Los Angeles, Calif., November 4, 2020 – A joint venture of Skya Ventures, Inc. and Gelt, Inc., is pleased to announce it has sold Marina Dunes RV Resort for $28.5 million. Located at 3330 Dunes Drive in Marina, CA (Monterey County), the 5.58-acre, 96-site property was sold off-market to an undisclosed, publicly traded REIT. “Our joint venture acquired the property for $18 million in 2018 as we saw significant upside with the purchase of the park and a contiguous lot parcel for future expansion potential which we were able to successfully entitle, build, and complete resulting in an additional 23 RV spaces,” said Gelena Skya-Wasserman, Founder and CEO of Skya Ventures, who runs the development and entitlement arm on behalf of Gelt, Inc. In addition to adding more RV spaces, the joint venture provided even more upside by creating some new user experiences such as replacing the camp tent sites with “glamping” spaces where guests can stay in a fully furnished tent with their own yard, and fully equipped campsite. Skya-Wasserman noted that the prior ownership had the property for 10 years and had been unsuccessful at expanding the site, however, the Skya/Gelt joint venture was able entitle and complete construction on the expansion site within two years of acquisition. “This was an off-market transaction as our intent was not to sell this asset early, however, we received a strong offer that will now allow us to seek an upleg for our 1031 exchange and create new opportunities for our investors and our joint venture,” added Keith Wasserman, Partner with Gelt. Wasserman added, “Marina Dunes RV Park offers campers an irreplaceable location with direct beach access. RV parks like this one are attractive to investors as they rarely trade and there are very few new ones being approved especially in coastal areas such as this one.” Marina Dunes RV Resort features privately fenced patios with landscaping, off street parking and upgraded utility pedestals and bollard streetlights, with telephone, cable, Wi-Fi and propane (tanks) available at each site. Common area amenities include a clubhouse with game room, billiards, flat screen TV, fire pit, horseshoes, and volleyball. A small retail store/check-in office is located near the entrance to the property and offers an assortment of convenience store items and other merchandise. The property is within walking distance of one of the most beautiful beaches in the country and is a short drive to some of the most desirable vacation destinations in the world including Monterey, Carmel, Pacific Grove, Pebble Beach, and Big Sur. The City of Marina is approximately 15 miles north of the Monterey Peninsula and is one hour from San Jose. The property borders the Marina Dunes Preserve to the north and west is a short walk to Marina State Park to the south. Jonathon McClellan, Kyle Baskin, Connor Outcalt and Steve Seligman of Institutional Property Advisors, a Division of Marcus & Millichap, handled the transaction on behalf of the buyer and seller.
About Skya Ventures, Inc: Skya Ventures, Inc. is a design centric real estate development company based in Los Angeles that focuses on core infill locations. Skya has multiple development and re-development projects in different phases currently in the pipeline and owns 550 apartment units in Los Angeles and growing. Skya is interested in real estate of the future and is currently exploring various niche housing typologies within the multifamily sector that provide more than just four walls.
About Gelt, Inc. Gelt Inc. is a regional real estate investment and asset management company that seeks to acquire properties in strategic markets in the Western U.S. Since the company's inception in 2008, Gelt has acquired 14,846 apartment units, RV and mobile home sites, self-storage units, and apartment units in development, valued in excess of $2 billion. The firm’s philosophy is to be a prudent steward of investment capital, to invest wisely and confidently in emerging, constrained markets. Gelt seeks appropriate risk adjusted returns while achieving income from current cash flow and appreciation through superior performance of its assets.
Gelt consists of a team of real estate professionals that possess a wealth of knowledge and expertise in law, real estate, finance, property and asset management, and construction.
Gelt’s affiliated companies include Domuso and Gelt Venture Capital. Domuso is driving digital transformation for rent payments in the multifamily industry with a digital payment and communication platform to manage the entire resident lifecycle, from move-in to move-out. Domuso is the only payment provider capable of capturing 100 percent of a property’s receivables electronically while giving residents the flexibility to choose from multiple payment methods from any mobile device. Domuso removes paper payments from the leasing office by replacing money orders with the industry’s only Online Certified payment method. Other Domuso innovations include a point-of-sale Installment Loan option, secure off-site cash payments in partnership with MoneyGram and the ability for residents to pay with a photo of their check using Mobile Check Pay. Three of the top 10 NMHC property management firms use Domuso because it improves financial performance, reduces business risk and streamlines operations. Domuso is privately held and headquartered in the heart of Silicon Beach in Santa Monica, California. For more information, visit domuso.com. Gelt Venture Capital is an early stage venture capital firm that invests globally across all sectors (except biotech, blockchain, and cannabis). Initial investment sizes range from $25k to $250k. The firm is not afraid to be a founder’s first investor, and welcomes opportunities to come in late. It also provides early liquidity to investors, founders, and employees in the secondary market.
Gelt Venture Capital looks for: • Exceptional products with differentiated distribution channels, and incumbents that are un-incentivized to react • Unique, capital efficient business models with clear revenue prospects and hints of large markets • Early evidence of sustainable competitive advantages • Ethical business practices, sound governance, and teams who take a stand for what’s right
In 2017, Keith Wasserman and Damian Langere, co-founders of the Gelt companies, established the Resident Relief Foundation, a 501(c)(3) public nonprofit whose mission is to provide temporary rental assistance grants to responsible renters going through an unexpected financial crisis that was outside the residents’ control. Examples include medical emergencies, natural disasters, job gaps, auto accidents, and government subsidy discrepancies. These residents prove they can recover with a little help, have paid rent on time and are otherwise good residents wishing to stay in their apartments. They must complete an online financial education program as a condition of the grant. The grant is paid directly to the property on their behalf. RRF has helped a significant number of individuals and families recover and avoid homelessness.
The firm strives to stay on top of industry trends and is always on the lookout for new technologies that simplify life for its leasing agents and help its properties run smoothly.