Hawkins Way Capital and joint venture partner Varde Partners have acquired 135 E. 12th St., a student housing property in Manhattan’s East Village, for a reported $51.5 million. The asset sits within what the buyers describe as the neighborhood’s prime educational district, reflecting its proximity to nearby institutions and existing demand for purpose-built student accommodations.
The building was previously operated as Loeb Hall, serving as a residence hall for The New School. With the change of ownership, the new partnership plans to renovate the property and reposition it under the FOUND Study platform. The planned improvements are intended to upgrade the existing student housing infrastructure while maintaining the asset’s core function as student-oriented lodging.
The East Village acquisition marks the third FOUND Study property Hawkins Way has acquired in Manhattan year to date. That pace of activity underscores the firm’s continued focus on aggregating a portfolio of student housing assets in dense urban locations, with a particular emphasis on education-oriented submarkets. By concentrating multiple assets under a single platform, Hawkins Way is seeking to build operational and branding consistency across its holdings.
Ross Walker, managing partner at Hawkins Way Capital, said the firm had been targeting an opportunity in this specific neighborhood for some time. He noted that the property’s location, combined with its existing student housing layout and operational flexibility, made it a strong fit for the company’s strategy. According to Walker, these factors position the joint venture to provide high-quality accommodations in what he characterized as one of the country’s strongest urban student housing markets, while simultaneously expanding the reach of the FOUND Study platform.
The repositioning of 135 E. 12th St. will build on the building’s existing use rather than converting it to an alternative asset class. Within that framework, the joint venture’s business plan centers on upgrading a well-located student housing facility and integrating it into an established brand. The deal highlights continuing investor interest in institutional-style student housing in infill neighborhoods that serve major higher-education institutions.
