Gateway Multifamily has announced the acquisition of the Fountain View Apartments in Mascoutah, Illinois, about 29 miles from St. Louis. The property, to be rebranded as The Townes at Fountain View, is a 48-unit multifamily property totaling 56,000 square feet and sitting on 3.18 acres.
The property and future renovations 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. The seller, Lake Christine LLC, represented themselves. The sales price was not disclosed.
The company will focus efforts on branding, management, and property improvements.
The acquisition marks the eighth property purchased by Gateway Multifamily in the Metro East within the last few years. “Fountain View allows us to continue to grow our presence in the Metro East with mid-sized apartment communities that fit our value-add strategy. This property is the perfect complement to our existing portfolio,” Raj Tut, the company’s Principal, said in a written statement.
The Townes at Fountain View are located in Mascoutah, Illinois. The property is within a 10-minute drive of Scott Air Force Base, a major employer in the area.