Storybuilt planned to develop this parking lot it owns at the corner of 22nd Avenue and Glenarm Place. (BusinessDen file)
Stakes in three Denver-area development sites are for sale after their Austin, Texas-based owner entered receivership.
A&G Real Estate Partners said in a news release earlier this month that it and Onyx Asset Advisors are marketing residential developer Storybuilt’s stake in 28 properties in three states, which includes the three local sites in Five Points, West Colfax and Wheat Ridge.
Storybuilt, which changed its name from PSW Real Estate in 2019, entered receivership and laid off its staff in late July, telling the state of Texas in a layoff notice that the company had failed to secure funding after encountering “cash flow issues.”
As a result, Storybuilt’s share of 17 properties in Austin, five in Seattle, three in Dallas and three in and around Denver are on the market.
Some of the properties are completed apartment buildings, while others are projects that are midway through construction. And some — including all three local properties — are sites where the company planned a project but never broke ground.
Andy’s Car Land, a used car lot, previously operated at 4190 W. Colfax Ave. in Denver. (BusinessDen file)
“Some of these sites are essentially shovel-ready, with the municipality having already reviewed and green-lighted the plans,” Onyx Asset Advisors Managing Partner K. Kevin Otus said in a statement. “It is a major advantage for developers looking to seize opportunities in these high-demand markets.”
Storybuilt owns 12 of the properties outright, according to A&G, so a buyer will fully control the site. In the case of the other 16 properties, including two in Denver, Storybuilt owns a minority stake, so a sale will be contingent on the approval of the majority owner.
A&G said it is accepting offers for one or multiple properties or the entire portfolio. The aim is to sell the properties by the end of the year.
The Denver-area properties are:
A rendering of Storybuilt’s “Ozzie” project planned for 4190 W. Colfax Ave. in Denver. (Courtesy A&G Real Estate Partners)
4190 W. Colfax Ave., Denver: Storybuilt planned to build an 83-unit apartment building called Ozzie on this 0.43-acre corner lot, formerly home to a used car seller. Records show a Storybuilt affiliate paid $2.05 million in September 2020 for the property. In May 2022, ownership transferred to another Storybuilt-affiliated entity as part of a $4.09 million transaction.
Storybuilt fully owns this property, according to A&G.
2137 Glenarm Place, Denver: Storybuilt planned to build a five-story condo building with about 90 units dubbed Archie, plans show. This 0.79-acre parking lot, sometimes also referred to as 2187 Glenarm Place, was purchased for $3.75 million by the Storybuilt affiliate PSW-Glenarm LLC and a trust. The trust transferred its ownership to Storybuilt in 2021. The property was rezoned in early 2021.
Storybuilt has a minority interest in the property, according to A&G.
5785 W. 38th Ave., Wheat Ridge: This site is approved for 55 townhomes, according to A&G. Storybuilt paid approximately $5 million in 2020 for this property, records show.
Storybuilt has a minority interest in the property, according to A&G.
Correction: The purchase price of the Wheat Ridge property has been corrected.
Storybuilt planned to develop this parking lot it owns at the corner of 22nd Avenue and Glenarm Place. (BusinessDen file)
Stakes in three Denver-area development sites are for sale after their Austin, Texas-based owner entered receivership.
A&G Real Estate Partners said in a news release earlier this month that it and Onyx Asset Advisors are marketing residential developer Storybuilt’s stake in 28 properties in three states, which includes the three local sites in Five Points, West Colfax and Wheat Ridge.
Storybuilt, which changed its name from PSW Real Estate in 2019, entered receivership and laid off its staff in late July, telling the state of Texas in a layoff notice that the company had failed to secure funding after encountering “cash flow issues.”
As a result, Storybuilt’s share of 17 properties in Austin, five in Seattle, three in Dallas and three in and around Denver are on the market.
Some of the properties are completed apartment buildings, while others are projects that are midway through construction. And some — including all three local properties — are sites where the company planned a project but never broke ground.
Andy’s Car Land, a used car lot, previously operated at 4190 W. Colfax Ave. in Denver. (BusinessDen file)
“Some of these sites are essentially shovel-ready, with the municipality having already reviewed and green-lighted the plans,” Onyx Asset Advisors Managing Partner K. Kevin Otus said in a statement. “It is a major advantage for developers looking to seize opportunities in these high-demand markets.”
Storybuilt owns 12 of the properties outright, according to A&G, so a buyer will fully control the site. In the case of the other 16 properties, including two in Denver, Storybuilt owns a minority stake, so a sale will be contingent on the approval of the majority owner.
A&G said it is accepting offers for one or multiple properties or the entire portfolio. The aim is to sell the properties by the end of the year.
The Denver-area properties are:
A rendering of Storybuilt’s “Ozzie” project planned for 4190 W. Colfax Ave. in Denver. (Courtesy A&G Real Estate Partners)
4190 W. Colfax Ave., Denver: Storybuilt planned to build an 83-unit apartment building called Ozzie on this 0.43-acre corner lot, formerly home to a used car seller. Records show a Storybuilt affiliate paid $2.05 million in September 2020 for the property. In May 2022, ownership transferred to another Storybuilt-affiliated entity as part of a $4.09 million transaction.
Storybuilt fully owns this property, according to A&G.
2137 Glenarm Place, Denver: Storybuilt planned to build a five-story condo building with about 90 units dubbed Archie, plans show. This 0.79-acre parking lot, sometimes also referred to as 2187 Glenarm Place, was purchased for $3.75 million by the Storybuilt affiliate PSW-Glenarm LLC and a trust. The trust transferred its ownership to Storybuilt in 2021. The property was rezoned in early 2021.
Storybuilt has a minority interest in the property, according to A&G.
5785 W. 38th Ave., Wheat Ridge: This site is approved for 55 townhomes, according to A&G. Storybuilt paid approximately $5 million in 2020 for this property, records show.
Storybuilt has a minority interest in the property, according to A&G.
Correction: The purchase price of the Wheat Ridge property has been corrected.
