Austin developer Storybuilt's $2 billion infill pipeline is up for sale, with 28 projects by the company in various stages of planning and execution on offer through A&G Real Estate and Onyx Asset Advisors.
The commercial and residential pipeline of beleaguered PSW Real Estate (StoryBuilt's legal name) and its joint venture partners includes 17 projects in Austin, five in Seattle, three in Denver, and three in Dallas, available in their entirety or separately.
Property sizes range from seven to 800 units. Austin projects on the list are a mix of multifamily and single-family residences and include Bruno at 2001 South First Street, Thornton Flats at 2501 Thornton Road, Frank at 900 South First Street, and Clementine at 5107 Mencheca Road, all in South Austin.
Storybuilt's website also showcases East Austin projects at 2211 E.M. Franklin Road (George), 3412 Pennsylvania Avenue (Lucy), 1907 Webberville Road (Charley), and 755 Springdale Road (Ellie May), and — in a naming-convention twist — 814 North Bluff Drive in Far South Austin (North Bluff).
The builder describes its development approach as "design-centric" and "all about finding cool neighborhoods first, and then building projects that meet people's needs and add even more vibrancy to the neighborhood," said court-appointed receiver Stapleton Group's Mike Bergthold.
"Some of these sites are essentially shovel-ready, with the municipality having already reviewed and green-lighted the plans," said Onyx's Kevin Otus. "It is a major advantage for developers looking to seize opportunities in these high-demand markets."
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.
Seventeen of the projects are joint ventures with other entities, in which StoryBuilt has a 10 percent stake that is included in the offering, according to the release.
Storybuilt furloughed its staff and reorganized in July 2023, then went into voluntary receivership in August. Former executives and employees of the builder launched Homer Agency to work with real estate developers to oversee branding, marketing, and presale and resale of properties, according to an August Austin American-Statesman article.
On the same day Storybuilt announced the sale of its development pipeline, a status report from a court-appointed receiver indicated that the company "may have used funds raised for specific projects for other purposes," the Austin Business Journal reported Thursday.
