---
schema_version: "secwatch.filing_event.v1"
accession: "0000794170-25-000079"
form_type: "8-K"
ticker: "TOL"
cik: "0000794170"
company_name: "Toll Brothers, Inc."
filed_at: "2025-09-18T23:59:59+00:00"
generated_at: "2026-05-17T06:18:37.057394+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000794170-25-000079
- form_type: 8-K
- ticker: TOL
- cik: 0000794170
- company_name: Toll Brothers, Inc.
- filed_at: 2025-09-18T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 7.01, 9.01, 99.1
- EDGAR index: https://www.sec.gov/Archives/edgar/data/794170/000079417025000079/0000794170-25-000079-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/794170/000079417025000079/tol-20250918.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000794170-25-000079
- JSON: https://secwatch.observer/filing/0000794170-25-000079.json
- Plain text: https://secwatch.observer/filing/0000794170-25-000079.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.