Sale by A&G and Onyx offers 28 developments in various stages of planning and execution, available as a going concern or separately, in Austin, Denver, Dallas, and Seattle
AUSTIN, Texas, Oct. 9, 2023 /PRNewswire/ — The diverse StoryBuilt commercial and residential pipeline—28 design-centric projects located in high-growth neighborhoods in Austin, Denver, Dallas, and Seattle—is now on the market in a receiver sale by A&G Real Estate Partners and Onyx Asset Advisors.
The pipeline of PSW Real Estate LLC (“StoryBuilt”) and its joint venture partners spans 17 projects in Austin, five in Seattle, three in Denver and three in Dallas; they are available in their entirety or separately.
The diverse offering, with properties running from seven to more than 800 units, features:
- Fully complete multifamily residential and mixed-use projects in Austin that are already generating millions of dollars in net operating income.
- Partially or nearly complete commercial and residential projects in Austin and Seattle.
- Land parcels in various stages of approval—including several fully entitled projects—for construction of approximately 2,500 residential units across the four cities.
“Known for its slogan ‘live where you love,’ Austin-based StoryBuilt earned a national reputation as a leading builder of attractive, contemporary real estate projects in some of the country’s most coveted urban villages and communities,” said Mike Bergthold, Managing Director, at court-appointed receiver Stapleton Group. “StoryBuilt’s unique approach is all about finding cool neighborhoods first, and then building projects that meet people’s needs and add even more vibrancy to the neighborhood.”
Founded in 2009, StoryBuilt is a fully integrated real estate developer, with design, development, construction, sales and property management all handled in-house. The company has employed up to 250 people in multiple offices and has successfully completed projects in more than 50 communities (StoryBuilt “Hall of Fame“), with more than 1,500 homeowners now living in StoryBuilt developments.
“StoryBuilt’s history, design skills and management talent are strong, as is its pipeline of well-conceived and located assets, but like many other builders in recent years, the company ran into capital constraints,” Bergthold explained. “For real estate investors, this truly is a unique and rare opportunity to acquire the entire company, inclusive of assets, people and quality brand and IP or the outstanding assets individually.”
The availability of multiple partially or fully approved development sites also is noteworthy.
“Some of these sites are essentially shovel-ready, with the municipality having already reviewed and green-lighted the plans,” said K. Kevin Otus, Managing Partner of Onyx Asset Advisors. “It is a major advantage for developers looking to seize opportunities in these high-demand markets.”
Income-generating properties include the 104-unit, design-centric apartment community of Thornton Flats, tucked in a residential neighborhood close to the nightlife and restaurants of South Lamar.
The largest of the land parcels is StoryBuilt’s mixed-use “Jolene” property in Dallas, with approvals in place for retail shops as well as 800 apartments, condos and townhomes.
Among the partially or nearly complete commercial and residential projects available in the receiver sale are:
- “Scout,” a development of 16 townhomes (75 percent complete) in the community of Meridian Park in Shoreline, Washington
- “Stanley,” a 19-townhome development (75 percent complete) in Seattle’s eclectic Georgetown neighborhood
- “Bruno,” 42 studios, lofted studios and 1-bedroom apartments (35 percent complete) on 1st St. in Austin, with community space set around a 500-year-old oak tree
Seventeen of the projects are joint ventures with other entities—including a multibillion-dollar private global markets firm—in which StoryBuilt has a 10 percent stake and handled design and construction. This offering includes the sale of StoryBuilt’s stake in those joint ventures.
“The availability of StoryBuilt’s position in one or more of these 17 projects is an extraordinary opportunity for qualified developers,” said Emilio Amendola, Co-President of A&G Real Estate Partners. “You’re creating the opportunity to develop or complete these assets and receive substantial fees associated with things like construction, site work and construction management and supervision.”
Notable among the JV projects in the four cities are:
- “George” in Austin, 80 townhomes and 36 single family homes (40 percent complete)
- the “Josephine” development site in Seattle, approved for 380 apartment units
- the “Judy” development site in the Denver metro area’s Wheat Ridge, approved for 55 townhomes
- the “Jolene” development site in Dallas with its retail spaces and 800 condos, townhomes and apartments
The sale also includes strong opportunities for smaller investors and funds. Examples include StoryBuilt’s “Frank South” on South 1st St. in Austin. The townhome and single-family home development has six homes in construction, one lot and three pads. Similarly, the South Austin project “My Darling Clementine” is 66 percent complete and features 12 single-family homes.
“We encourage investors and developers of all sizes to explore the potential opportunities in the StoryBuilt pipeline,” Amendola said. “The quality and diversity of these markets, sites and projects make this an event that is not to be missed.”
For further information on the properties, visit: agrep.com/StoryBuilt
Interested parties seeking detailed asset and/or bid-process information can call (888) 843-0258.
Media Contacts: At Jaffe Communications, Elisa Krantz, (908) 789-0700,
366616@email4pr.com
SOURCE A&G Real Estate Partners