Kennedy Wilson and Jamison form LA affordable housing joint venture

Kennedy Wilson and Jamison have announced a joint venture targeting the delivery of 4,000 affordable housing units across Los Angeles through adaptive reuse and ground-up construction, according to a press release from the companies.

The partnership is between Jamison's newly launched Arden Residential affordable housing division and Kennedy Wilson's Vintage Housing platform. The venture will begin with the conversion of the former LA World Trade Center at 350 S. Figueroa Street, to be rebranded as "Sky Castle." The 400,000-square-foot office complex is planned to be converted into 512 affordable units with one-, two-, and three-bedroom floor plans.

Phase I is expected to begin in August 2026 and will focus on the building's concourse levels, delivering 241 units for families earning 30% to 80% of Area Median Income. Phase II will add 271 units in the office tower above. The conversion has been approved by the city under its adaptive reuse ordinance.

Kennedy Wilson acquired an equity stake in Vintage Housing in 2015 and has since helped grow the platform from 5,000 to over 13,000 units across the Western United States.

Jamison is a privately held firm managing 18 million square feet of commercial and residential properties throughout Southern California. The company has delivered more than 8,000 multifamily units in Los Angeles since 2014, with an additional 2,000 units under construction.

"This 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," said Nicholas Bridges, Global Head of Capital Markets at Kennedy Wilson.

Kennedy Wilson reported $37 billion of assets under management across the United States, the UK, and Ireland.

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