most of our best opportunities have come through people we've worked with before, and that's not an accident.

Leadership

The partners behind Dvelpco.

Rajbinder Dhaliwal

Co-Founder & Partner

B.S., Mechanical Engineering — Wayne State University J.D. — Thomas M. Cooley Law School

Rajbinder brings a uniquely cross-disciplinary background to Dvelpco — an engineering mind combined with a legal one. A licensed attorney in both Indiana and Michigan, he previously owned and successfully sold an Indianapolis-based law firm where his practice focused on business, real estate, and transactional law. At Dvelpco, he oversees legal structuring, contract negotiation, and risk management, and is the primary point of contact for the firm's lender and capital partner relationships.

Manveer Sandhu

Co-Founder & Partner

B.S., Civil & Construction Engineering Management Purdue University

Manveer leads Dvelpco's acquisitions, entitlements, and construction operations. His background pairs a Purdue degree in civil and construction engineering management with years of hands-on experience operating, leasing, and managing industrial and flex real estate in the Indianapolis market. From site selection through delivery, he brings an owner-operator's eye to every project — focused on building real estate that performs over the long term.

Principles

What we stand for.

Long-term thinking

We underwrite, design, and build for the next twenty years — not the next quarter. The right decision over a long horizon almost always wins.

Disciplined capital

We capitalize each project conservatively, with appropriate leverage and reserves. Surprises happen in development; we plan accordingly.

Plain dealing

What we tell a landowner, a tenant, a lender, or a broker is the same thing we tell each other. Reputation compounds; we'd rather lose a deal than our word.

Quality, in the details

The way a parking lot drains, the trim on a tilt panel, the way a lease reads — small choices add up to the experience of using a building. We sweat them.

Have a project, parcel, or partnership in mind?

We'd be glad to talk through it. No obligation, no hard sell — just a straightforward conversation.

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