The investment firm will add 18 properties, additional development sites.

The Toll Brothers Apartment Living executive team will join Kennedy Wilson, which will acquire a portfolio in October following its close. The move adds 29 sites at different stages of development; 18 apartment and student housing properties; and 20 other properties being managed by Kennedy Wilson but under Toll Brothers' control.

“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 true need of new, high-quality housing,” said William McMorrow, Chairman and CEO of Kennedy Wilson, in a release. “This purchase helps create 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.”

Toll Brothers plans to gradually exit the multifamily housing industry.