AUSTIN, Texas — Real estate developer StoryBuilt has put more than two dozen properties up for sale after it entered a voluntary receivership and announced major layoffs, furloughs and a restructuring.
Receivers A&G Real Estate Partners and Onyx Asset Advisors put 28 commercial and residential properties up for sale across Austin, Dallas, Denver and Seattle, according to KVUE’s media partners at the Austin American Statesman.
The sale includes 17 projects in Austin, five in Seattle, three in Dallas and three in Denver. They are for sale as one purchase or separately.
Onyx Asset Advisors told the Statesman the sale includes properties running from seven to more than 800 units. They include fully complete and partially or nearly complete projects in Austin, as well as land parcels in various stages of approval, including several fully approved projects.
"Some of these sites are essentially shovel-ready, with the municipality having already reviewed and green-lighted the plans," K. Kevin Otus, managing partner of Onyx Asset Advisors, told the Statesman. "It is a major advantage for developers looking to seize opportunities in these high-demand markets."
In Austin, the properties for sale are:
- Bruno at 2001 S. First St., which is 35% complete
- George at 2211 E M Franklin Ave., which is 40% complete
- Frank South in the 900 block of S. First St., which is still under construction
- My Darling Clementine at 5107 Menchaca Road, which is 66% complete
StoryBuilt was founded in Austin in 2001 as PSW Real Estate and builds mixed-use developments that include apartments, condos, townhomes and single-family homes.
It entered a voluntary receivership on July 31 to try and avoid bankruptcy following major layoffs and furloughs. The company is currently facing lawsuits from former employees seeking back pay and other financial compensation.
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