WEST HILLS, CA-Kennedy Wilson has acquired a 39-unit townhouse project in this San Fernando Valley community from Bank of America in a joint venture and plans to sell the units, which range from 1,900 to 2,050 square feet. The Beverly Hills-based company bought the property, which was originally called the Villas at Sherman Place, for $12.8 million, and has renamed it Toscana.

Kennedy Wilson will officially open the homes for sale on Saturday, Sept. 24, according to Robert Hart, president of KW Multifamily Management Group. “This project is perfectly positioned to take advantage of the move-up buyers looking for a high-quality townhouse at a very affordable price,” Hart said in an announcement regarding the project.

Toscana consists of two- and three-bedroom units, with secured gated entrances, a swimming pool and a playground. Stuart Cramer, president of KW Residential Group, calls it "a very upscale luxury project built in one of the best locations in western San Fernando Valley” and says the company will bring the units to market in the mid-to high $400,000 range.

Kennedy Wilson acquired the project in a deal that was brokered by Kitty Wallace, an executive vice president in the West Los Angeles office of Colliers International, as reported recently on GlobeSt.com. As that report noted, Wallace said the property generated 16 highly qualified offers after just one month of marketing and the buyer won the deal "after an aggressive bidding war."

The acquisition represents the third recent transaction with Bank of America for Kennedy Wilson and its partners, following the purchases of the 180-unit Noho 14 project in North Hollywood in June of 2010 and the 167-unit downtown L.A. adaptive reuse project, Santee Village, in November of 2010.