- Kennedy Wilson will acquire Toll Brothers’ Apartment Living platform for $347 million, including interests in 18 apartment and student housing properties.
- The deal adds $5.2 billion in assets under management (AUM) to Kennedy Wilson’s portfolio, significantly expanding its multifamily footprint.
- The acquisition includes 29 development sites with a projected capitalization of $3.6 billion and assumes full construction management responsibilities.
A Major Portfolio Play
Global real estate investment firm Kennedy Wilson has agreed to acquire the Toll Brothers Apartment Living platform, along with its internal development team, for $347 million. The deal adds both stabilized and in-progress apartment and student housing assets to Kennedy Wilson’s portfolio, while enabling Toll Brothers to divest from the multifamily space and focus on its core homebuilding business.
Deal Breakdown
- $2.2B AUM: Kennedy Wilson is taking over general partner interests in 18 existing apartment and student housing properties.
- $3.0B AUM: Kennedy Wilson will manage 20 additional properties on behalf of Toll Brothers as they work to divest these remaining assets.
- $3.6B Pipeline: Kennedy Wilson will acquire 29 development sites, assuming responsibility for construction and project execution.
Additionally, Kennedy Wilson plans to bring on Toll Brothers’ Apartment Living employees, including its executive leadership team, to oversee integration and expansion.
Strategic Synergy
This move not only gives Kennedy Wilson immediate scale in the multifamily space—expanding its rental platform to over 80,000 units under ownership, financing, or management—it also forges a strategic relationship between the two firms. Going forward, the companies will cross-refer development opportunities in rental and for-sale housing.
Why It Matters
Toll Brothers is streamlining its operations to become more asset-light, while Kennedy Wilson is doubling down on its vertically integrated real estate strategy. With multifamily demand strong and housing shortages nationwide, this deal positions Kennedy Wilson to capitalize on future rental housing needs at scale.
What’s Next
The transaction is expected to close in October 2025, subject to regulatory approvals and closing conditions. Once finalized, Kennedy Wilson will make an initial $90 million investment in the acquired interests, with the remainder funded through existing partner capital.
