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Hawkins Way and Varde buy $28 million East Village student housing
The off-market deal adds 81 E. 3rd St. to the FOUND Study student housing portfolio and could later shift to conventional multifamily uses.
Hawkins Way Capital and joint venture partner Varde Partners have completed the off-market acquisition of 81 E. 3rd St., a student housing property in Manhattan’s East Village, for $28 million, according to ConnectCRE.
The buyer said the property uses apartment-style layouts designed to provide a different living experience than traditional dormitory arrangements.
Hawkins Way also described the asset’s flexible design as offering long-term optionality, including the ability to serve both student housing and conventional multifamily uses.
In discussing the acquisition, Hawkins Way said the East Village is a targeted market due to its concentration of students, proximity to universities, and durable real estate fundamentals, with the deal expanding its joint venture presence in the neighborhood.