HOUSTON, TX – Berkadia announces it has arranged the sale of Scott Plaza, a 150-unit apartment community located in Houston, Texas. Associate Director Scott Bray, Senior Managing Director Ryan Epstein and Senior Director Jennifer Ray of Berkadia’s Houston office, together with Berkadia Affordable, marketed the property on behalf of the seller, Scott Plaza Associates Ltd. LEDG Capital purchased the property.
“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 acquisition furthered LEDG Capital’s commitment to preservation of existing affordable housing stock as an essential element of community development,” said Bray.
The buyer 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 and is a two-story garden-style property featuring two-bedroom townhome floor plans. Average unit sizes are 858 square feet.
Scott Plaza is conveniently located just five minutes from State Highway 288 and Interstate 610, and five miles south of the Texas Medical Center, the largest medical district in the world.
About Berkadia: Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.