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Hanover South Lamar at 809 South Lamar Blvd in Zilker Park has changed hands. Boston-based General Investment & Development Cos bought the 340-unit property from Houston’s The Hanover Co.
The mid-rise complex offers one- and two-bedroom apartments and is a National Green Building Standard bronze-certified community thanks to 550 rooftop solar panels, the Heritage Tree Grove of preserved live oak and pecan trees, and electric car-charging stations.
Sweet outdoor amenities such as a resort-style pool, grills, private cabanas, a clubhouse and theater, and a dog park keep residents happy. Indoor amenities include a fitness center, granite countertops and energy-efficient appliances.
ARA Newmark vice chairman Pat Jones repped Hanover and said the property was sought after by institutions and private wealthy investors looking for a core property in an ideal location. “GID was a cash buyer with an outstanding track record of acquiring and owning high-quality urban assets in Austin,” Jones said. “GID has purchased over $500M of properties from Hanover, so the companies have a strong working relationship.”
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