Hawkins Way Capital and Varde Partners announced the acquisition of 117 W 70th St., a 382-unit student housing property on Manhattan\u2019s Upper West Side, for $80 million. The property will become part of the joint venture\u2019s FOUND Study platform, which now includes more than 6,000 beds across New York City.<\/p>\n
The American Musical and Dramatic Academy (AMDA), which previously owned and operated the property as a dormitory, will continue to occupy and manage the building under a long-term master lease executed in conjunction with the sale.<\/p>\n
Located on Manhattan\u2019s Upper West Side near several academic institutions, the property expands the joint venture\u2019s portfolio of student housing assets in supply-constrained urban markets. The acquisition reflects the firms\u2019 strategy of providing high-quality and affordable housing solutions for students while supporting academic institutions through a variety of operating structures.<\/p>\n
FOUND Study offers arrangements ranging from long-term triple-net master leases to fully managed housing solutions that include operations, leasing, resident experience, and property-level management.<\/p>\n
The transaction also strengthens Hawkins Way Capital\u2019s relationship with AMDA and advances the firm\u2019s broader student housing strategy focused on acquiring well-located assets with favorable long-term fundamentals.<\/p>\n
KEY QUOTE:<\/p>\n
\u201cWe are excited to expand our presence on Manhattan\u2019s Upper West Side through this acquisition. The transaction reflects our joint venture\u2019s continued interest in urban student housing and our commitment to investing in highly desirable, supply-constrained markets. It also represents an opportunity to deepen our relationship with a valued academic partner while continuing to grow our portfolio in a strategic neighborhood we have long targeted.\u201d<\/p>\n
Ross Walker, Managing Partner at Hawkins Way Capital<\/p>\n
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