Hanover Co. Closes $125M Fund to Acquire Development Sites

Targeting land and obsolete commercial structures for multifamily and industrial redevelopment

/EIN News/ -- HOUSTON, May 28, 2025 (GLOBE NEWSWIRE) -- Hanover Co. has closed its Hanover Opportunities Fund (“HOF”) at $125 million in capital commitments and is actively acquiring land and underutilized commercial properties—such as vacant buildings and distressed office assets—for redevelopment into multifamily or industrial projects. HOF can close acquisitions quickly, with or without entitlements in place, and offers flexible deal structures to accommodate sellers.

“For site owners, lenders, and intermediaries, HOF can offer quick-close, all-cash solutions with a trusted development sponsor,” said Brandt Bowden, CEO of Hanover.

Rather than acquiring stabilized assets, HOF targets early-stage opportunities that can be executed through Hanover’s vertically integrated development platform.

“Today’s real estate environment is seeing a massive demographic shift and accelerated obsolescence in office, all against a backdrop of capital scarcity,” Bowden added. “HOF is built to take on the risk to reposition assets, while providing immediate liquidity to sellers—often before entitlements are in place.”

Led by Bowden and Hanover Managing Director Drew Willson, the fund was created to address capital dislocation and the growing need for pre-development risk capital.

HOF has already made three acquisitions: an industrial development site in York, Pennsylvania, and two multifamily development sites in San Jose, California.

With its capital base in place, HOF is actively pursuing acquisitions across Hanover’s national footprint, which includes Sun Belt, West Coast, Northeast, and Mid-Atlantic markets.

Media Contact

Samantha Havenstrite

Analyst, Hanover Opportunities Fund

shavenstrite@hanoverco.com

713-580-1377