Overview

• The agreement covers general partner interests in 18 apartment and student-housing assets with about $2.2 billion in AUM and a 29-site development pipeline that could total roughly $3.6 billion if completed, with Kennedy Wilson taking over construction.
• Kennedy Wilson will manage 20 apartment and student-housing properties that Toll Brothers will continue to own for now, and Toll Brothers plans to sell those assets over time as it exits multifamily development.
• The companies expect the transaction to close in October 2025, subject to customary closing conditions.
• Kennedy Wilson plans an initial investment of about $90 million in the acquired interests, with the remaining funding provided by existing Kennedy Wilson partners, and it will absorb Toll Brothers’ Apartment Living and development teams subject to individual agreements.
• Kennedy Wilson says the deal materially increases its assets under management and creates a national platform of more than 80,000 rental units it owns, finances, or manages, alongside a new two-way referral arrangement for for-sale and rental opportunities.