Kennedy Wilson has agreed to acquire Toll Brothers’ Apartment Living platform, including its in-house development team and interests in a portfolio of completed properties and assets under development, for a total purchase price of $347 million. The transaction is expected to close in October 2025.
This acquisition will immediately add $2.2 billion in Assets Under Management (AUM) from 18 apartment and student housing properties, plus a pipeline of 29 development sites totaling approximately $3.6 billion of invested capital. Kennedy Wilson will also manage an additional 20 properties remaining with Toll Brothers, adding another $3.0 billion of AUM.
Kennedy Wilson expects to make an initial investment of approximately $90 million in the acquired interests. This transaction will expand Kennedy Wilson's rental housing platform to over 80,000 units owned, financed, or managed, solidifying its integrated capabilities across real estate development, acquisitions, and asset management.
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