2 Dallas Properties Up For Grabs After Austin Housing Developer Goes Under
Two Dallas properties are hitting the market as part of StoryBuilt’s $2B receivership sale.
The first, a 12-acre site in Downtown Dallas, was planned for Jolene, a mixed-use development with 800 housing units and retail space, per The Dallas Morning News. Goose, a homebuilding site on White Rock Trail in Lake Highlands, is also among the more than two dozen properties included in the sale.
The Austin-based infill housing developer has been embroiled in financial troubles that eventually led it to cease operations, lay off employees and seek out voluntary receivership.
In late August, court-appointed receiver Stapleton Group asked the company’s investors for $2.5M, the Austin-American Statesman reported.
The alternative to getting the $2.5M would be “financial Armageddon,” Stapleton Managing Director Mike Bergthold said on an August conference call, adding that a portion of the funds would be used to market the sale of the company as a whole or as individual properties.
The company has majority and minority stakes in 28 projects that are in various stages of development throughout Austin, Dallas, Denver and Seattle. A&G Real Estate Partners and Onyx Asset Advisors are marketing the projects for sale.
The Jolene project is the largest StoryBuilt property up for sale, per the DMN.
“The availability of StoryBuilt’s position in one or more of these 17 projects is an extraordinary opportunity for qualified developers,” A&G Real Estate Partners co-President Emilio Amendola said in a statement.
“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.”
