StoryBuilt's $2B Development Pipeline Brings to Market with Receiver Sales, Includes Big Dallas Project » Dallas Innovates

Updated October 16, 2023: StoryBuilt has announced sales clarification for the receivers featured in this article.For some of the projects mentioned, Storybuilt is the only minority position Offered for sale subject to approval of majority partners, investors or lenders. These minority position sales include his Jolene project in Dallas. of seattle Scout, Stanley, Josephine, Beacon Hill and Morgan Junction projects. Thornton Flats, Austin; frank north and south, long view,Polaris, Ellie Mae, and The George Project. and the Archie and Judy Project in Denver.

The three Dallas projects are among 28 StoryBuilt commercial and residential projects valued at approximately $2 billion brought to market in a receiver sale by A&G Real Estate and Onyx Asset Advisors.

Austin-based Storybilt has been in financial trouble this year, and The Real Deal reported in July that Storybilt was “restructuring amid financial collapse.” Co-founder Ryan Diepenbrock stepped down from day-to-day management that same month, and Chad Shepler resigned from his role as CFO and from the company's board of directors.

Last year, Storybilt and Swiss private market investment firm Partners Group AG formed a $1 billion joint venture to develop 17 projects across the U.S., including six projects, The Real Deal reported. Five are planned to be developed in Austin, five in Seattle, three in Denver, and three across the United States. Dallas.

The company also partnered with IHP Capital Partners in a $44 million deal to finance the East Austin complex. According to The Real Deal, Storybilt has failed to meet its large-scale growth goals and is in financial turmoil.

2,500 homes in 4 cities including Dallas

Stanley in Seattle's diverse Georgetown neighborhood [Rendering: A&G Real Estate Partners]

Storybilt has major projects in Dallas, including The Jolene mixed-use development in West Dallas and an early-stage stalled housing development at Walnut Hill Lane and White Rock Trail in Dallas' Lake Highlands neighborhood. It's in progress.

A&G Real Estate said its diverse product portfolio, which includes properties ranging from seven units to more than 800 units, has the following characteristics:

Multifamily and mixed-use projects in Austin are fully completed and have already generated millions of dollars in net operating income.
Commercial and residential projects in Austin and Seattle are partially or nearly complete.
Land parcels in various stages of approval, including several fully titled projects, to build approximately 2,500 housing units in four cities.

“Known for its slogan, “Live Where You Love,'' Austin-based StoryBuilt is an architectural firm leading attractive, contemporary real estate projects in some of the nation's most sought-after urban villages and communities. We have earned a national reputation as a contractor,” said Mike Bergsold, Managing Director. Court-appointed receiver Stapleton Group said in a statement: “StoryBuilt's unique approach is to first find cool neighborhoods and then build projects that meet people's needs and further energize those neighborhoods.”

StoryBuilt was founded in 2009 and has designed, developed, built, sold and managed its properties entirely in-house. He employs up to 250 people across multiple offices, has completed projects in more than 50 communities, and has more than 1,500 homeowners living in his StoryBuilt developments.

“While StoryBuilt's history, design skills and management capabilities are strong, as is its pipeline of well-positioned assets, the company, like many other builders in recent years, has faced capital constraints. We did,” Bergsold said. “For real estate investors, this is truly a unique opportunity to acquire an entire company, including assets, talent, high-quality brands and intellectual property, or great individual assets.”

“Shovel-ready” sites in high-demand markets

A&G Real Estate said it is noteworthy that multiple partially or fully approved development sites are available.

“Some of these sites have already been reviewed and greenlit by local governments and are essentially ready-to-go,” K. Kevin Ortas, managing partner at Onyx Asset Advisors, said in a statement. ” “This is a huge advantage for developers looking to seize opportunities in high-demand markets.”

According to A&G Real Estate, the income-generating properties include Thornton Flats, a 104-unit design-focused apartment community tucked away in a residential neighborhood near nightlife and restaurants in Austin's South Lamar That's what it means.

The largest of the parcels is Storybilt's Jolene mixed-use property in West Dallas, which has approval for 800 apartments, condos and townhomes in addition to retail, the company said. .

Partially or nearly completed commercial and residential projects available for receiver sale include: “Scout,” his 16-unit townhome (75% complete) development in the Meridian Park community in Shoreline, Washington. “Stanley,” his 19-townhome development (75% complete) in Seattle's eclectic Georgetown neighborhood; “Bruno” is a community of 42 studios, studios with lofts, and one-bedroom apartments (35% complete) on Austin's 1st Avenue, a community built around a 500-year-old oak tree. I am.

Investment in StoryBuilt joint venture

According to A&G Real Estate, 17 of the projects are joint ventures with other entities, including a multibillion-dollar private global market firm, in which Storybuilt holds a 10% stake and is responsible for design and construction. It is said that

A&G Real Estate said the proposal includes the sale of Storybilt's stake in these joint ventures.

“Achieving a position with Storybuilt on one or more of these 17 projects represents a special opportunity for qualified developers,” Emilio Amendola, co-president of A&G Real Estate Partners, said in a statement. Stated. “You are creating the opportunity to develop or complete these assets and receive significant fees associated with construction, site work, construction management and supervision, etc.”

A&G Real Estate said the sale also includes significant opportunities for smaller investors and funds.

“We encourage investors and developers of all sizes to explore the potential opportunities in the StoryBuilt pipeline,” Amendola said. “The quality and diversity of these markets, locations and projects make this an event not to be missed.”