American Assets Trust (AAT) announced the 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. The company acquired the property for $67.9M, before closing prorations, using cash on hand.
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