Kennedy-Wilson (KW) said Thursday it has agreed to acquire Toll Brothers' (TOL) Apartment Living platform for $347 million.

Under the terms of the deal, Kennedy-Wilson will buy Toll's general partner interests in 18 apartment and student housing properties with $2.2 billion of assets under management, while the company will also acquire a 29-site pipeline, as well as oversee 20 apartment and student housing properties that will remain with Toll Brothers upon closing.

The companies said they intend to close the deal in October, adding that Kennedy-Wilson will acquire the expertise of the Apartment Living management team and expects to make an offer to all employees of the platform to join the company.

The parties said that Kennedy intends to initially invest roughly $90 million in the acquired interests and will assume Toll's general partner role in those assets.