ST LOUIS, MO - Gateway Multifamily Group, a privately owned company with a focus on transforming apartment communities, has announced the purchase of 29 townhouse-style multifamily units and the future development of 24 additional townhouse-style units in the St. Clair County submarket of St. Louis. The REO property was less than 50% occupied and the price was not disclosed. The transaction was arranged by BarberMurphy Group's Paul Murphy, who represented both the seller and the buyer.
The 4 existing buildings offer 29 two and three-bedroom units with land to build an additional 24 units. The company has revealed plans to break ground on the additional apartments this fall. Interior finishes will include stainless steel appliances, energy efficient heating and cooling systems, vinyl plank flooring, soft close shaker cabinets, granite countertops, and modern paint schemes. The existing and future units will all be branded as the Up Towne Apartments.
The acquisition marks the sixth property purchased by Gateway Multifamily in the St. Louis area within the last five years. “The Up Towne Apartments allows us to continue to grow our presence in the St. Louis area with well-located assets that fit our value-add strategy. We believe there is a lot of upside to this property once we complete our transformation focused on property, branding, and operations improvements to provide a better standard of living for the property's residents,” Raj Tut, the company's Principal, said in a written statement.
Up Towne Apartments is located in Lebanon, Illinois which is the home of McKendree University. Major nearby employers include Scott Air Force Base, St. Elizabeth's Hospital and Memorial Hospital East.
For more information, please contact Raj Tut, Principal of Gateway Multifamily Group, by sending an email to Raj@GatewayMultifamily.com.