Berkadia Arranges Southern Houston Apartment Sale
- Sep 04, 2020
Berkadia has facilitated the sale of Scott Plaza, a 150-unit, partially affordable community in Houston. Associate Director Scott Bray, Senior Managing Director Ryan Epstein and Senior Director Jennifer Ray, alongside Berkadia Affordable, negotiated on behalf of the seller, a private investor which had owned the property for nearly 20 years. The buyer was LEDG Capital.
Situated on 8 acres at 9703 Scott St. in Houston’s Sunnyside neighborhood, the garden-style Scott Plaza is within 2 miles of major thoroughfares such as State Highway 288 and Interstate 610. Texas Medical Center, the largest medical center in the world, is 5 miles south. Two convenience stores are next to the property, and a wider range of shopping and dining options are half a mile north along the Reed Road corridor.
The new owner plans to renovate the 1970-built property. Scott Plaza encompasses two-bedroom townhomes averaging 858 square feet. The property features an enclosed yard for play, grilling and outdoor activities. Located in an Opportunity Zone, 70 percent of its units are affordable under a 20-year Section 8 HAP contract, Berkadia noted. Earlier this month, the company arranged the financing for an affordable community in Maryland.