Gelt Venture Partners, LLC (GVP) 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 St. in National City. Hunter Combs of Walker & Dunlop represented both GVP and the undisclosed seller.
“The Commodore reached a 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, 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.”
The Commodore includes six three-story buildings and is approximately 96% occupied. This is the company’s second San Diego area asset. In July 2024, GVP acquired Rancho Hills Apartments in Vista for $53.5 million.
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