By BisNow
Fortune 500 homebuilder Toll Brothers is giving up on apartments.
Real estate investment firm Kennedy Wilson agreed to pay $347M to acquire Toll Brothers Apartment Living, bringing all of the company’s employees under its banner, along with its $5B in assets under management.
Toll Brothers will hand over management but continue to own 20 apartment buildings as part of the deal.
“It is Toll Brothers’ intention to dispose of these remaining assets over time and exit the multifamily development business,” the company said in a statement.
