A joint venture between Tarzana-based real estate firm Gelt Inc. and Skya Ventures Inc. has sold Marina Dunes RV Resort near Monterey for $28.5 million.
Located at 3330 Dunes Drive in the town of Marina, the 5.58-acre, 96-site property traded in an off-market deal to an undisclosed, publicly traded REIT, according to Gelt.“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 in a statement. Skya-Wasserman is the founder and chief executive of Skya Ventures and runs the development and entitlement arm on behalf of Gelt.The resort proved too attractive to pass up for the REIT, thanks to a series of fixes made by Gelt and Skya before listing the property. In addition to adding RV spaces, the sellers provided even more upside by replacing the camp tent sites with “glamping” spaces where guests can stay in fully furnished, fully equipped tent campsites.The 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 at each site. Common amenities include clubhouse with game room, flatscreen TV, fire pit, billiards, horseshoes course and volleyball. A small retail shop and check-in office near the entrance offers convenience store items.According to Skya-Wasserman, prior ownership held the property for a decade, during which time the owner had been unsuccessful at expanding the site. However, the Skya and Gelt team was able to entitle and complete construction on a site expansion within two years of acquisition.
Added Gelt’s Keith Wasserman: “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 up-leg for our 1031 exchange and create new opportunities for our investors and our joint venture.” Marina Dunes RV Park offers campers a 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,” Wasserman said.Jonathon McClellan, Kyle Baskin, Connor Outcalt and Steve Seligman of Institutional Property Advisors, a division of Calabasas-headquartered brokerage Marcus & Millichap, handled the transaction on behalf of both buyer and seller.
Gelt Divests RV Park for $28.5 Million
