HOUSTON – (Realty News Report) – LEDG Capital, a Seattle-based investment firm focused on social impact, has acquired Scott Plaza, a 150-unit apartment community located in the Sunnyside neighborhood of Houston.
The property was marketed by Berkadia’s affordable housing team, led by Scott Bray, Ryan Epstein and Jennifer Ray, on behalf of the seller, Scott Plaza Associates Ltd.
Scott Plaza sits within a qualified census tract and a designated Opportunity Zone, and 70% of its units are covered by a 20-year project-based Section 8 HAP contract. “This acquisition aligns with LEDG Capital’s commitment to preserving existing affordable housing as a vital part of community development,” Bray said.
LEDG Capital intends to continue the stewardship practiced by the previous owner, who held the community for nearly 20 years, and will undertake additional property and neighborhood improvements. Both buyer and seller collaborated to finalize the transaction despite unique challenges presented by the COVID-19 pandemic.
Located at 9703 Scott Street in south Houston’s Sunnyside, Scott Plaza was built in 1970. The two-story, garden-style property has an average unit size of approximately 858 square feet.
The community lies roughly five miles south of the Texas Medical Center, the largest medical complex in the world.
Berkadia Expands Affordable Housing Program
Berkadia has been strengthening its presence in affordable housing brokerage. Earlier this month, the firm announced the acquisition of LIHTC Advisors, an Idaho-based brokerage specializing in Low Income Housing Tax Credit (LIHTC) transactions and other affordable housing assets.
Jeff Irish and Brandon Grisham, former principals at LIHTC Advisors who together have helped facilitate more than $2 billion in affordable housing sales nationwide, will lead the expanded team within Berkadia. Their addition is intended to broaden Berkadia Affordable’s market reach and support long-term strategic growth under the leadership of David Leopold, SVP and Head of Berkadia Affordable.
“This is a significant step forward in Berkadia’s efforts to expand our affordable housing capabilities and represents another meaningful investment in this critical sector,” said Berkadia CEO Justin Wheeler.
Sept. 7, 2020 Realty News Report Copyright 2020
File: LEDG Capital Acquires Affordable Housing
File: (2) Affordable. 9703 Scott Street. LIHTC. Section 8. LEDG Capital Acquires Affordable Housing
