Reference could not be resolved when attempting to build an SDK solution

When building a catalog an error like the one below is received:

The primary reference "Blackbaud.AppFx.Server, Version=, Culture=neutral, processorArchitecture=MSIL" could not be resolved because it has an indirect dependency on the assembly "Blackbaud.Constituent.Attributes, Version=1.1.771.1, Culture=neutral, PublicKeyToken=null" which was built against the ".NETFramework,Version=v4.5.1" framework. This is a higher version than the currently targeted framework ".NETFramework,Version=v4.5".
This is due to a mismatch between the .Net framework version of the project and the version of the referenced libraries. 

This can usually be corrected by going to the project properties and changing the framework to match the framework that the project is being built against.

Project properties showing framework
  Project properties showing framework.png

Steps to Duplicate

Create or edit a SDK based CRM project in Visual Studio.
Attempt to compile the project.

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