Hawkins Way Capital and Värde Partners have acquired a student housing property at 135 E. 12th St. in Manhattan, expanding Hawkins Way’s FOUND Study platform in New York City.
The East Village deal marks Hawkins Way’s third consecutive acquisition of a FOUND Study property in Manhattan this year. Financial terms were not disclosed.
Previously operated as Loeb Hall, a residence hall for The New School, the building was originally designed for student housing. The joint venture plans to renovate the property and reposition it under the FOUND Study brand.
The location places the property near several higher education institutions, including New York University, The New School, The Cooper Union, School of Visual Arts and Baruch College. It also has access to several subway lines serving Manhattan and the surrounding boroughs.
Hawkins Way said the renovated property will be able to accommodate a combination of direct-lease and master-lease residents. The investment is part of a broader strategy to acquire well-located properties in markets where student housing supply is constrained.
“We’ve long been looking for the right opportunity in this neighborhood, and this property represents an ideal addition to our portfolio,” Hawkins Way Managing Partner Ross Walker said.
The acquisition further builds the FOUND Study portfolio, through which Hawkins Way targets housing for students and academic institutions in urban and select other markets.
Hawkins Way is a vertically integrated real estate investment firm with more than $3 billion in assets under management and a focus on value-add and opportunistic investments.
Värde Partners specializes in credit and credit-related investments, including real estate and asset-based finance. The firm currently manages approximately $15 billion in assets.