Gateway Acquires St. Louis-Area Mixed-Use Community
- Oct 25, 2018
Gateway Multifamily Group has acquired a mixed-use community near downtown St. Louis. The Westview Condos and Offices at the Collinsville Crossings, an 8.3-acre site with 18,000 square feet of office space, 16,000 square feet of multifamily space and five acres for future development, will be re-branded as The Westview.
The property is located at 1803 Ramada Blvd. in Collinsville, Ill. It is situated 15 minutes from downtown St. Louis and within 10 minutes of Southern Illinois University Edwardsville and Gateway Commerce Center.
The property and future developments at the site will be managed by Gateway’s in-house property management company Tut and Tut Properties. A BarberMurphy Group team arranged the transaction, with Paul Murphy representing the buyer and Cathy Hamilton working on behalf of the seller.
“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,” said Raj Tut, principal at Gateway, in a prepared statement. “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.”
The property is not far from where Fireside Financial recently broke ground on a 153-unit community that is expected to be completed in 2020.
Image via Google Street View