Kennedy Wilson to Acquire Toll Brothers’ Apartment Living Platform

Kennedy Wilson to Acquire Toll Brothers’ Apartment Living Platform
News| September 18, 2025| Paul Bubny
Apartment Buildings

Kennedy Wilson and Toll Brothers, Inc. said Thursday that Kennedy Wilson has agreed to acquire Toll Brothers’ Apartment Living platform for $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.

As part of the transaction, Kennedy Wilson will acquire Toll Brothers’ general partner interests in 18 apartment and student housing properties with AUM of $2.2 billion. Kennedy Wilson will also acquire a pipeline of 29 sites in various stages of development.

Additionally, 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 AUM for Kennedy Wilson. Toll Brothers intends to dispose of these remaining assets over time and exit the multifamily development business.

Kennedy Wilson will also acquire the expertise of the Toll Brothers Apartment Living management team. It anticipates the entire Apartment Living executive team will join Kennedy Wilson.

Pictured: Banner Lane in Washington, DC, part of the Toll Brothers Apartment Living platform.

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