Hanover Development
Development Experience
Entitlement of 10,000 residential lots;
Building of 10,000+ homes and condominiums
Extensive apartment development and condo conversion experience.
Nationally Recognized for Quality
Quoting Professional Builder Magazine: “...Orange County Calif. homebuilder Joe Richter is setting standards for quality and service the whole industry would do well to emulate...".
Infill Development
From Downtown LA (DTLA) to Seattle/Tacoma, Portland Oregon, the Irvine Business Corridor, Dallas Texas we are fully versed in product, market demand, market constraints and market costs.
Financial Analysis
Our strong suit has always been financial analysis. No one goes deeper into the details of time, costs and management influence than we do. We have used the Argus suite of products and superior Excel skills make us second to none in the competitive world of acquisition, development, and disposition.
Consulting
Whether your target is an infill apartment development in DTLA or Class A office acquisition in the Bay Area, we can get you where you want to go.
Our team is fully capable of taking your dream project or core business plan from the board room to the show room and on to the operating asset or disposition your business plan defines.
General Contracting
We do take on special projects as a general contractor. Typically these are high profile projects or distressed projects we are asked to take over.
Custom Homes - New Build & Remodel
Development & Brokerage
1,100 Unit Master Plan Community with Golf Course
Product included Single Family and Condo/Townhomes
Infill Development
Two products on an old industrial site that required remediation.
Apartment Development
High density projects with subterranean parking and above-grade parking structure
Class A Office Assets
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As builders we have direct experience with the need to ‘buy right’. The primary factor to do this is to ‘buy with knowledge’. Knowing every aspect of the property or asset, to effectively balance the risk / reward equation requires thorough due diligence and knowledgable forward planning.
As an owner and manager it is most important to have access to the human and system resources and to understand process to be able to manage time to reach the targeted returns on any investment.
We are better brokers because we have been tested in fire as buyers and sellers, owners and operators.
We promise to treat your sale or purchase with the same respect, honesty and thoroughness as if it was a purchase or sale for our own portfolio.
Residential Development
Residential Development of custom homes and production homes and condominiums and apartment development in densities up to 300 units per acre represent the business we have been engaged in for over three decades.
During that time, we have had the opportunity and pleasure to be involved in every type of development opportunity.
Buying a piece of dirt and getting it entitled, designing the lifestyle and matching products to the market, attracting investor capital and delivering the final product to end-users has been our lifecycle.
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Master Planned Communities
In San Juan Capistrano we took a 1300-acre site through the legal process to extended customer service periods and made our mark in the industry. Comprised of planning areas A, B, C, D, E & F and a golf course the land became a community of 1100 homes.
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Mixed Use / Multifamily
A distant cousin to residential development is apartment development, apartment acquisition and condo conversion business.
The financial perspectives are quite different. A home builder is going to look at high leverage to get the highest margin and possible IRR in the shortest time. An apartment group will be looking at the long-term value of their money and have a much lower IRR hurdle than the home builder and need a higher cash on cash return. The appartment developer will also be looking at several other key metrics such as a Build to CAP, NOI, debt coverage ratio and may focus on market position defined as core, core plus or value add.
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Hotels, Office Buildings, & Golf Courses
Buying existing assets such as office buildings, hotels, resorts and golf courses present entirely different opportunities.
We have been fortunate to make the successful transition into the commercial business at an early stage in our careers. Working for a high net-worth family investment company broadened our experience signifcantly.
Class A office buildings are perhaps our favorite transaction to be involved with.
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