When Austin-based developer StoryBuilt put its finances into receivership in August, it faced about 25 foreclosures and lawsuits. Now, that receiver, Stapleton Group, plans to put 28 of StoryBuilt’s properties on the market, estimating their value at $2 billion.
The portfolio includes 17 developments in Austin, five in Seattle, three in Dallas and three in Denver.
While the full details of the sale can only be seen by those who sign a nondisclosure agreement, The Real Deal compiled all of StoryBuilt’s known Texas properties, based on information from the brokerages that are marketing them, A&G Real Estate Partners and Onyx Asset Advisors, as well as publicly available property tax records and past news stories.
At least 34 parties have expressed interest in the assets, and 19 people signed NDAs to receive detailed information about the sale, according to a recent receiver’s report.
If a buyer isn’t found for all of the assets, the receiver will look to sell them individually, the report said.
This interactive map contains details of 17 StoryBuilt properties in Dallas and Austin.
The receiver wrote that StoryBuilt, formerly known as PSW Real Estate, may have misused investor funds that were earmarked for certain projects for other projects, and a forensic accounting investigation is underway.
The firm’s financial woes came to light this summer, when it laid off 137 employees and asked investors for $2.5 million to avoid “financial armageddon.”
StoryBuilt “simply ran out of funds to make its debt service payments, pay employees and keep the business operating as a going concern,” according to the receiver’s comments.
“As a result, construction of many projects stopped, leaving employees, buyers, investors, lenders and contractors in the lurch,” the receiver said. “In short, creditors and investors in PSW were all scrambling to raid any available asset from PSW, while in the process destroying any remaining equity in PSW’s assets.”
Read more
Residential
Texas
LA investor breaks into Texas with deal for DFW complex
Residential
Texas
Bee Cave set for hive of $5M+ homes
Residential
Houston
X Company halts Houston co-living tower
StoryBuilt’s biggest investors, including Partners Real Estate and members of the politically powerful Craddick family, fired back at the servicer in recent court filings.
Partners was blindsided by the receiver’s news release earlier this month announcing the sale of 28 properties, according to court filings.
“The press release, which was picked up by over twenty publications, created substantial confusion in the market,” the firm wrote. “The press release falsely indicated to the market that the properties, which are neither owned nor controlled by [StoryBuilt], were on the market in the receivership sale.”