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Hawkins Way and Varde buy East Village student housing for $28M
The off-market deal adds 81 E. 3rd St. to the FOUND Study student housing portfolio and the property can also serve conventional multifamily uses.
Hawkins Way Capital, alongside joint venture partner Varde Partners, completed the acquisition of 81 E. 3rd St., a student housing property in Manhattan’s East Village, according to ConnectCRE.
The transaction was purchased for $28 million and is described as a strategic addition to the growing FOUND Study student housing portfolio, expanding the platform’s footprint in a top New York City neighborhood.
ConnectCRE says the property uses apartment-style layouts intended to offer a different living experience than traditional dormitory accommodations, and its flexible design provides long-term optionality. The setup, per Hawkins Way, allows the asset to be used for student housing or conventional multifamily purposes.
Ross Walker, managing partner at Hawkins Way, said the East Village has been a targeted market due to its student concentration, proximity to universities, and real estate fundamentals, and that the acquisition grows the JV’s presence in Manhattan’s dynamic neighborhood.