BEVERLY HILLS, CA – Global real estate investment company Kennedy Wilson (NYSE: KW) and Toll Brothers, Inc. (NYSE: TOL), the nation s leading builder of luxury homes, announced that Kennedy Wilson has agreed to buy 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 buy 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 part 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 buy Toll Brothers general partner interests in 18 apartment and student housing properties with AUM of $2.2 billion. Kennedy Wilson will also buy 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 AUM for Kennedy Wilson. It is Toll Brothers intention to dispose of these remaining assets over time and exit the multifamily development business.
Kennedy Wilson will also buy the expertise of the Toll Brothers Apartment Living management team. It expects to make offers to all employees of Toll Brothers Apartment Living and anticipates the entire Apartment Living executive team will join Kennedy Wilson to oversee the existing portfolio and further grow the development platform.
In addition, the transaction is expected to make a new long-term relationship between the two companies that paves the way for future investment opportunities across rental and for-sale housing. Under this arrangement, Kennedy Wilson will refer prospective for-sale housing opportunities to Toll Brothers, and Toll Brothers will reciprocate with rental housing opportunities, making a mutually beneficial pipeline of shared deal flow.
Kennedy Wilson expects to make an initial investment of approximately $90 million in the bought interests and will assume Toll Brothers general partner role in such bought assets. The balance of the buy price will be funded from existing Kennedy Wilson partners. The transaction will immediately enhance the scale of Kennedy Wilson s world-class investment management platform.
We are thrilled to welcome the best-in-class team at Toll Brothers Apartment Living to Kennedy Wilson and to further accelerate the growth of our investment management business and multifamily development capabilities at a time when the country is in right need of new, high-quality housing, said William McMorrow, Chairman and CEO of Kennedy Wilson. This buy helps make an unparalleled national platform within the rental housing space that totals over 80,000 units we own, finance or manage, and solidifies Kennedy Wilson s fully integrated capabilities across real estate development, acquisitions, and asset management along with a market-leading housing-focused credit platform.
We are proud of the value that has been made by our Toll Brothers Apartment Living business, and we are excited for the future of this team with Kennedy Wilson, said Douglas C. Yearley, Jr., Chairman and CEO of Toll Brothers. This transaction will unlock significant capital for our stockholders, while allowing us to focus on our core homebuilding business and continue our transformation to a more asset-light homebuilder. We are pleased that our Toll Brothers Apartment Living employees have found a new home at Kennedy Wilson.

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ALAMEDA, CA – The Housing Authority of the City of Alameda (AHA) held a public event to celebrate the “Grand Opening” of the Estuary I and Linnet Corner. The event featured speakers from various AHA partners including Alameda County Supervisor (Lena Tam) and the City Manager from the City of Alameda (Jennifer Ott). The Grand Opening was open to the public, surrounding neighbors and families. AHA has been plotting and coordinating the development at North Housing for over a decade.
In early 2024, AHA started construction on both Estuary I and Linnet Corner. Residents started go-ins at Estuary I in July 2025 and Linnet Corner residents started moving in during September 2025. These 109 newly developed affordable rental homes are contained in two separate buildings and represent the first housing communities in AHA’s North Housing Master Plot.
North Housing is a multi-year commitment for the Housing Authority of the City of Alameda, along with its development affiliate, Island City Development to make over 500+ affordable rental homes to serve low-income Alamedans. The twelve acres allocated for North Housing are situated at the former US Naval Air Station (NAS) base and was granted to the Housing Authority (in 2019), via the Surplus Land Act, by the U.S. Department of Navy, with support of the Alameda Point Collaborative and Building Futures for Women and Children. Prior to Navy ownership, the land was owned by AHA and housed families of workers at the naval base.
Estuary I is the City of Alameda’s first new construction 100% permanent supportive housing community for previously homeless persons and features 45 units (a mix of 20 one bedroom apartments, 24 studio apartments, and two-bedroom manager unit). Estuary 1 opened in late July and is fully occupied with all 45 units filled with residents. Linnet Corner houses seniors (ages 62+ and older) and features 64 units (a mix of 40 studio units, 23 one-bedroom units, and two-bedroom manager unit). Sixteen of the 64 units at Linnet Corner are reserved for U.S. military veterans who are seniors, previously homeless, and disabled. Linnet Corner opened in early September and is currently in the process of leasing up all units.
Kerry Deichen, a Market Executive from Bank of America N.A. which is a major funder for North Housing states “It’s so exciting to be part of the incredible transformation of the former Naval Air Station into much needed affordable housing and supportive services for working families, seniors and formerly homeless individuals. Bank of America provided construction financing and serves as the tax credit investor with Enterprise Community Partners for both Estuary I and Linnet Corner with the Housing Authority of the City of Alameda. This has been a right public-private partnership with city, county, state and federal partners working together to bring much needed new affordable housing to the East Bay region.”
AHA has invested $8.6 million dollars of its own funds and has allocated 80 Project Based Vouchers towards Linnet Corner and Estuary I. “The Housing Authority is excited to open the first two properties at North Housing after ten plus years of commitment to provide urgently needed housing for low-income populations that include people with disabilities, previously homeless, military veterans, and seniors.” stated Vanessa Cooper, AHA Executive Director.
Besides the Housing Authority of the City of Alameda, other funders for this project include Bank of America, N.A., Enterprise Community Investments, the California Community Reinvestment Corporation, the California Debt Limit Allocation Committee (CDLAC), the California Tax Credit Allocation Committee (TCAC), the California Municipal Finance Authority (CMFA), the California Department of Veteran Affairs (Cal Vet), the Veterans and Affordable Housing Bond Act of 2018 (Proposition 1), the Infill Infrastructure Grant Program (IIG), the Multifamily Housing Program (MHP), the Veterans Housing and Homelessness Prevention program (VHHP) through the California Department of Housing and Community Development (HCD), the Alameda Affordable Housing Trust Fund operated by the Alameda Affordable Housing Corporation, the City of Alameda (HOME, Community Block Development Grant, Permanent Local Housing Allocation, and Inclusionary Housing funds), the US Department of Housing and Urban Development (HUD), the Federal Home Loan Bank of San Francisco’s (FHLBSF) Affordable Housing Program (AHP), the Bank of Marin, and the Home Depot Foundation). The County of Alameda provides funding case management services through the Cal-AIM program. Island City Development is the developer of this project and the Housing Authority of the City of Alameda owns the land. The architect for Linnet Corner and The Estuary I is HKIT Architects. The General Contractor is J.H. Fitzmaurice.

