Hawkins Way Capital Acquires 81 E. 3rd St. Student Housing Property in Manhattan for $28 Million
Hawkins Way Capital, a vertically integrated real estate investment firm with over $3 billion in assets under management, along with joint venture partner Varde Partners, announced the acquisition of 81 E. 3rd St., a student housing property located in Manhattan’s East Village. According to the release, the property was acquired for $28 million in an off-market transaction.
The company stated the acquisition marks a strategic addition to the FOUND Study student housing portfolio and expands the platform’s presence in the East Village neighborhood.
The property was previously developed and operated as a privately owned student residence. It features apartment-style layouts, which the release notes offer an alternative to traditional dormitory accommodations. According to Hawkins Way Capital, the flexible design provides the ability to serve both student housing and conventional multifamily uses.
The property is located in the East Village and sits within one of Manhattan’s densest student populations, according to the release. It is in close proximity to major educational institutions, including New York University.
The company stated the acquisition aligns with the joint venture’s investment strategy of acquiring urban student housing assets in markets driven by strong student demand, multiple academic institutions, limited housing supply, and long-term real estate value.
“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,” said Ross Walker, Managing Partner, Hawkins Way Capital. “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.”
According to the release, the acquisition advances Hawkins Way Capital’s FOUND Study strategy, which the company describes as providing housing options by acquiring urban and select other assets that serve students and academic institutions in markets with limited housing supply.