Toll Brothers, Kennedy Wilson Close on $132M Georgia Tech Student Housing Deal

Toll Brothers has spun off a 752-bed off-campus student housing venture for about $132 million. Kennedy Wilson was the buyer. The Atlanta Business Chronicle reported the project is located at 1025 Spring Street, just east of Georgia Tech’s campus. Construction on the project, called Kinetic, wrapped up last year, with resident move-ins beginning at the start of the fall semester.

The tower consists of 239 residential units and offers a mix of one- through five-bedroom floor plans. It also features an array of communal amenities for tenants, including a sky lounge; a state-of-the-art fitness center with a sauna; and an e-sport gaming lounge.

The sale is part of a bigger deal that the two companies closed on last year. Kennedy Wilson entered a purchase agreement with Toll Brothers to acquire the national homebuilder’s multifamily platform Toll Brothers Apartment Living, absorbing many of the subsidiary’s multifamily assets. The deal will transfer more than $5 billion worth of assets from Toll Brothers’ management to Kennedy Wilson’s. 

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