Sale of Westchester luxury rentals, Carraway, draw institutional buyers

MORRISTOWN, N.J., July 7, 2026 –  JLL Capital Markets announced today that it has secured the sale of Carraway, a 421-unit luxury apartment community in West Harrison, New York.

JLL represented the seller, institutional investors advised by J. P. Morgan Asset Management. The buyer was Kennedy Wilson. JLL also advised the buyer on the acquisition financing.

Carraway, located at 105 Corporate Park Dr., is a five-story mid-rise apartment community built in 2021. The property is currently 95% occupied and features spacious studios, one- and two-bedroom residences averaging 1,000 square feet. The asset sits adjacent to a Wegmans supermarket and Life Time health club, offering residents immediate access to premium amenities in an affluent suburban setting.

The West Harrison submarket continues to attract high-earning professionals seeking elevated suburban living with connectivity to Manhattan. Average household income within one mile of the property is $274,051, and the area's top-ranked school systems draw young families and empty nesters alike. 

Westchester County has maintained a 95% average stabilized occupancy rate over the past five years, with 2024 absorption outpacing new deliveries by 4.1%. The property benefits from exceptional transportation connectivity, located less than one mile from Interstate 287 and three miles from White Plains Train Station, which provides direct service to Grand Central Terminal in 35 minutes.

Carraway offers resort-style amenities including a state-of-the-art fitness center with Life Fitness equipment, sports simulator with lounge area, pet spa, chef's display kitchen and resort-style pool deck with cabanas. The property also includes 6,375 square feet of retail space, with 3,089 square feet leased to Wonder, a boutique food hall ranked among the top 50 most innovative companies in 2025.

JLL Capital Market’s Investment and Sales Advisory team representing the seller was led by Senior Managing Directors Jose Cruz and Steve Simonelli and Director Austin Pierce.

"Carraway represents a rare opportunity to acquire a newly built, institutional-quality asset in one of Westchester's most desirable submarkets," said Cruz. "The property's combination of oversized units, world-class amenities and proximity to major employment centers positions it exceptionally well for continued strong performance."

The property sits within a thriving ecosystem of major corporations including PepsiCo, IBM and MasterCard, as well as top-tier universities such as Fordham University Graduate School and Pace University. West Harrison offers residents suburban living at a significant discount to comparable mortgage payments, with in-place rents offering a 50% discount to monthly home ownership costs within a five-mile radius.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom.

JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of March 31, 2026. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

Kennedy Wilson is a leading real estate investment company with $37 billion of assets under management in high growth markets across the United States, the UK and Ireland. Drawing on decades of experience, its relationship-oriented team excels at identifying opportunities and building value through market cycles, closing more than $60 billion in total transactions since 2009. Kennedy Wilson owns, operates, and builds real estate within its high-quality, core real estate portfolio and through its investment management platform, where the company targets opportunistic equity and debt investments alongside partners. For further information, please visit www.kennedywilson.com.