Skya, Gelt Buy Highland Park Apartment Complex in Los Angeles for $14.2M

LOS ANGELES — A joint venture between Skya Ventures and Gelt Ventures has purchased a 60-unit apartment complex in the Highland Park neighborhood of Los Angeles for $14.2 million. The community is located at 5800 to 5820 Marmion Way. It was built in 1987. The property was 91 percent occupied at the time of sale. The JV acquired the asset as a value-add opportunity. It plans to target much of the community’s deferred maintenance. The seller was Azusa Pacific University.