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LARKSPUR, CA-Locally based Fowler Property Acquisitions has sold another apartment portfolio to Kennedy Wilson, the Beverly Hills-based real estate fund and asset manager. This time, Kennedy Wilson partnered with real estate equity provider Hanover Financial Co. to acquire 454 units in three Northern California developments for $51 million.

The properties are located in the cities of Napa, Pinole and Davis. Kennedy Wilson managing director Eddie Ring did not return a Wednesday afternoon phone call seeking comment.

The Napa property is Case De Vallecita, a 66-unit townhome community located at 1600 Pueblo Ave. that is fully leased. The nine-building two-story complex was built on 2.82 acres in 1974. Kennedy Wilson intends to improve all common areas and develop a new leasing suite.

The Pinole property is Bayside Willows, a 148-unit low-rise development located at 530 Sunnyview Dr., near the San Francisco Bay. The 10-building two-story complex was built on 5.3 acres. The age and occupancy of the complex was not immediately available. Kennedy Wilson intends to invest upward of $1.2 million to update building exteriors and landscaping.

The Davis property is the Ivy Towne Apartments, a 240-unit garden-style complex built in 1970 at 801 J St. The property is fully leased. Kennedy Wilson will spend $2.3 million modernizing the exterior of the property and adding additional amenities including a student study lounge and a fitness center to the existing recreation facility.

The transaction is the 11th Fowler has completed with Kennedy Wilson and the 23rd between Kennedy Wilson and Hanover Financial.

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