SAN DIEGO, Feb. 28, 2025 (GLOBE NEWSWIRE) — American Assets Trust, Inc. (NYSE:AAT) (the “Company”) announced today the successful acquisition of Genesee Park, a 192-unit apartment community located in San Diego, California.
Genesee Park is currently approximately 93% leased with rental rates that the Company believes are significantly below prevailing market levels for the submarket. The acquisition presents a compelling opportunity to enhance the property’s value through strategic asset management initiatives.
“Genesee Park is a valuable addition to our portfolio, offering strong upside potential in a prime San Diego location,” said Adam Wyll, the Company’s President and Chief Executive Officer. “By optimizing rental rates and exploring opportunities to enhance density, we plan to unlock the property’s full value while elevating the living experience for our residents. This investment aligns with our long-term strategy of acquiring and enhancing high-quality assets in key markets.”
Ideally situated in the heart of San Diego, Genesee Park offers residents convenient access to public transportation and major freeways, ensuring seamless connectivity to Downtown San Diego, the San Diego International Airport, leading retail centers, major universities and top dining and entertainment destinations.
The Company acquired the property for $67.9 million, before closing prorations, using cash on hand.
About American Assets Trust, Inc.
American Assets Trust, Inc. is a full service, vertically integrated and self-administered real estate investment trust (“REIT”), headquartered in San Diego, California. The Company has over 55 years of experience in acquiring, improving, developing and managing premier office, retail, and residential properties throughout the United States in some of the nation’s most dynamic, high-barrier-to-entry markets primarily in Southern California, Northern California, Washington, Oregon, Texas and Hawaii. The Company’s office portfolio comprises approximately 4.1 million rentable square feet, …
