Skya Ventures (Partnered with Gelt) Acquires Apartment Community in Los Angeles' Highland Park Neighborhood for $14.25 Million
LOS ANGELES, CA - Skya Ventures, Inc. along with joint venture partner, Gelt Ventures, LLC, has acquired a 60-unit non rent-controlled apartment property in Highland Park, a historic neighborhood in Northeast Los Angeles, for $14.25 million. The seller was Azusa Pacific University.
Built in 1987 and located at 5800 to 5820 Marmion Way, the property was 91 percent occupied at the close of escrow and includes 32 two-bedroom units; 26 one-bedroom units; and two studio units. The property is centrally located across the street from a Metro station which offers destinations to Downtown Los Angeles, South Pasadena, San Gabriel Valley, San Fernando Valley, and Culver City/Santa Monica. It is also within walking distance to retail and restaurants including Civil Coffee, Good Girl Dinette, Kitchen Mouse, Pop Physique, Highland Park Bowl, and others.
?This property has open hallways, great floorplans and an unbeatable location,? said Gelena Skya-Wasserman, president and founder of Skya Ventures, Inc. ?Highland Park is an up-and-coming neighborhood that is experiencing a very exciting renaissance as we are seeing new restaurants, nightlife and artist studios opening at a rapid pace.?
Skya-Wasserman added that the property was acquired as a value-add opportunity as it has a significant amount of deferred maintenance. ?We are planning on updating and upgrading the property with the objectives of enhancing its attractiveness to residents and making it an ideal fit with the local neighborhood and culture. Our design inspiration for this property will be culled from surrounding architecture as well as design themes incorporated within the local restaurants and shops.?
The joint venture?s renovation plan is to give the exterior a new facade, add resident-friendly amenities and security throughout, and upgrade all the interior units for a long-term hold.
?We are pleased to be a joint venture financial partner for this project,? said Damian Langere a partner with Gelt. ?Skya Ventures has a strong understanding of the Highland Park market and we are confident that this property will help meet the growing demand for quality residential product there.?
Over the past two years, Skya Ventures has conducted extensive studies and market research on the area. The firm is also is currently in progress on a ground-up apartment development down the street from this latest acquisition and is slated for completion in fall 2018.
About Skya Ventures Skya Ventures, Inc. is a young, Los Angeles-based residential real estate development company focused on infill product in up and coming neighborhoods of Southern California. Skya Ventures is skilled at identifying and acquiring opportunities that are undervalued or overlooked. Skya Ventures collaborates with bright and talented individuals to create a product that is unique, technologically driven, and architecturally innovative. Skya Venture, Inc. vision is founded upon creativity, integrity, philanthropy, and accountability.
About Gelt, Inc. Gelt Inc. is a real estate investment and asset management company that has acquired 4,500 units valued in excess of $500 million since inception in key Western U.S markets. The firm?s philosophy is to be a prudent steward for its investment capital, to invest wisely, with confidence and intelligence 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 & investment banking, property and asset management, and construction.
Additionally, Gelt has developed a free, easy-to-use leasing platform, Domuso.com, which speeds its reservation process and collects online/mobile rental payments. Domuso has also alleviated the upfront costs of moving into an apartment by providing lending as a service option to its residents ? a first of its kind in the rental industry. Domuso lends funds to qualified residents for move-in fees such as first month's rent, security deposit, pet rent, pet deposit, and other upfront costs at competitive interest rates.
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 helps its properties run smoothly.