Hawkins Way Capital, together with joint venture partner Varde Partners, has acquired a student housing property at 81 E. 3rd St. in Manhattan’s East Village. The off-market transaction, totaling $28 million, adds another asset to the FOUND Study student housing portfolio and deepens the platform’s foothold in one of New York City’s most in-demand neighborhoods.
The newly acquired building is positioned as a student-focused asset that departs from traditional dormitory configurations. According to Hawkins Way, the property is designed with apartment-style layouts intended to provide an enhanced residential experience for students, emphasizing a more independent living environment compared to conventional campus housing.
In addition to its student-centric positioning, the building’s internal configuration is described as flexible. This versatility allows the property to function either as student housing or as conventional multifamily, giving the ownership group long-term optionality in how the asset can be operated and leased as market conditions evolve. The dual-use potential is highlighted as a key feature of the property’s design.
The acquisition is part of the broader expansion of the FOUND Study portfolio, which focuses on urban student housing assets. By adding a location in the East Village, Hawkins Way and Varde are extending the platform’s presence in a neighborhood that is closely associated with higher-education demand drivers and a concentration of student populations.
Ross Walker, managing partner at Hawkins Way, noted that the East Village has been a target market for the firm due to its student density, proximity to leading universities, and what he described as strong and enduring real estate fundamentals. He said the transaction increases the joint venture’s footprint in what he characterized as one of Manhattan’s most dynamic neighborhoods.
Walker further stated that the acquisition aligns with the joint venture’s strategy of investing in well-located urban student housing assets that are positioned to benefit from sustained demand. By securing an off-market opportunity at 81 E. 3rd St., the partners are reinforcing their focus on locations that combine established neighborhood appeal with a large base of nearby students and academic institutions.
