Kennedy Wilson has sold the Bay Village Apartments in the San Francisco suburb of Vallejo, Calif. The firm owned a 50% ownership in the 260-unit property that was acquired in 2010.

“This sale enables us to recycle capital into other strategic investment opportunities that we plan to close this month,” said Kurt Zech, president of the multifamily division at Kennedy Wilson. “We are proud of the value-add program we implemented at this well-located property that has benefited from its proximity to job centers and schools, as well as the continued strong demand for attainable rental housing in the North Bay.”

[caption id="attachment_8046" align="alignleft" width="150"] Kennedy has sold its interest in a San Francisco apartment complex.[/caption]

Located at 1107 Porter Street, Bay Village Apartments are situated on a waterfront bluff two miles from downtown Vallejo. The collection of one- and two-bedroom apartment homes across 41 two-story buildings on 18.5 acres was originally built in 1988 and has undergone significant improvements, including exterior renovations and unit upgrades under Kennedy Wilson’s ownership. The clubhouse was also completely remodeled, including an expanded fitness center for residents.

Kennedy Wilson maintains a large presence in Northern California with an ownership interest in over 800,000 commercial square feet and approximately 2,900 multifamily units.