Houston's Hanover Pays Estimated $2.6 Mil for 1.52 Acres in Pricey Buckhead

ATLANTA-Houston, TX-based Hanover Co. plans to break ground in the first quarter on a 39-story, 300-unit luxury apartment community on 1.52 acres purchased from TrizecHahn Corp. of Toronto for an estimated $2.6 million or $40 per sf, according to area brokers familiar with the project.

Hanover officials couldn’t be reached at GlobeSt.com’s publication deadline to learn more development details. Hanover didn’t disclose the acquisition price in its prepared statement.

The land is in TrizecHahn’s Alliance Center development at Georgia 400 and Lenox Road. Land for residential use in that part of Buckhead is selling for between $30 and $50 per sf, according to Atlanta-based Richard Bowers & Co. That would make the purchase cost of the 1.52-acre tract between $2 million and $3.3 million.

Brokers John Speros and Ron Wood of Bullock Mannelly Partners Inc. represented Hanover in the land transaction.