One of West Dallas' largest developments is on the market after an Austin-based construction company goes bankrupt.
StoryBuilt Homes (formerly known as PSW Real Estate) closed its doors this summer, laid off employees and sought voluntary receivership. With over 30 years of history, this builder has completed residential projects in Oak Cliff, Dallas, and Plano.
The receivership means that Storybuilt's construction site, completed projects and partially constructed developments with an estimated value of $2 billion will be sold by A&G Real Estate Partners and Onyx Asset Advisors.
One of the more than 20 properties up for sale is a 12-acre site at Fort Worth Avenue and Commerce Street west of downtown Dallas.
The property was planned as a mixed-use development called Jolene and would include 800 condos, townhomes, apartments and retail space. This is the largest StoryBuilt development site for sale.
“While Storybuilt's history, design skills and management capabilities are strong, as is its pipeline of well-conceived and deployed assets, the company, like many other construction companies in recent years, has faced capital constraints. ,” said court-appointed trustee Mike Bergsold of Stapleton Group. said in a statement. “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.”
In addition to the Dallas property and properties in the Austin area, other properties are for sale in Seattle and Denver.
“Achieving a Storybuilt position on one or more of these 17 projects represents a special opportunity for qualified developers,” said Emilio Amendola, co-president of A&G Real Estate Partners. . “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.”
StoryBuilt also had a home construction site in Dallas' Lake Highlands neighborhood along White Rock Trail.
