May 18, 2022
SVN | AVAT, a leader in multifamily commercial real estate, recently arranged the sale of Biloxi Shores and Arlington Square Apartments, a 217-unit portfolio in Harrison County Mississippi. According to Jason Hyde, an associate advisor wtih SVN Multifamily, the asset sold for $14.8 million.
“A qualified and trusted buyer from New Jersey, coupled with a reliable and straightforward seller from Miami provided for a smooth transaction on a well maintained apartment asset with a high ceiling and great upside,” said Hyde.
Both properties were purchased by Shimi Kohn and Jacob Seidenfeld of Gemstone Partners. Biloxi Shores, the larger of the two properties, is situated just one mile from the beach at 263 Eisenhower Dr, Biloxi, MS. Built in 1974, the property has been recently repainted and had its parking lot resurfaced. Located just down the road at 3300 Pass Rd, Gulfport, MS, Arlington Square sits on 2.72 acres and was built in 1980.
Gemstone Partners will continue phasing in the property improvement plan implemented by the previous owner. Their efforts will raise the value of the properties and contribute to the growing Biloxi community.