CBRE Arranges Sale of 192-Unit Multifamily Property in San Diego

CBRE negotiated the sale of Genesee Park at 3625 Earnscliff Place in San Diego, Calif., to American Assets Trust. 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 and 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,” Rachel Parsons, executive vice president at CBRE.

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.

Located in the coastal community of Clairemont, Genesee Park is just 4 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 3-stories of residential over one level of gated on-grade garage parking. Featuring 192 units with a mix of one-, two- and three-bedroom floorplans, each averaging 1,051 sq. ft. Every unit includes an outdoor balcony, oversized windows, and ample storage closets. The property also has a deck area with a pool, spa, lounge seating and outdoor dining tables.

The CBRE team collaborated with BrandView Asset Management, which served as the asset manager and strategic advisor for the transaction, guiding the generational private ownership of the property within the family for over four decades, making this a significant milestone in its legacy.

The CBRE Southern California Multifamily Team is one of the top investment sales advisors in Southern California and has a top market share. Over the past 12 months, the team has sold over $940 million in real estate in real estate.