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

Gelt Venture Partners, LLC (GVP) has announced the acquisition of The Commodore, a 92-unit multifamily property in National City, California, for $40 million. This strategic purchase underscores the firm's confidence in the San Diego County rental market's resilience and growth potential. The Commodore, built in 2024, spans 2.4 acres and features six three-story buildings with a mix of studio, one-bedroom, and two-bedroom units, boasting high-end finishes and community amenities such as a resort-style pool, EV charging stations, and outdoor lounges.

The property's rapid stabilization to 96% occupancy within ten months of leasing commencement reflects the high demand for premium rental housing in a submarket with limited new developments. Keith Wasserman, a Partner with GVP, emphasized the unique positioning of The Commodore as the only Class A market-rate community in the area, attracting a high-income tenant base. The property's location offers residents unparalleled access to employment centers, recreational amenities, and retail spaces, further enhancing its appeal.

Josh Satin, GVP Partner and Chief Investment Officer, highlighted the strategic significance of this acquisition in the context of San Diego's multifamily sector's historical strength and future prospects. With National City maintaining an average apartment occupancy of 97% and annual rent growth of 6.8% since 2020, The Commodore is poised for sustained high occupancy and rent growth. This acquisition marks GVP's second investment in the San Diego area, following the purchase of Rancho Hills Apartments in Vista for $53.5 million in July 2024.

GVP's approach to leveraging operational expertise and capitalizing on the property's prime location aligns with its broader strategy to expand its portfolio in Western markets, particularly in regions like San Diego that demonstrate consistent multifamily sector performance. The transaction was facilitated by Hunter Combs of Walker Dunlap, representing both the buyer and the seller. For more information on Gelt Venture Partners and their investments, visit https://www.geltvp.com.