Gelt Ventures LLC has acquired The Commodore, a 92-unit apartment property in National City, CA for $40 mil, or $435k/unit. Built in 2024, the property sits on 2.4 acres at 200 to 250 E. 31st St, east of I-5 and just north of Hwy 54.
The Commodore consists of 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 sf 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.
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 msf of retail within a one-mile radius.
“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.”
“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.
According to Gelt, 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. The company 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.
Hunter Combs of Walker Dunlap represented both the buyer and the seller in the transaction.
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