/

|

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.