Skya Ventures, Gelt JV Divests Monterey County RV Resort
A JV between Los Angeles-based Skya Ventures, Inc. and Gelt, Inc. sold Marina Dunes RV Resort in Marina for $28.5 million. Located at 3330 Dunes Dr. in Monterey County, the 5.58-acre, 96-site property was sold off-market to an undisclosed, publicly traded REIT.
Skya Ventures’ Gelena Skya-Wasserman says, “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.”
The JV delivered additional upside by creating new user experiences such as creating “glamping” spaces where guests can stay in a fully furnished tent with their own yard, and fully equipped campsite.
Institutional Property Advisors’, a division of Marcus & Millichap, Jonathon McClellan, Kyle Baskin, Connor Outcalt and Steve Seligman handled the transaction on behalf of the buyer and seller.