Gelt Venture Partners Expands San Diego Portfolio with $40 Million Acquisition in National City

Gelt Venture Partners, LLC (GVP) has recently acquired The Commodore, a 92-unit apartment property in National City, California, for $40 million. This acquisition underscores the robust demand for high-quality rental housing in the area, which is characterized by limited new supply and high occupancy rates. The Commodore, built in 2024, features a mix of studio, one-bedroom, and two-bedroom units, with amenities that cater to a high-income tenant base. The property's strategic location offers residents access to major employment centers, coastal amenities, and extensive retail options.

The acquisition of The Commodore represents GVP's continued investment in the San Diego area's multifamily market, following the purchase of Rancho Hills Apartments in Vista for $53.5 million in July 2024. GVP's strategy focuses on leveraging operational expertise to enhance property value and capitalize on the region's strong multifamily market fundamentals. The firm's analysis indicates that San Diego's apartment sector is poised for sustained growth, driven by affluent demographics and a lack of new construction in the vicinity of The Commodore.

Keith Wasserman, a Partner with GVP, highlighted the property's rapid stabilization and the absence of competing developments within a five-mile radius as key factors in the acquisition decision. Josh Satin, GVP Partner and Chief Investment Officer, emphasized the property's potential for long-term rent growth and high occupancy, supported by National City's resilient rental market. The transaction was facilitated by Hunter Combs of Walker Dunlap, who represented both parties.

For more information on Gelt Venture Partners and their investments, visit https://www.geltvp.com. The Commodore's acquisition not only reinforces GVP's presence in Southern California but also signals confidence in the region's multifamily market dynamics.