A 421-unit residential development in Westchester County has changed hands in a deal worth $237 million. The Carraway apartment complex, located in the suburban market of West Harrison, was purchased by global real estate investment firm Kennedy Wilson in partnership with Japanese companies Kenedix, Inc. and Hulic Co., Ltd.

The transaction expands the existing property footprint managed by Kennedy Wilson within the New York City metropolitan area. Finished in 2021, the Class A asset comprises a selection of studio, one-bedroom and two-bedroom flats. The building also accommodates around 6,400 square feet of ground-floor retail spaces alongside dedicated structured parking. Residents at the site have access to premium amenities including a gym, a resort-style swimming pool, communal coworking spaces and on-site shops.

William McMorrow, Chairman and CEO of Kennedy Wilson, said: “Carraway represents a rare opportunity to acquire a high-quality, recently constructed multifamily community in one of the most desirable suburban markets in the New York metropolitan area. The acquisition extends Kennedy Wilson’s investment platform across the East Coast and expands our investment management platform alongside our valued partners Kenedix and Hulic.”

The local area boasts strong economic fundamentals, with average household incomes in affluent Westchester County topping $175,000. Positioned 25 miles north of Manhattan, the housing complex sits close to the major commercial hub of White Plains. The location provides easy access to major corporate employers including Morgan Stanley, Mastercard, PepsiCo, IBM and Regeneron. Though local rental prices at the property grew by more than 5% during the past year, the units maintain a more affordable profile compared to similar housing choices inside New York City.

The deal represents the fourth joint venture investment between the three international real estate firms. Sohei Okuno, Managing Officer and General Manager of the Global Investment Department at Hulic Co., Ltd., said: “We are pleased to have our fourth JV investment with Kennedy Wilson and Kenedix. We are currently increasing international investment with trusted partners in areas where continued population and economic growth are expected. We believe this investment satisfies our criteria.”

Hikaru Teramoto, Representative Director, President & COO at Kenedix, Inc., added: “We are pleased to expand our partnership with Kennedy Wilson and Hulic through the acquisition of Carraway, a high-quality multifamily asset in the New York metropolitan area. This investment reflects our continued focus on institutional-grade residential properties in supply-constrained, high-demand markets where we see strong long-term fundamentals supported by durable population trends and proximity to key employment centers.”