Berkadia Brokers $13.9M Sale of Apartment Community in Biloxi

by John Nelson

BILOXI, MISS. — Berkadia has brokered the $13.9 million sale of Oceanaire Apartments, a 196-unit multifamily complex located at 16016 Lemoyne Blvd. in Biloxi. Built in 2009, the property includes one-, two- and three-bedroom floor plans with walk-in closets, island kitchens with breakfast bars and private balconies. Community amenities include a resort-style swimming pool with fountains, picnic and grilling area, clubhouse and secured on-site parking. David Oakley and Gregg Cordaro of Berkadia brokered the sale. Dallas-based Pillar Income Asset Management Inc. purchased Oceanaire Apartments from Dallas-based Encore MF Oceanaire Apartments LLC. The property was 97 percent occupied at the time of sale.

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