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SAN FRANCISCO — Kennedy Wilson and its equity partners have sold a 159-unit multifamily property in the San Francisco Bay Area to an unnamed buyer for $55 million.
Kennedy Wilson acquired the property in 2013. It then undertook a value-add asset management program and grew the property’s net operating income by 20 percent prior to the sale.
The company and its partners have sold six multifamily properties totaling 1,997 units throughout the Western U.S. since Sept. 30, 2015. The gross proceeds from these sales total $479 million.