Kennedy Wilson acquires Toll Brothers' Apartment Living platform for $347M; adds >$5B AUM

Toll Brothers, Inc.

Kennedy Wilson to buy Toll Brothers Apartment Living platform for $347M; close expected Oct 2025.
Deal includes 18 acquired properties ($2.2B AUM) and 29 development sites (~$3.6B capital).
Kennedy Wilson will manage 20 remaining properties ($3.0B AUM); Toll to exit multifamily.
Toll Brothers intends to focus on core luxury homebuilding and become more asset-light.
Kennedy Wilson expects to retain entire Apartment Living executive team and employees.

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