COLLINSVILLE, IL — Gateway Multifamily Group, a privately owned group of companies with a focus on transforming apartment communities, has announced the purchase of the Westview Condos and Offices at the Collinsville Crossings. The property, to be rebranded as The Westview, is an 8.34-acre mixed-use development site comprised of 18000 SF of office space, 16000 SF of multifamily space, and 5 acres for future development.
The property and future construction will be managed by Gateway's in-house property management company Tut and Tut Properties. The transaction was arranged by BarberMurphy Group's Paul Murphy, who represented the buyer, and BarberMurphy Group's Cathy Hamilton, who represented the seller. The sales price was not disclosed.
The company will focus efforts on completing the existing multifamily space before proceeding with additional development.
The acquisition marks the seventh property purchased by Gateway Multifamily in the St. Louis area within the last five years. “The Westview allows us to continue to grow our presence in the St. Louis area with well-located assets that fit our value-add strategy. Our focus is going to be on stabilizing the existing property before proceeding with the development of the additional 5 acres. We are exploring all options from multifamily to hospitality and office. We want this to be a marquee project for the City of Collinsville due to the high visibility of the project,” Raj Tut, the company's Principal, said in a written statement.
The Westview is located at 1803 Ramada Blvd., Collinsville, Illinois. The property is 15 minutes from downtown St. Louis and within 10 minutes of Southern Illinois University Edwardsville and Gateway Commerce Center.
For more information, please contact Raj Tut, Principal of Gateway Multifamily Group, by sending an email to Raj@GatewayMultifamily.com.