FAQ: Gelt Venture Partners' Acquisition of The Commodore in National City, California

What is The Commodore?

The Commodore is a 92-unit apartment property located at 200 to 250 E. 31st Street in National City, California, featuring high-end finishes and community amenities like a resort-style pool and spa.

How much did Gelt Venture Partners pay for The Commodore?

Gelt Venture Partners acquired The Commodore for $40 million.

Where is The Commodore located?

The Commodore is situated in National City, California, which is in south San Diego County, just 15 minutes from downtown San Diego and adjacent to Chula Vista.

What makes The Commodore a compelling acquisition?

The Commodore’s strong demand, premium rental housing in a tightly supplied submarket, and its strategic location with access to major employment centers and amenities make it a compelling acquisition.

Who represented the buyer and seller in the transaction?

Hunter Combs of Walker Dunlap represented both the buyer and the seller in the transaction.

What are Gelt Venture Partners’ plans for The Commodore?

GVP plans a long-term hold, leveraging its operational expertise to unlock value through management efficiencies and capitalizing on long-term appreciation driven by the property’s prime location.

What is the occupancy rate of The Commodore?

The Commodore is approximately 96% occupied, having reached a stabilized occupancy in December 2024.

What amenities does The Commodore offer?

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.

What is the significance of this acquisition for Gelt Venture Partners?

This acquisition underscores GVP’s strategy to expand its portfolio in the San Diego area, capitalizing on the region’s strong multifamily sector performance and affluent demographics.

How does The Commodore compare to other properties in the area?

As the only Class A market-rate community in the area, The Commodore has attracted a high-income tenant base, with no other market-rate multifamily developments currently under construction within a five-mile radius.