Amid plunging oil prices, luxury apartment developer shifts focus away from Houston (HBJ)

Photo Courtesy of HBJ

Photo Courtesy of HBJ

By Paul Takahashi
The Hanover Co. is holding off on developing new multifamily projects in Houston amid plunging oil prices.

The Houston-based developer, which builds luxury apartment projects around the country, has been ramping up its activity in local multifamily market since 2010, building high-end projects like Hanover Post Oak in the Galleria area. However, now that oil prices have nosedived — from more than $100 a barrel in July 2014 to less than $50 in January 2015 — capital for new projects is drying up.

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