Kennedy Wilson JV Acquires Suburban NYC Asset for $237M
The property had been previously owned by Toll Brothers.
A joint venture between Kennedy Wilson, Kenedix, Inc. and Hulic Co., Ltd., have acquired Carraway, a 421-unit multifamily community in West Harrison, N.Y. The partners purchased the property for $237 million.
Toll Brothers Apartment Living completed Carraway in 2021. The previous owner had secured a $150 million permanent loan for the asset in July 2022 from Wells Fargo Bank, according to Yardi Matrix data.
In September 2025, Kennedy Wilson acquired Toll Brothers’ Apartment Living platform in a $347 million deal. When that transaction closed last fall, Kennedy Wilson obtained Toll Brothers’ general partner interests in 18 assets worth approximately $2.2 billion, alongside a 29-property development pipeline worth roughly $3.6 billion.
Kennedy Wilson also took on management of 20 multifamily and student housing communities for the seller, valued at approximately $3 billion. Toll Brothers has been selling these remaining assets as it plans to exit the multifamily development business entirely.
What they bought
Located on 10.35 acres at 105 Corporate Park Drive, Carraway was 97.4 percent occupied at the time of sale. The property has a mix of studio, one- and two-bedroom residences ranging in size from 565 to 1,392 square feet. Rents range from $3,065 to $4,623, according to Yardi Matrix data. The community has 42 affordable apartments, as well as 6,400 square feet of ground-floor retail space.
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Residences feature stainless steel appliances, marble-style backsplashes, quartz kitchen and bathroom countertops, wood-style flooring in living rooms, wood closet shelving and storage system, as well as in-unit washers and dryers. Select units have balconies.
Community amenities at Carraway include a pool, a fitness center, coworking spaces, a playground and children’s playroom, a chef’s display kitchen and bar, a sports simulator and lounge, a private dining room with resident wine storage and a pet spa. The property has 752 parking spaces in a multi-level structure, as well as electric charging stations.
Carraway is located about 25 miles north of New York City in Westchester County, N.Y. The property is also close to White Plains, a major employment center home to IBM, PepsiCo, Mastercard, Morgan Stanley and Regeneron.
Pursuing West Coast deals, too
The acquisition extends Kennedy Wilson’s investment platform across the East Coast and its investment management platform with Japanese partners Kenedix and Hulic. Hulic company officials noted that it is the firm’s fourth joint venture investment with Kennedy Wilson and Kenedix.
In June 2025, the three JV partners acquired The Danforth, a 265-unit multifamily property in Seattle for $173 million from Vanbarton Group. Kennedy Wilson provided $6.6 million in equity with a 10 percent ownership interest in the transaction. Kennedy Wilson acted as the asset manager.
The firm, which is headquartered in Beverly Hills, Calif., also remains active closer to home. Earlier this week, Kennedy Wilson teamed up with Jamison on a joint venture that will deliver 4,000 affordable units in Los Angeles. The partnership will include a mix of ground-up development and adaptive reuse projects across the region, with construction set to start next month on the first project. They expect to build about 15 communities over the next five years. Apartments will be reserved for households earning between 30 percent and 80 percent of the area median income.
