Kennedy Wilson and Jamison Form Joint Venture to Deliver 4,000 Affordable Housing Units in Los Angeles

Kennedy Wilson and Jamison have announced a joint venture aimed at delivering approximately 4,000 affordable housing units across the City of Los Angeles through a combination of adaptive reuse conversions and ground-up construction, the companies said June 30.

The partnership pairs Jamison's newly launched affordable housing division, Arden Residential, with Kennedy Wilson's affordable housing development joint venture, Legacy Housing. The venture's first project is the conversion of the former LA World Trade Center at 350 S. Figueroa Street — a 400,000-square-foot office complex — into 512 affordable residential units, which will be rebranded as Sky Castle.

Sky Castle: Converting a Downtown Office Tower Into Affordable Housing

The Sky Castle conversion will produce a mix of one-, two-, and three-bedroom floor plans. Each unit will include new kitchens and bathrooms with appliances and an operable window. Community amenities are planned to include resident event rooms, a co-working space, a resident lounge, on-site storage, laundry rooms, and mail parcel rooms.

The project is structured in two phases. Phase I, expected to begin in August 2026, will focus on the building's concourse levels and deliver 241 affordable housing units for families earning between 30% and 80% of Area Median Income. Phase II will convert the office tower above, adding 271 additional affordable units. The project has been approved by the City of Los Angeles under its new adaptive reuse ordinance and carries the endorsement of city government leaders, according to the announcement.

Kennedy Wilson's Vintage Housing Platform and Jamison's Local Footprint

Kennedy Wilson acquired an equity stake in Vintage Housing in 2015. Since then, the company says the platform has grown from 5,000 to more than 13,000 units across the Western United States. The Beverly Hills-based firm reports $37 billion of assets under management across the United States, the United Kingdom, and Ireland.

Jamison, a privately held firm, manages 18 million square feet of commercial office, retail, medical, and multifamily properties throughout Southern California. The company says it has brought more than 8,000 multifamily units to market since 2014 and has an additional 2,000 units currently under construction. The formation of Arden Residential marks Jamison's entry into a dedicated affordable housing division.

"This strategic partnership between Jamison and our Vintage Housing platform is all about providing much-needed affordable housing in our backyard, the City of Los Angeles," said Nicholas Bridges, Global Head of Capital Markets at Kennedy Wilson. "Built on a relationship spanning decades, our strategic venture brings together Jamison's extensive real estate portfolio and multifamily expertise with Kennedy Wilson's affordable housing development capabilities to accelerate delivery of approximately 4,000 affordable housing rental units across the city. Together, Kennedy Wilson and Jamison are committed to delivering housing solutions that address the city's affordability challenges while creating a lasting, positive impact for Los Angeles communities."

"Kennedy Wilson's Vintage Housing platform is the ideal partner given our shared long-term vision, institutional strength, and operational excellence, while Jamison will bring its deep local market knowledge and hands-on development expertise," said Garrett Lee, Chief Executive Officer of Jamison. "Together, we will develop thoughtfully designed housing for families, seniors, and communities through both adaptive reuse conversions and ground-up construction in transit-oriented, job-rich neighborhoods that provide residents with access to the opportunities and services that make Los Angeles thrive."

Deal Structure and Strategic Positioning

The joint venture combines Kennedy Wilson's Vintage Housing platform and capital markets capabilities with Jamison's local development expertise and existing Southern California property portfolio. Kennedy Wilson reports more than $60 billion in total transactions closed since 2009. The joint venture says it intends to pursue transit-oriented, job-rich neighborhoods for its broader pipeline of adaptive reuse and ground-up projects, with Arden Residential serving as Jamison's dedicated vehicle for affordable development and Vintage Housing providing Kennedy Wilson's institutional affordable housing infrastructure.

Financial terms of the joint venture were not disclosed. The partners did not provide a total projected investment figure for the 4,000-unit pipeline or for the Sky Castle conversion specifically.