BIRMINGHAM, Ala. and BATON ROUGE, La. – April 14, 2020 – Berkadia announced today the sale of The Sound at St. Martin Apartments, a 181-unit garden-style multifamily property in Jackson, Mississippi. Senior Managing Director David Oakley, Senior Director David Wilson and Associate Director Jay Briley of Berkadia’s Birmingham, Alabama office, along with Managing Director Gregg Cordaro of Berkadia’s Baton Rouge, Louisiana office, together completed the sale on behalf of the seller, Massachusetts-based Aspen Square Management, Inc. The buyer was Tennessee-based Legacy Partners, and the deal closed on April 2.
“The Sound at St. Martin offers an exceptional location along the gulf coast within a few minutes’ drive of the largest concentration of the area’s retailers, the interchange of Interstates 10 and 110 and the Biloxi beaches and casinos,” said Wilson. “Aspen Square had recently completed significant renovations to the property, which transformed it into one of the nicest properties in the market. Legacy Partners was excited to expand their substantial holdings in south Mississippi, and plan to continue interior renovations and other upgrades.”
Located at 4801 Lemoyne Blvd., The Sound at St. Martin features three-story buildings with a mix of one- and two-bedroom floor plans. Half of the property’s units feature screened patios or balconies. Fully renovated units featured stainless-steel appliances, modern countertops, tile backsplash in kitchens, NEST thermostats and other modern touches.
“The ability to command rent increases of over $150 per month from the interior renovations alone, proved that the property could provide significant returns on investment which was very attractive to the buyer,” said Oakley. “A testament to the commitment and professionalism of all parties involved was that the transaction closed on-schedule and at the original contract price, within the original 30-day due diligence and 30-day closing periods, despite the on-set of the COVID-19 crisis.”