The Austin-based developer entered into receivership in July to avoid bankruptcy.
AUSTIN, Texas — Real estate development company Storybilt has put more than 20 properties up for sale after entering voluntary administration and announcing major layoffs, furloughs and restructuring.
Receivers A&G Real Estate Partners and Onyx Asset Advisors own 28 commercial and residential properties across Austin, Dallas, Denver and Seattle, according to KVUE media partners in the Austin American-Statesman. was put up for sale.
The sale includes 17 projects in Austin, five in Seattle, three in Dallas and three in Denver. Purchased in bulk or sold individually.
Onyx Asset Advisors told the Statesman the sale will include properties ranging from seven to more than 800 units. These include land parcels in various stages of approval, including fully completed projects, partially or nearly completed projects, and some fully approved projects in Austin.
“Some of these sites are basically shovel-ready, and municipalities have already reviewed and given the green light on plans,” said K. Kevin Ortas, managing partner at Onyx Asset Advisors. ” he told the Statesman. “This is a huge advantage for developers looking to seize opportunities in high-demand markets.”
Properties for sale in Austin include:
- Bruno, 2001 S. First St., 35% complete.
- George, EM 2211 Franklin Avenue, 40% complete.
- Frank South in the 900 block of South First Street (still under construction)
- My Beloved Clementine, 5107 Menchaca Road, 66% complete
StoryBuilt was founded in Austin in 2001 as PSW Real Estate and builds mixed-use developments including apartments, condos, townhomes and single-family homes.
The company went into voluntary administration on July 31 to avoid bankruptcy due to large-scale layoffs and furloughs. The company is currently being sued by former employees seeking unpaid wages and other financial compensation.
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