S&R News

Just Closed: 8-Acre Senior Living Development Parcel in Austin, Texas

Sherman & Roylance brokers sale of under-construction senior living property, facilitates new vision for prime real estate

Sherman & Roylance is pleased to announce the successful sale of an eight-acre development site in Austin, Texas, initially envisioned for a senior living community. This transaction presents a unique opportunity for the buyer, Novak Brothers, to leverage their expertise and create a new multi-family development in this prime location.

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. With the "as designed" construction halted in 2022, Sherman & Roylance was tasked with finding a buyer who could unlock the site's full potential.

"This was a challenging assignment, given the unfinished state of the property and the need for a buyer adaptable to a new vision," stated George Bingham, Senior Housing Specialist at Sherman & Roylance. "We are thrilled to have connected Woodforest Bank with Novak Brothers, a forward-thinking developer with the resources and expertise to bring their vision to life." 

Looking to understand your property's position in the market? Sherman & Roylance offers complimentary business valuations to owners of senior living communities and development projects interested in exploring their options.

For more information, please contact:

George Bingham

(917) 968-2503