Key Takeaways
- • Hawkins Way Capital and Värde Partners acquired 117 W 70th Street, an 382-unit student housing property on Manhattan's Upper West Side, for $80 million ($1,062 per square foot across 75,313 square feet).
- • The joint venture, operating under the FOUND Study platform, now controls more than 6,000 student housing beds across New York City's supply-constrained urban neighborhoods.
- • The American Musical and Dramatic Academy (AMDA) will continue operating the property through a long-term master lease agreement, providing stable, contracted revenue for the investors.
- • Hawkins Way Capital, a vertically integrated real estate firm managing over $3 billion in assets, continues expanding its urban student housing strategy through institutional partnerships and lease-based operating models.
- • The acquisition strengthens the FOUND Study platform's differentiated approach, offering academic institutions flexible occupancy structures ranging from triple-net leases to fully managed housing solutions.
Summary
Hawkins Way Capital and Värde Partners have completed the $80 million acquisition of 117 W 70th Street, a 382-unit student housing property located on Manhattan's Upper West Side, marking a significant expansion of their joint venture's urban student housing portfolio. The property, comprising 75,313 square feet, was acquired at $1,062 per square foot. The transaction reflects Hawkins Way Capital's continued focus on high-quality student housing in supply-constrained urban markets, with the firm managing over $3 billion in total assets under management across institutional and individual investors.
The property will continue to be operated by the American Musical and Dramatic Academy (AMDA) through a long-term master lease agreement executed concurrently with the acquisition. This occupancy structure provides the venture with stable, contracted cash flows while allowing AMDA to maintain operational control of the facility. The lease arrangement exemplifies the FOUND Study platform's flexible partnership model with academic institutions, which can accommodate various operating structures including triple-net (NNN) leases that provide long-term control and operational flexibility, as well as fully managed solutions where the platform handles operations, leasing, resident experience, and property-level execution.
The acquisition enhances the joint venture's competitive positioning in New York City's student housing market, where supply constraints remain acute. The expanded portfolio now encompasses more than 6,000 beds across multiple highly desirable urban neighborhoods. The Upper West Side location, proximate to several academic institutions and situated in one of Manhattan's most sought-after residential areas, aligns strategically with FOUND Study's investment thesis of delivering premium, affordable student housing in premier urban markets. This transaction further solidifies the venture's longstanding relationship with AMDA and demonstrates the platform's ability to execute institutional-grade transactions while maintaining strong operator partnerships.
The property will continue to be operated by the American Musical and Dramatic Academy (AMDA) through a long-term master lease agreement executed concurrently with the acquisition. This occupancy structure provides the venture with stable, contracted cash flows while allowing AMDA to maintain operational control of the facility. The lease arrangement exemplifies the FOUND Study platform's flexible partnership model with academic institutions, which can accommodate various operating structures including triple-net (NNN) leases that provide long-term control and operational flexibility, as well as fully managed solutions where the platform handles operations, leasing, resident experience, and property-level execution.
The acquisition enhances the joint venture's competitive positioning in New York City's student housing market, where supply constraints remain acute. The expanded portfolio now encompasses more than 6,000 beds across multiple highly desirable urban neighborhoods. The Upper West Side location, proximate to several academic institutions and situated in one of Manhattan's most sought-after residential areas, aligns strategically with FOUND Study's investment thesis of delivering premium, affordable student housing in premier urban markets. This transaction further solidifies the venture's longstanding relationship with AMDA and demonstrates the platform's ability to execute institutional-grade transactions while maintaining strong operator partnerships.
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