Hawkins Way Capital Acquires 81 E. 3rd St. Student Housing Property for $28 Million

Hawkins Way Capital and joint venture partner Varde Partners have acquired 81 E. 3rd St., a student housing property in Manhattan's East Village, the companies announced. The off-market transaction closed at $28 million.

The acquisition adds to the FOUND Study student housing portfolio and expands the platform's presence in the East Village neighborhood. Hawkins Way Capital is a vertically integrated real estate investment firm with over $3 billion in assets under management.

The property was previously developed and operated as a privately owned student residence. According to the release, it features apartment-style layouts designed to offer an alternative to traditional dormitory accommodations. The building's flexible design allows it to serve both student housing and conventional multifamily uses.

The East Village location sits within a dense student population area and is near major educational institutions, including New York University. The joint venture selected the property based on criteria including strong student demand, multiple academic institutions, limited housing supply, and long-term real estate value, according to the announcement.

"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."

The transaction advances Hawkins Way Capital's FOUND Study strategy, which the company describes as providing housing options through the acquisition of urban and select other assets that serve students and academic institutions in markets with limited housing supply.