Sherman & Roylance closed the sale of an eight-acre development site in Austin, Texas, which was initially envisioned for a senior living community. However, the buyer, Novak Brothers, plans to leverage their expertise and create a new multifamily development in the location.
The property, previously approved by the City of Austin for a two-story, 98-unit assisted living and memory care community, faced construction delays and ultimately ended up in foreclosure by Woodforest Bank in September 2023. With the “as designed” construction halted in 2022, with the foundation in place and the framing begun, Sherman & Roylance was tasked with finding a buyer.
