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.

Photo credit: Courtesy of StoryBuilt
A rendering of the Goose homebuilding site in Lake Highlands

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.”

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Dallas-Fort Worth Newsletters
Related Stories

JVP Development Is Betting $37M Of Its Own Money That Frisco Is Ready For Spec Office

Camden Property Trust Sells West Coast Portfolio, Clears $1.5B Target

Bringing Stability And Savings To CRE Insurance Through Working Layer

Former Arms Dealer Targeting Heartland Apartment Takeover Files For Bankruptcy

SEC Charges REIT, Its Founders With Alleged $152M Fraud Scheme

KKR-Affiliated Data Center Developer CyrusOne Names New CEO

Miami's Condo Craze Has Developers Spending Millions On Sales Galleries

Slate, Hudson Cos. Picked To Develop Massive Queens Housing Project

Ryan Cos. Secures Permit For Austin's Sixth Street Redevelopment

Rapper Rick Ross Joins 670-Unit Miami Gardens Condo Project

How A New Financing Model Helps Spur More Mixed-Income Housing

DFW Office Footprints Likely To Shrink As AI Use Increases And Companies Battle For Talent