BARBERMURPHY Principal Paul Murphy represented real estate buyer Gateway Multifamily in its acquisition of Fountain View Apartments, a 48-unit community in Mascoutah.
Fountain View Apartments is the eighth property purchased by Gateway Multifamily in Southern Illinois over the past several years. The development spans 56,000 square feet on 3.18 acres.
Gateway Multifamily’s founder/CEO Raj Tut has a longstanding relationship with BARBERMURPHY.
Upon relocating to the St. Louis in 2013, Tut began expanding his portfolio, beginning with the acquisition of a single mobile home valued at $13,000. Before long he was introduced to Paul Murphy (shown) as an authority on multifamily investments across the St. Louis region.
“Raj is a long-term client of mine,” said Murphy. “He has bought seven different Class A and Class B multifamily properties. This one marks the eighth. Fountain View Apartments came out of Chicago Land Trust Company. My firm and I have enjoyed a longstanding, positive relationship with Raj. Initially he called me to look at a property on the east end of Belleville,” Murphy remembered. “It wasn’t what he had in mind, so I suggested a different property in Collinsville, and we checked that one out. Raj mentioned he was seeking a newer property, so we wound up at Hawkins Point Townhomes in Mascoutah, where I assisted him in acquiring 64 townhomes. I’ve also assisted Raj in acquiring Park Entrance Apartments in O’Fallon (IL) and Wisteria Court Apartments in Swansea.
“He’s wonderful to work with,” Murphy added.
Murphy began his career building multifamily developments before he began brokering multifamily deals in the 1990s.
“It’s a complex subsector of commercial real estate,” said Murphy, “because most of the work I do involves properties that are not listed. I get on the phone and call multifamily property owners whom I’ve known for decades. If you don’t already know them personally, most likely they’re not going to take your call. In this business, you’ve got to specialize. Multifamily is and has been my specialty for a long, long time.”
Tut says he values the relationship with BARBERMURPHY and with firm principal Murphy in particular.
“The Fountain View property is the perfect complement to our existing portfolio,” said Tut. “I work with Paul and with his firm because they’ve got the expertise and the relationships to connect me with the best investment opportunities.”