American Assets Trust Expands with Genesee Park Acquisition
Deal News | Feb 28, 2025 | Globenewswire
American Assets Trust, Inc. announced the acquisition of Genesee Park, a 192-unit apartment community in San Diego, for $67.9 million. With a current occupancy of 93%, rental rates at Genesee Park are considered below market levels, presenting an opportunity for value enhancement through strategic asset management. Adam Wyll, CEO of American Assets Trust, emphasized the potential to optimize rental rates and enhance the property's density to maximize value. This acquisition aligns with the company's strategy of acquiring high-quality assets in key markets. The company's extensive portfolio includes office, retail, and residential properties across major U.S. locations.
Sectors
- Real Estate Investment Trust (REIT)
- Residential Real Estate
Geography
- United States – The article details activities of American Assets Trust, which operates primarily across several states in the U.S.
- California – The specific acquisition mentioned in the article is located in San Diego, California, and American Assets Trust is headquartered there.
Industry
- Real Estate Investment Trust (REIT) – The article discusses the activities of American Assets Trust, a real estate investment trust focused on acquiring and managing high-quality property assets.
- Residential Real Estate – The acquisition mentioned in the article involves a residential apartment community, Genesee Park, in San Diego.
Financials
- $67.9 million – The purchase price paid by American Assets Trust to acquire Genesee Park before closing prorations.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| American Assets Trust, Inc. | Buyer | Company | A full-service real estate investment trust focused on acquiring, improving, and managing office, retail, and residential properties. |
| Genesee Park | Target Company | Company | A 192-unit apartment community located in San Diego, California. |
| Adam Wyll | President and CEO | Person | He is the President and Chief Executive Officer of American Assets Trust, Inc. |
| Robert F. Barton | CFO | Person | Executive Vice President and Chief Financial Officer of American Assets Trust, Inc. |