Kennedy Wilson just wrote a very big check for the suburbs, acquiring Carraway, a 421-unit Class A multifamily community in West Harrison, Westchester County, for $237 million. The deal, struck with Japanese partners Kenedix and Hulic, gives the Beverly Hills-based investor another serious foothold in its growing East Coast apartment platform.
What Kennedy Wilson Bought
Carraway opened in 2021 about 25 miles north of Manhattan, positioning itself as a commuter-friendly option with plenty of gloss. The property mixes studio, one-bedroom and two-bedroom units with structured parking and roughly 6,400 square feet of ground-floor retail. Onsite perks include a resort-style pool, fitness center and coworking space, amenities the companies say have helped sustain brisk leasing activity.
Kennedy Wilson confirmed the $237 million price tag and identified its partners in a release on Kennedy Wilson.
Partners and Strategy
The acquisition continues Kennedy Wilson’s run of joint investments in institutional-grade residential properties alongside Kenedix, Inc. and Hulic Co., Ltd. The firm is clearly not shy about scaling up with partners when it likes the asset.
Chairman and CEO William McMorrow called Carraway “a rare opportunity” to add a recently built, high-quality multifamily community to the company’s platform, according to a release carried on Business Wire.
Why Westchester
Westchester County is not exactly bargain territory, and that is part of the appeal. High household incomes and proximity to job hubs such as White Plains and Greenwich help keep suburban rental demand tight. The companies note that rents at Carraway climbed more than 5 percent over the past year.
Current listings show studio rents starting in the high $2,700s, with some two-bedrooms pushing past $7,000 a month, underscoring how premium this pocket of the suburbs has become. Those figures appear in the company’s release, public listings on RentCafe and in the Business Wire announcement.
What It Means
Kennedy Wilson says it manages roughly $37 billion in assets and has closed more than $60 billion in transactions since 2009. The firm is framing Carraway as another step in its push into supply-constrained, high-demand markets, according to a company release on Kennedy Wilson.
On the ground, day-to-day operations appear set to stay in experienced hands. The property’s leasing site lists Bozzuto as manager, according to Carraway, suggesting Kennedy Wilson and its partners are happy to let a seasoned operator keep running the show while they focus on the bigger portfolio play.
