High-rise commercial buildings

Sub Markets

Property Sectors

Topics

California CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

New call-to-action
California  + San Diego  + Apartments  | 

Gelt Venture Partners Makes Second Acquisition in San Diego Region

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. 

Connect

Inside The Story

Gelt Venture Partners

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
New call-to-action
New call-to-action
New call-to-action
New call-to-action
New call-to-action