Gelt Venture Partners, LLC (GVP) is pleased to announce it has acquired The Commodore, a 92-unit apartment property for $40 million. Built in 2024 and situated on 2.4 acres, the asset is located at 200 to 250 E. 31st Street in National City, California (south San Diego County).

The Commodore includes six, three-story buildings and is approximately 96% occupied. The asset offers a mix of studio, one-bedroom, and two-bedroom floorplans, with select units featuring two-story and loft-style layouts. The units average 852 square feet and feature high-end finishes including in-unit washer and dryers, quartz countertops, designer tile backsplashes, wood-style plank flooring, European-style cabinetry, stainless steel appliances, and private balconies. Community amenities include a resort-style pool and spa, clubhouse, outdoor lounge with fire pit, BBQ areas, EV charging stations, detached garages, and an on-site leasing office.

“The Commodore reached a stabilized occupancy in December 2024—just ten months after leasing began—underscoring the strong demand for premium rental housing in this tightly supplied submarket,” said Keith Wasserman, a Partner with GVP. “Remarkably, no other market-rate multifamily developments are currently under construction within a five-mile radius of this property. Ultimately, these strong fundamentals provided us with a compelling acquisition opportunity and we plan a long-term hold.”

Strategically located just 15 minutes from downtown San Diego and adjacent to Chula Vista, The Commodore offers connectivity to major employment centers, coastal amenities, and regional retail. The property provides residents with access to over 500,000 jobs, hiking/biking trails, numerous beaches, golf courses, parks, and over 2 million square feet of retail within a one-mile radius.

“Since 2020, National City has maintained an average apartment occupancy of 97% and annual rent growth of 6.8%, reflecting a strong and resilient rental market. As the only Class A market-rate community in the area, The Commodore has attracted a high-income tenant base. Given the limited new supply, affluent demographics, and exceptional location, GVP believes The Commodore is well-positioned to sustain high occupancy, capitalize on continued tenant demand, and achieve long-term rent growth,” added GVP Partner and Chief Investment Officer Josh Satin.

GVP intends to leverage its operational expertise to unlock value through management efficiencies, while capitalizing on long-term appreciation driven by the property’s prime location. This is the company’s second San Diego area asset. In July 2024, Gelt acquired Rancho Hills Apartments for $53.5 million. The 148-unit apartment property is located at 856 Heatherwood Lane in Vista (north San Diego County).

Satin noted, “Our analysis of Western markets shows that San Diego’s multifamily sector has demonstrated consistent strength historically and is well-positioned to be a leading performer over the next five years. In light of this outlook, GVP is actively seeking to expand its portfolio of apartment assets in the region.”

Hunter Combs of Walker Dunlap represented both the buyer and the seller in the transaction.

About Gelt Venture Partners – Founded during the Great Financial Crisis in 2008, Gelt has established a formidable reputation in the multifamily industry. With over $1 billion equity raised and deployed from a diverse group of investors, the firm’s innovative syndicated capital-raising approach has resulted in a portfolio valued at more than $2.5 billion. Gelt primarily focuses on apartments and storage facilities in the western U.S., financing assets through single-purpose LLC entities with fixed-rate debt obtained from established agency institutions like Fannie Mae and Freddie Mac.

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