Skya Ventures buys Highland Park apartment building for $14.3M
UPDATED, 2:00 p.m., May 11: Residential real estate firm Skya Ventures recently acquired a 60-unit apartment complex in Highland Park for $14.3 million, across the street from the Metro Gold Line Highland Park station.
The purchase was in partnership with investment company Gelt Ventures, and the seller was Azusa Pacific University. At the close of escrow, the building at 5800-5820 Marmion Way was 91 percent leased.
According to Gelena Skya-Wasserman, president and founder of Skya Ventures, the two new owners plan on renovating the facade of the property, which was built in 1987. The partners also plan on adding residential amenities and security features, and renovating the apartment units themselves. The owners prized the adjacency to the station, which was built in 1911.
Highland Park is now considered a “hipster haven” by some L.A. real estate insiders. Broker Kurt Wilsner of Courtney and Kurt Real Estate told The Real Deal last month that the average home price in the Northeast Los Angeles enclave has doubled in the past decade, and has a burgeoning retail scene.
“If you ever had the hope of having a 500-square-foot business, this is where you would (open) it,” his partner Courtney Smith said.
Development firm California Landmark Group also recently purchased two properties in Northeast L.A. for $7.5 million. Among them is Highland Grove, a 28-unit complex at 200 South Avenue 59 in Highland Park.
Like Skya, CGL boasted the walkability of the up-and-coming neighborhood in its marketing. — Cathaleen Chen
Correction: This story has been an updated from an earlier version to reflect that the Metro Station has been in the neighborhood since 1911.