The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
March 28, 2024
 Search RENTV
   Go!
 The REview
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



SOUTHERN CALIFORNIA NEWS
Printer-friendly Version   Email an Associate
Skya Ventures Inc Gelt Ventures LLC Pay $238k/Unit for Apartment Property in LA’s Highland Park Neighborhood

5/16/16

A joint venture of Skya Ventures Inc and 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 mil ($237.5k/unit). 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. The unit mix consists of 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. 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.





Return to the Archive page


 


 


 


 
 





Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2024 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media