Kennedy Wilson Acquires 421-Unit Westchester Multifamily Community
Kennedy Wilson, a global real estate investment company, has announced the acquisition of Carraway, a 421-unit Class A multifamily community in West Harrison, New York, through a joint venture with long-standing Japanese investment partners Kenedix, Inc. and Hulic Co., Ltd. The property was acquired for $237 million, marking another significant investment in one of the strongest residential markets within the New York metropolitan area.
The acquisition further expands Kennedy Wilson’s investment management platform while strengthening its strategic relationships with Kenedix and Hulic, two of Japan’s leading real estate investment firms. The transaction reflects the partners’ continued confidence in high-quality residential assets located in supply-constrained markets that offer strong long-term growth potential, stable rental demand, and access to major employment centers.
Completed in 2021, Carraway is a modern Class A apartment community located in Westchester County, approximately 25 miles north of Manhattan. The property has quickly established itself as one of the region’s premier residential developments, offering a combination of upscale amenities, contemporary design, and convenient access to both suburban and urban employment hubs.
The community includes 421 residential units featuring a diverse mix of studio, one-bedroom, and two-bedroom apartments designed to meet the needs of a broad range of residents, including young professionals, families, and commuters working throughout the New York metropolitan area. The development also incorporates structured parking facilities and approximately 6,400 square feet of ground-floor retail space, creating a mixed-use environment that enhances convenience for residents while contributing to the surrounding neighborhood.
Carraway has been designed to deliver a premium living experience through an extensive collection of lifestyle amenities. Residents have access to a resort-style swimming pool, a fully equipped fitness center, professionally designed coworking spaces, and convenient on-site retail offerings. These features have helped position the property as one of the area’s most attractive apartment communities, supporting strong leasing activity, high occupancy levels, and impressive resident retention since its completion.
The combination of modern residences and high-quality amenities has allowed Carraway to maintain consistent demand in a competitive housing market. As more professionals seek spacious apartments outside New York City while maintaining access to major employment centers, communities like Carraway continue to attract renters looking for a balance between suburban living and urban convenience.
Kennedy Wilson views the acquisition as an important addition to its expanding East Coast multifamily portfolio. The company has continued to invest in residential assets across key U.S. markets, focusing on properties located in economically resilient regions with favorable demographic trends and long-term rental growth potential.
William McMorrow, Chairman and Chief Executive Officer of Kennedy Wilson, described Carraway as a unique investment opportunity due to its recent construction, premium quality, and location within one of the most desirable suburban markets surrounding New York City. He noted that opportunities to acquire newly developed Class A multifamily communities in Westchester County are relatively uncommon, making the transaction particularly attractive from both an investment and portfolio expansion perspective.
McMorrow also emphasized that the acquisition strengthens Kennedy Wilson’s investment management platform while reinforcing its successful partnerships with Kenedix and Hulic. The company continues to expand its presence across the East Coast through strategic acquisitions that align with its long-term investment strategy of acquiring institutional-quality real estate in markets with strong economic fundamentals.
The transaction also represents another milestone in the ongoing collaboration between Kennedy Wilson and Hulic. According to Sohei Okuno, Managing Officer and General Manager of the Global Investment Department at Hulic Co., Ltd., Carraway marks the fourth joint venture investment completed alongside Kennedy Wilson and Kenedix.
Okuno explained that Hulic continues to increase its international real estate investments by partnering with experienced organizations in markets expected to benefit from sustained economic expansion and population growth. He stated that the Carraway acquisition aligns well with Hulic’s investment criteria by providing exposure to a high-quality residential property located in a region with favorable long-term demographic and economic characteristics.
Kenedix also highlighted the importance of the acquisition as part of its broader international investment strategy. Hikaru Teramoto, Representative Director, President and Chief Operating Officer of Kenedix, said the company is pleased to further strengthen its partnership with Kennedy Wilson and Hulic through the acquisition of Carraway.
Teramoto explained that Kenedix remains focused on investing in institutional-grade residential assets located in markets where housing supply remains limited while demand continues to grow. According to him, the New York metropolitan area continues to demonstrate attractive long-term investment fundamentals supported by population stability, employment opportunities, and proximity to major commercial centers. These characteristics make high-quality multifamily properties like Carraway particularly appealing for long-term investors seeking stable income and capital appreciation.
Carraway’s location within Westchester County further enhances its investment appeal. Widely recognized as one of the most affluent counties in the United States, Westchester offers residents a combination of excellent schools, strong public services, attractive neighborhoods, and convenient transportation links into New York City. The county consistently attracts professionals and families seeking a high quality of life while maintaining access to one of the world’s largest employment markets.
The surrounding area benefits from average household incomes exceeding $175,000, reflecting the region’s strong economic profile and purchasing power. West Harrison is also located near White Plains, one of the largest commercial and business centers in suburban New York. White Plains serves as a regional employment hub with a diverse economy supported by financial services, healthcare, technology, and professional services industries.
Several major corporations maintain significant operations nearby, including IBM, PepsiCo, Mastercard, Morgan Stanley, and Regeneron, providing a substantial base of highly skilled professionals seeking quality housing within commuting distance of their workplaces. This concentration of employers contributes to consistent rental demand and supports the area’s long-term residential market strength.
Carraway has already demonstrated strong operating performance since opening in 2021. The property has experienced solid leasing momentum, reflecting continued demand for newly constructed multifamily housing within Westchester County. Rental rates have increased by more than 5 percent over the past year, highlighting the strength of the local apartment market while remaining comparatively affordable when measured against residential housing options within New York City.
For many renters, communities like Carraway provide an attractive alternative to city living by offering larger living spaces, modern amenities, convenient parking, and access to suburban neighborhoods without sacrificing connectivity to Manhattan and other employment centers. This value proposition has become increasingly important as housing affordability continues to influence residential preferences across the region.
The acquisition also reflects broader trends within the multifamily real estate sector, where institutional investors continue seeking high-quality apartment communities in markets characterized by limited new housing supply, growing employment, and strong demographic fundamentals. As demand for rental housing remains elevated in many metropolitan regions, newly developed Class A properties are expected to remain attractive investment opportunities capable of generating stable long-term returns.
With the acquisition of Carraway, Kennedy Wilson, Kenedix, and Hulic further strengthen their presence in one of the nation’s most desirable residential markets. By combining local market expertise, international investment experience, and a shared focus on institutional-quality assets, the partners are well positioned to benefit from continued population growth, economic expansion, and sustained demand for premium multifamily housing throughout the New York metropolitan area.
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