Programmer sells residential projects across the US.

The commercial and residential properties in the portfolio of financially troubled developer StoryBuilt will be sold, combining for an estimated value of $2 billion, including projects in some of the fastest-growing markets in the United States.

A&G Real Estate Partners and Onyx Asset Advisors said they intend to sell 28 projects in various stages of planning or completion in Austin, Texas; Dallas; Denver; and Seattle by the end of the year. The portfolio, which A&G values at $2 billion at completion, is being sold as a whole or through separate transactions as part of the payout process.

The Austin-based developer StoryBuilt filed for bankruptcy in July of this year after''unsuccessful attempts to raise sufficient funds for its operations. The developer's property will be sold as part of the process of paying off creditors. The South Belt markets that saw the fastest rental value growth in 2021 and the first half of 2022 now face the greatest imbalance between supply and demand as builders complete a record number of housing units but not enough renters to fill them.

The Stapleton Group, a Los Angeles-based financial advisory and trust firm, was''s court-appointed receiver of the StoryBuilt estate. Mike Bergthold, managing director of the Stapleton Group, told CoStar News in an email that it is "premature to estimate the value of StoryBuilt's portfolio as the investment banking process has just begun and the analysis of all claims has not yet been completed. "

Founded in 2009, StoryBuilt "had a unique approach" of first finding the right neighborhoods and then building projects that fit people's needs. However, like many other construction companies in recent years, "the company started having capital problems," Mike Bergthold said.

The entire portfolio includes land in various stages of approval for the construction of 2,500 residential units in''four cities.

As part of the payout process, other properties will also be sold, including Thornton Flats in Austin, Scout in Shoreline, Stanley and Bruno in Seattle, and My Darling Clementine in Austin.