H
anover Company, a Houston-based multifamily high-rise specialist, has announced its plans to venture into suburban areas with a $54 million apartment complex in Richmond's Lakemont subdivision. The project, which will be located at 7102 South Mason Road, is expected to begin construction next month and wrap up by the end of 2026, according to a recent filing with the state.
The Hanover Lakemont apartment complex will be a three and four-story wood framed building, featuring a clubhouse. The number of units in the complex has not been disclosed in the filing. Houston-based W Partnership has been hired to design the project, which Hanover has worked with on several developments in the past.
While developers are focusing on infills in central Houston, most of the region's multifamily development is concentrated along the Grand Parkway north and west of Houston, including the Richmond area, according to Lument.
Hanover has a history of developing luxury towers in downtown Houston and Austin, mid-rise developments like the Evans Station apartments in Denver and the Hanover Parkview apartments in Houston's Montrose area, as well as master-planned communities like the 1,600-home M3 Ranch project in Dallas, which started last year.
The Hanover Property Co. has also announced its plan to build 1,600 homes in Mansfield, while Hanover lists downtown tower as dealmaking starts to turn around. Arbor Realty has foreclosed on another Houston multifamily property.
Hanover tends to manage most properties itself, acquiring land, building apartments and homes with its own construction team, according to its website. Houston saw a surge in multifamily deliveries last year, a 45 percent increase in new units from 2022, but the city was well-positioned to absorb excess supply from in-migrations during the pandemic — construction drastically slowed in the second quarter, dropping 20 percent year over year, and overall absorption bounded to about 8,000 units, nearly doubling from the previous few quarters, according to Colliers.
