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St. Martin apartments sold for $13.9M

Oceanaire Apartments on Lemoyne Boulevard in St. Martin have been sold to a Dallas, Texas, company for $13.9 million.
Oceanaire Apartments on Lemoyne Boulevard in St. Martin have been sold to a Dallas, Texas, company for $13.9 million.

Oceanaire Apartments at 16016 Lemoyne Boulevard in St. Martin have been sold for $13.85 million.

The seller was Encore MF Oceanaire Apartments LLC, and the buyer was Pillar Income Asset Management Inc., both based in Dallas.

David Oakley, managing director of the Birmingham office of Berkadia and Gregg Cordaro, managing director in Berkadia’s Baton Rouge office, negotiated the transaction. Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corporation, provides real estate services to multifamily and commercial property clients.

“With occupancies in the mid-90th percentile, the current Biloxi apartment market offers excellent potential for rental growth,” said Cordaro. “At the higher end of the spectrum with 97 percent of the property leased, as well as its attractive location near the casinos, this investment provided double-digit cash-on-cash returns.”

Built in 2009, the property has 196 1-3 bedroom units with walk-in closets, island kitchens, breakfast bar and a private balcony. Amenities include a resort-style swimming pool with fountains, a picnic and grilling area, a clubhouse and secured on-site parking.

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