American Assets Acquires San Diego Community
The property previously traded four decades ago for less than a quarter of the latest transaction's price.
American Assets Trust has acquired Genesee Park, a 192-unit multifamily property in San Diego, for $67.9 million before closing prorations. The seller was a private investor, according to Yardi Matrix information.
At the time of sale, the property was 93 percent leased. The new owner plans to optimize rental rates and enhance the community’s density. The asset last traded in 1985—the year it was completed—for $14.4 million, the same source shows.
Located at 3625 Earnscliff Place, the community is within 1 mile of Balboa Mesa Shopping Center and 3 miles from Montgomery-Gibbs Executive Airport. Downtown San Diego is less than 8 miles southeast.
READ ALSO: Will Multifamily Thrive in ’25?
Genesee Park consists of six three-story residential buildings spread across roughly 6 acres. The unit mix comprises one-, two- and three-bedroom layouts ranging from 770 to 1,265 square feet.
Apartments have private balconies or patios and walk-in closets. Common-area amenities include a swimming pool and spa, as well as 18 laundry facilities and almost 300 parking spaces.
San Diego prices increase year-over-year
San Diego’s multifamily transactions activity last year comprised 25 properties—4,171 units—that changed hands for almost $1.6 billion, according to Yardi Matrix information. This marks a considerable increase from the 15 assets—3,273 apartments—that traded in 2023 for $953.3 million. The average price per unit also rose significantly year-over-year, from $321,725 in 2023 to $412,253 in 2024.
The metro continued to be a hotspot for investors at the beginning of 2025. In February, MG Properties acquired Park 12 Apartments, a 718-unit high-rise community in downtown San Diego, for $309 million. The deal marked the largest multifamily transaction in the city since 2020.
