Gelt Venture Partners Acquires 92-Unit Multifamily Complex In National City For $40M

The property involved in this transaction is a multifamily asset located at 200-250 East 31st Street in National City. The property encompasses 2.4 acres and consists of 92 units. It was sold for $40,000,000, with a price per unit of $434,783. The apartment complex, known as The Commodore, was built in 2024 and is currently 96% leased, featuring high-end finishes and amenities.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $40,000,000
• Address: 200-250 East 31st Street
• Market: National City
• Acres: 2.4
• Units: 92
• PPU: $434,783
• Buyer: Keith Wasserman & Josh Satin - Gelt Venture Partners
• Broker: Hunter Combs - Walker & Dunlop

Gelt Venture Partners is noted for its strategic acquisition approach, evident in this being their second purchase in the San Diego area. The firm plans to hold the property long-term, capitalizing on strong local demand and limited new supply in the market.