AUSTIN (Austin Business Journal) — The $2 billion infill development pipeline of embattled real estate firm StoryBuilt is for sale.
The commercial and residential pipeline of PSW Real Estate LLC, StoryBuilt’s legal name, consists of 28 projects across Austin, Seattle, Denver and Dallas and is available for purchase in its entirety or separately through a receiver sale by A&G Real Estate Partners and Onyx Asset Advisors, according to an Oct. 9 announcement. The pipeline is to be sold by the end of the year, according to the asset sale website.
“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,” stated Mike Bergthold, managing director at the court-appointed receiver, Stapleton Group. “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.”
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