Student Housing Daily - September 24 - Kennedy Wilson acquires Toll Brothers' multifamily platform for $347M

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NEWS ROUNDUP

M&A: Kennedy Wilson acquires Toll Brothers’ multifamily platform for $347 million. Kennedy Wilson is acquiring Toll Brothers Apartment Living for $347 million, adding $5B in assets under management. The deal includes 18 owned apartment and student housing properties worth $2.2B, plus management contracts for 20 more totaling $3B. Kennedy Wilson will also oversee 29 development sites valued at $3.6B. CEO William McMorrow called it a move toward an 80,000-unit rental housing platform. Toll Brothers CEO Douglas Yearley Jr. said the sale allows the firm to focus on homebuilding.

DEVELOPMENT: Greystar JV breaks ground on California project. Greystar, University Enterprises Inc., and JLC Infrastructure have broken ground on Hornet Place, a 101-unit, 352-bed student housing project serving California State University in Sacramento. Leasing is set for August 2026, with completion expected in April 2027.

DEVELOPMENT: Tripalink to build 147-bed student housing near SJSU. Tripalink Real Estate is advancing plans for a six-story, 147-bedroom student housing project in San Jose. The 41-unit infill development, designed by VTBS Architects, received permit approval in March 2025 following a mid-2023 preliminary review. Tripalink acquired the 0.44-acre site in August for $2.9 million. A construction timeline has not yet been announced.

FINANCING: ACRES Capital lends $30.5 million for acquisition near MSU. ACRES Capital has issued a $30.5 million first mortgage to Vesper for the acquisition of Gateway Lofts, a 181-unit student-focused multifamily property in Lansing.

READ: Student housing trends.

STUDENT HOUSING FOR SALE

Click each image for more information:

4 Buildings | 16 Units | Built in 2024 | Asking Price: $3,250,000

4 Units | 100% Occupancy | Asking Price: $790,000

Two Properties | 246 Beds | 100% Occupancy

12 Beds | Asking Price: $1,650,000 ($137,500/bed)

ONE MORE THING

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