Hawkins Way Capital and joint venture partner Värde Partners have acquired 81 E. 3rd St. in Manhattan’s East Village for $28 million.
The off-market acquisition expands Hawkins Way Capital’s FOUND Study student housing portfolio in one of New York City’s largest concentrations of students.
The property was previously developed and operated as a privately owned student residence and features apartment-style layouts designed to provide an alternative to conventional dormitory accommodations.
Its configuration also provides flexibility for either student housing or conventional multifamily use over the longer term.
Located in the East Village near New York University and other educational institutions, the property fits the joint venture’s strategy of acquiring urban student housing assets in areas characterized by multiple academic institutions, limited housing supply, and durable demand.
The transaction further expands Hawkins Way Capital’s FOUND Study platform, which focuses on affordable, well-located housing serving students and academic institutions.
Hawkins Way Capital manages more than $3 billion in assets, while Värde Partners manages approximately $15 billion and has invested more than $110 billion since its founding.
KEY QUOTES:
“The East Village has long been a market we have targeted, given its concentration of students, proximity to leading universities, and enduring real estate fundamentals. This acquisition expands our JV’s presence in one of Manhattan’s most dynamic neighborhoods and reinforces our strategy of investing in well-located urban student housing assets positioned to benefit from sustained demand.”
Ross Walker, Managing Partner at Hawkins Way Capital
