July 2, 2019, RE Journals - The Townes at Fountain View LLC, a company controlled by Gateway Multifamily, has acquired the Fountain View Apartments in Mascoutah, Illinois. 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 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 acquisition marks the eighth property purchased by Gateway Multifamily in St. Louis’ Metro East within the last few years.
The property and future renovations will be managed by Gateway's in-house property management company, Tut and Tut Properties. The company will focus efforts on branding, management and property improvements. The property is within a 10-minute drive of Scott Air Force Base, a major employer in the area.
“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,” Raj Tut, the company's principal, said. “This property is the perfect complement to our existing portfolio.”