Hawkins Way Capital and Värde Partners have acquired 117 W 70th St, a 382-unit student housing property on Manhattan’s Upper West Side, for $80 million, expanding their growing urban student housing platform and increasing their presence in one of New York City’s most supply-constrained housing markets.
The property will become part of FOUND Study, the joint venture’s student housing platform, which now encompasses more than 6,000 beds across New York City. Concurrent with the acquisition, the American Musical and Dramatic Academy (AMDA) entered into a long-term master lease and will continue to occupy and operate the property as student housing.
Located on Manhattan’s Upper West Side, the property sits near multiple higher education institutions and within one of the city’s most sought-after residential neighborhoods. The acquisition aligns with the venture’s strategy of targeting well-located student housing assets in urban markets where limited supply and strong demand support long-term occupancy and investment performance.
The transaction also deepens a longstanding relationship between Hawkins Way Capital, Värde Partners and AMDA. By maintaining occupancy through a long-term lease structure, the agreement provides operational continuity for the institution while enabling the joint venture to expand its student housing footprint in a market characterized by significant barriers to new development.
“We are excited to expand our presence on Manhattan’s Upper West Side through this acquisition,” said Ross Walker, Managing Partner of Hawkins Way Capital. “The transaction reflects our joint venture’s continued interest in urban student housing and our commitment to investing in highly desirable, supply-constrained markets. It also represents an opportunity to deepen our relationship with a valued academic partner while continuing to grow our portfolio in a strategic neighborhood we have long targeted.”
The acquisition highlights a broader trend within student housing investment, where institutional capital increasingly favors assets located in dense urban environments with limited housing inventory and proximity to academic institutions. Unlike traditional campus-adjacent developments, urban student housing often benefits from multiple demand drivers, including students, educational institutions and broader rental housing dynamics.
FOUND Study has differentiated itself through partnerships with colleges and universities that require flexible housing solutions. The platform offers a range of structures, including long-term triple-net master leases, institution-operated housing arrangements and fully managed housing services where FOUND oversees leasing, operations and resident experience on behalf of educational partners.
The Upper West Side property previously served as a dormitory operated by AMDA, a performing arts conservatory with a significant presence in New York City. Under the new ownership structure, the institution will continue utilizing the building while preserving its long-term housing capacity in Manhattan.
For Hawkins Way Capital, the transaction advances a student housing strategy centered on acquiring value-oriented assets in markets with favorable supply-demand fundamentals. The firm, which manages more than $3 billion in assets, focuses on value-add and opportunistic real estate investments across multiple property sectors.
Värde Partners, a global investment manager specializing in credit and real estate-related investments, brings additional capital and experience to the venture. Founded in 1993, the firm has invested more than $110 billion across global markets and currently manages approximately $15 billion in assets.
The acquisition reinforces investor confidence in urban student housing as universities and specialized educational institutions continue to face housing shortages in major metropolitan areas. With limited opportunities for new development in core Manhattan neighborhoods, existing properties with institutional partnerships and long-term occupancy agreements remain attractive investment opportunities.
As FOUND Study continues to expand its footprint, the addition of 117 W 70th St strengthens the platform’s position in New York City while supporting its broader strategy of delivering housing solutions for students and academic institutions in high-demand urban markets.
