Sunnyside: LEDG Capital Acquires Affordable Housing Community

HOUSTON, –In Ledg Capital, a Seattle, based investment group with an emphasis on making a social impact, has purchased Scott Plaza, a 150-unit apartment project in Houston’s Sunnyside neighborhood.

Berkadia’s Scott Bray, Ryan Epstein and Jennifer Ray together with firm’s Berkadia Affordable group, marketed the property on behalf of the seller, Scott Plaza Associates Ltd.

Berkadia’s Scott Bray, Ryan Epstein and Jennifer Ray together with firm’s Berkadia Affordable group, marketed the property on behalf of the seller, Scott Plaza Associates Ltd.

“Scott Plaza is located in a qualified census tract and designated Opportunity Zone, and the property maintains a 20-year project-based Section 8 HAP contract covering 70% of its units. The purchase furthered LEDG Capital’s commitment to preservation of existing affordable housing stock as an essential element of community development,” said Bray.

LEDG Capital plans to continue the vision of the previous owner (who owned the community for nearly 20 years) by making additional improvements to the property and surrounding area. The buyer and seller both worked together to get this transaction completed despite some of the unique challenges posed by the COVID-19 pandemic.

Located at 9703 Scott Street in the Sunnyside neighborhood of south Houston, Scott Plaza was built in 1970. The two-story garden-style property has an average unit sizes of 858 SF.

Scott Plaza is about five miles south of the Texas Medical Center, the largest medical district in the world.

Berkadia Expands Affordable Housing Program

Berkadia has been active in affordable housing brokerage.

Earlier this month, Berkadia reported its purchase of LIHTC Advisors, an Idaho-based brokerage firm focused on Low Income Housing Tax Credit (LIHTC) and other affordable housing properties. Leading this team will be Jeff Irish and Brandon Grisham, former principals with LIHTC Advisors who, prior to joining Berkadia, have been involved in the sale of over $2 billion of affordable housing assets throughout the country. The addition of LIHTC Advisors will broaden Berkadia Affordable’s market presence and support long-term strategic growth under the leadership of David Leopold, SVP and Head of Berkadia Affordable.

“This is a huge step forward in Berkadia’s goal of expanding our affordable housing team, another investment in this critical space,” said Berkadia CEO Justin Wheeler.