Gateway Multifamily Group has purchased 29 townhouse-style multifamily units in the St. Clair County submarket of St. Louis. The company has also committed to developing 24 additional townhouse-style units.
The property and construction will be managed by Gateway’s in-house property management company, Tut and Tut Properties.
BarberMurphy Group’s Paul Murphy arranged the transaction, representing both the buyer and seller. The REO property was less than 50 percent occupied. The price was not disclosed.
The four existing buildings offer 29 two- and three-bedroom units. There is also land to build the additional 24 units. Gateway will break ground on the new apartments this fall.
This acquisition marks the sixth property purchased by Gateway Multifamily in the St. Louis area during the last five years.