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11/06/20
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Marina Dunes RV Resort, a 5.58-acre, 96-site resort property in Marina, CA (Monterey County), traded hands for $28.5 mil in an off-market transaction. The property was sold by a joint venture of Skya Ventures Inc and Gelt Inc.
Located at 3330 Dunes Dr, 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.
“Our joint venture acquired the property for $18 mil 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.
“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.
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, an unnamed, publicly traded REIT, and the seller.
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