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Kennedy Wilson has agreed to acquire Toll Brothers’ Apartment Living platform, including its in-house development team and its interests in a portfolio of completed properties and assets under development, for a total purchase price of $347 million. The transaction will provide immediate scale to Kennedy Wilson’s investment management platform and its rental housing capabilities, while monetizing a significant portion of Toll Brothers’ investments in rental properties. The transaction is expected to close in October 2025 and is subject to certain closing conditions.

As part of the transaction, Kennedy Wilson will acquire Toll Brothers’ general partner interests in 18 apartment and student housing properties with assets under management of $2.2 billion. Kennedy Wilson will also acquire a pipeline of 29 sites in various stages of development which, if completed, would total approximately $3.6 billion of invested capital, with Kennedy Wilson to assume construction management responsibilities for these properties. As part of the transaction, Kennedy Wilson will also manage 20 apartment and student housing properties that will remain with Toll Brothers following closing, representing another $3.0 billion of assets under management for Kennedy Wilson. It is Toll Brothers’ intention to dispose of these remaining assets over time and exit the multifamily development business.