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AUSTIN, Texas — Sherman & Roylance has brokered the sale of an eight-acre development site in Austin.
The property, previously approved by the City of Austin for a two-story, 98-unit assisted living and memory care facility, faced construction delays and ultimately ended up in foreclosure by Woodforest Bank in September 2023. The “as designed” construction halted in 2022.
Woodforest Bank sold the partially completed project to Novak Brothers, which may convert the project into a general multifamily development.
“This was a challenging assignment, given the unfinished state of the property and the need for a buyer adaptable to a new vision,” says George Bingham, seniors housing specialist at Sherman & Roylance.