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5/16/16
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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.
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