A multifamily high-rise specialist is proving it can go suburban too, with plans for a $54 million apartment complex in the Lakemont subdivision of Richmond.
Houston-based Hanover Company is expected to start construction on the project, at 7102 South Mason Road, next month and wrap up by the end of 2026, according to a filing with the state. The 380,000-square-foot Hanover Lakemont apartment complex will feature a three and four–story wood framed building and a clubhouse. The number of units wasn’t disclosed in the filing.
Houston-based W Partnership was hired to design it, a firm Hanover has enlisted for several developments in the past. Hanover didn’t immediately respond to a request for more information, and W Partnership declined to comment.
While developers are eyeing infills in central Houston, the bulk of the region’s multifamily development is in an arc along the Grand Parkway north and west of Houston, including the Richmond area, according to Lument.
Hanover’s projects in recent years have included luxury towers in downtown Houston and Austin, mid-rise developments like the Evans Station apartments in Denver and the Hanover Parkview apartments in the Montrose area of Houston, along with master-planned communities, including the 1,600-home M3 Ranch project in Dallas, which started last year.
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Hanover tends to see its projects through each step of the way, acquiring land, building apartments and homes with its own construction team and managing most properties itself, 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.