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CBRE Arranges Sale of Family-Owned Clairemont Apartments
(Updated with additional information)
CBRE negotiated the sale of Genesee Park at 3625 Earnscliff Pl. in San Diego to American Assets Trust. The firm’s Rachel Parsons, Derrek Ostrzyzek, Mike Murphy, Chris Tresp and Kenji Thomas represented the seller, Hess Genesee Park LLC. Although CBRE did not disclose the sale price, Brandview Asset Management subsequently announced it was $67.9 million.
“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 1980s asset that has been well-maintained,” said Parsons. “As a result, the offering generated unprecedented interest and was sold to a San Diego-based investor.”
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. Built in 1985, the community is situated in six buildings, each with three stories of residential over one level of gated on-grade garage parking.
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- ◦Sale/Acquisition
