**Gelt Venture Partners Acquires The Commodore Apartments in National City for $40 Million**
Gelt Venture Partners, LLC (GVP) has announced the acquisition of The Commodore, a newly built 92-unit apartment community located at 200 to 250 E. 31st Street in National City, California. The purchase price for the 2.4-acre property was $40 million.
Constructed in 2024, The Commodore consists of six three-story buildings and has reached approximately 96% occupancy. The property stabilized in December 2024, only 10 months after leasing began—highlighting the robust demand for high-quality rental housing in the area.
“The Commodore reached stabilized occupancy in December 2024—just 10 months after leasing began—underscoring the strong demand for premium rental housing in this tightly supplied submarket,” said Keith Wasserman, Partner at 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.”
The transaction was brokered by Hunter Combs of Walker & Dunlop, who represented both GVP and the undisclosed seller.
This acquisition marks GVP’s second investment in the San Diego region. In July 2024, the firm acquired Rancho Hills Apartments in Vista for $53.5 million, signaling its continued growth strategy in Southern California.
