American Assets Trust, Inc. Acquires Genesee Park Apartments in San Diego, California

Core Insights - American Assets Trust, Inc. has successfully acquired Genesee Park, a 192-unit apartment community in San Diego, California for $67.9 million [1][4] - The property is currently approximately 93% leased, with rental rates believed to be significantly below market levels, presenting an opportunity for value enhancement through strategic asset management [2][3] Company Overview - American Assets Trust, Inc. is a vertically integrated and self-administered real estate investment trust (REIT) with over 55 years of experience in acquiring, improving, developing, and managing premier properties across the United States [5] - The company's portfolio includes approximately 4.1 million rentable square feet of office space, 2.4 million rentable square feet of retail space, and 2,302 multifamily units [5] Strategic Plans - The company plans to optimize rental rates and explore opportunities to enhance density at Genesee Park, aiming to unlock the property's full value while improving the living experience for residents [3] - This acquisition aligns with the company's long-term strategy of acquiring and enhancing high-quality assets in key markets [3]