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Monday, Aug 8, 2022
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Gelt Sells Monterey RV Park for $28.5 Million

 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.The company bought the property for $18 million in 2018 and built 23 of its RV pads.“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,” Gelt Partner Keith Wasserman said in a statement.Marina Dunes RV Park offers campers a location with direct access to the beach.“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 such as this one,” Wasserman said in his statement.

Michael Aushenker
Michael Aushenker
A graduate of Cornell University, Michael covers commercial real estate for the San Fernando Valley Business Journal. Prior to the Business Journal, Michael covered the community and entertainment beats as a staff writer for various newspapers, including the Jewish Journal of Greater Los Angeles, The Palisadian-Post, The Argonaut and Acorn Newspapers. He has also freelanced for the Santa Barbara Independent, VC Reporter, Malibu Times and Los Feliz Ledger.
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