Kennedy Wilson has formed a partnership with Kenedix, Inc. and Hulic Co., Ltd. to acquire Carraway, a recently built multifamily community in West Harrison, NY. The joint venture paid $237 million for the 421-unit property, which has been experiencing robust leasing activity. According to the companies, rents at the community have increased by more than 5% over the past year, yet the apartments are still positioned as relatively affordable when compared with housing options in New York City.
The Carraway community is located at 105 Corporate Dr. in West Harrison and delivers a Class A multifamily offering within the broader New York metropolitan area. The property includes approximately 6,400 square feet of ground-floor retail space, adding a small but meaningful commercial component to the largely residential asset. This blend of multifamily units with supporting retail positions the asset to serve both residents and neighborhood demand for convenience-oriented services.
Carraway was completed in 2021 by Toll Brothers Apartment Livin, marking the developer’s first completed multifamily project in New York. The timing of its delivery placed the community into a market environment characterized by strong tenant demand in desirable suburban locations, particularly those offering access to the New York City job base while providing a different cost and lifestyle profile than in-city apartments.
In a statement about the acquisition, William McMorrow, chairman and CEO of Kennedy Wilson, described Carraway as a rare chance to purchase a high-quality, recently constructed community in one of the most sought-after suburban markets in the New York metropolitan region. He also noted that the transaction extends Kennedy Wilson’s investment platform along the East Coast. The partnership with Kenedix and Hulic further broadens Kennedy Wilson’s investment management platform as the firms deepen their collaboration on U.S. multifamily strategies.
The transaction underscores ongoing investor interest in Class A suburban multifamily assets that demonstrate both rent growth and relative affordability compared with core urban locations. With its scale, recent construction, and suburban New York positioning, Carraway aligns with capital seeking stable, institutional-quality multifamily product in supply-constrained, high-barrier markets.
