American Assets Trust purchased Genesee Park, a 192-unit residential community at 3625 Earnscliff Place in San Diego. The price was not disclosed.
Located in the coastal community of Clairemont, Genesee Park is just four miles from Mission Bay and beaches and is near some of San Diego’s major job corridors, such as UTC, Kearny Mesa and downtown San Diego. Genesee Park has a historical vacancy rate of 2% and is just one of thirteen 100-plus unit apartments in the Clairemont submarket.
The community, built in 1985, is situated in six buildings, each configured with three stories of residential over one level of gated on-grade garage parking. Featuring a mix of one-, two- and three-bedroom floorplans, averaging 1.1k square feet in size, every unit includes an outdoor balcony, oversized windows, and ample storage closets.
CBRE‘s Rachel Parsons, Derrek Ostrzyzek, Mike Murphy, Chris Tresp, and Kenji Thomas represented the seller, Hess Genesee Park LLC, in the deal.
“Genesee Park is a true jewel – owned & operated by the same family for 40 years, the property represented an exceptionally rare opportunity to acquire a sizeable, low-density, and essentially untouched 1980’s asset that has been well-maintained. As a result, the offering generated unprecedented interest and was sold to a San Diego-based investor,” noted Parsons.
San Diego remains highly desirable yet nearly impossible to acquire in the market with very limited institutional multifamily offerings. Genesee Park represents just one of three institutional quality assets sold in San Diego County in 2025 and the only one in central San Diego.
