ST. LOUIS, MO. — Gateway Multifamily Group, a real estate private equity firm, has announced the purchase of the Park Entrance Apartments, a 78-unit multifamily community located in the St. Clair County submarket of St. Louis. The transaction was arranged by BarberMurphy Group's Paul Murphy, who represented both the seller and the buyer.
The 7, three-story buildings offer two-bedroom units situated on 5.4 acres. Although the financial details of the transaction have not been disclosed, the company has revealed plans to invest $2.5 million into completely upgrading the interior of the units and enhancing the exterior. Interior upgrades will include the addition of new stainless steel appliances, energy efficient heating and cooling systems, vinyl plank flooring, soft close shaker cabinets, granite countertops, doors and trim, modern paint, and plumbing/light fixtures. Exterior renovation plans include the replacement of the parking lot, landscaping, and outdoor pool.
The acquisition marks the third property purchased by Gateway Multifamily Group in the St. Louis area within the last three years. “The Park Entrance Apartments allows us to grow our presence in the St. Louis market while also acquiring a well-located property in a submarket that continues to experience strong rental demand. We believe there is a lot of upside to this property with renovations and improved amenities that will provide a better standard of living for the property's residents,” Raj Tut, the company's Principal, said in a written statement.
Park Entrance Apartments is located in O'Fallon, Illinois, the St. Louis area’s fifth fastest growing community and host to a myriad of healthcare and military employers. Major 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.