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ATLANTA, GA – Mill Creek Residential, a leading developer, owner-operator and investment manager specializing in premier rental housing across the U.S., announced the start of preleasing at Modera Westside Trail, a contemporary midrise community in Atlanta’s West Midtown neighborhood.
Modera Westside Trail, which features 373 homes, offers convenient access to the Westside Beltline Connector Trail and the experiential retail, restaurants, breweries and music venues that define West Midtown. The community is located alongside the west boundary of the Georgia Tech campus and just south of Echo Street West, a new mixed-use development featuring office, retail and residential offerings. First go-ins are anticipated for October.
“As the Westside becomes more connected, it continues to emerge as one of Atlanta’s most attractive living destinations,” said Phil Carson, managing director of development in Atlanta for Mill Creek Residential. “Modera Westside Trail is designed to meet that demand with a community that blends high-end amenities, thoughtful design and seamless connectivity. From local restaurants and retail to major city attractions, this location puts everything within reach, and we’re excited to welcome our first residents next month.”
Situated at 576 Northside Drive Northwest, Modera Westside Trail offers panoramic views of the Atlanta skyline and will place residents within a small commute of the thriving employment sectors of Midtown, Atlantic Station and Downtown Atlanta. The community is positioned just minutes from Atlanta’s primary artery, the Downtown Connector (I-75/85). Additionally, well loved athletic venues including Mercedes-Benz Stadium, State Farm Arena, Bobby Dodd Stadium and McCamish Pavilion are nearby.
Modera Westside Trail offers studio, one-, two- and three-bedroom homes, including 37 premium collection homes with upgraded features. Community amenities include a resort-style swimming pool with sundeck and unobstructed views of Midtown, eighth-floor sky lounge with bar area and outdoor deck, multiple outdoor courtyards with fire pits and grilling areas, spa with sauna and steam room, boutique-style lobby, expansive resident clubroom, coworking space, private conference room, dog park, pet spa and a club-quality fitness center with cardio equipment, Echelon spin bikes, yoga studio and fitness on-demand. Residents will also have access to 24/7 self-serve digital package lockers, controlled-access garage parking, EV-charging stations, complimentary loaner bikes, bike repair station, bike storage and additional storage space.
Home interiors include nine-foot ceilings, oversized windows, wood-style plank flooring, stainless steel appliances, quartz countertops, custom cabinetry, tile backsplashes, spacious closets, in-home washers and dryers and tile shower surrounds. Smart home features include keyless entry, connected smart thermostats, USB outlets and secure controlled-access guest technology. Premium homes feature French door refrigerators, built-in desks, under-cabinet lighting, designer bathrooms with spa-like soaking tubs, LED mirrors and additional refined features.

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