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Kennedy Wilson Opens Los Angeles Townhomes Purchased from B of A

The international real estate operating company Kennedy Wilson recently opened up a townhome community that it acquired from Bank of America.

The 39-unit residential project located in West Hills, Calif., was purchased from the Charlotte, N.C.-based bank for $12.8 million.

“This project is perfectly positioned to take advantage of the move-up buyers looking for a high quality townhouse at a very affordable price,” said Robert Hart, president of the multifamily management group at Kennedy Wilson, Beverly Hills, Calif.

Completed last year, Toscana consists of three- and four-story townhomes that range in size from 1,900 square feet to 2,050 square feet. Each unit has two or three bedrooms in addition to a two- or three-car attached garage, garden patios and rooftop decks.

The property also includes a secured gate entrance, a swimming pool and playground. Toscana is located in a residential neighborhood comprised of mostly single-family houses.

“This is a very upscale luxury project built in one of the best locations in western San Fernando Valley,” said Stuart Cramer, president of the residential group at KW. “We are very pleased to be able to bring a project in the mid to high $400,000s to the market at this time.”

Bank of America has sold two other assets to the real estate investment and services firm.

In June 2010, the firm purchased the 180-unit Noho 14 project in North Hollywood from the bank, followed by the acquisition of the 167-unit Santee Village adaptive reuse project in downtown Los Angeles in November 2010.