A joint venture of Hawkins Way Capital and Varde Partners has acquired 117 W. 70th St, a 382-unit student housing property located on Manhattan’s Upper West Side. The $8- million acquisition marks a strategic addition to the JV’s growing urban student housing enterprise, FOUND Study, and further strengthens the firm’s longstanding relationship with the American Musical and Dramatic Academy (AMDA), which will continue occupying and operating the property through a long-term master lease executed concurrently with the sale.
THE JV now owns more than 6,000 student housing beds across supply-constrained New York City neighborhoods. The transaction also reflects the FOUND Study platform’s ability to partner with academic institutions with tailored occupancy and operating structures ranging from long-term NNN master leases to fully managed housing solutions.
Previously owned and operated by AMDA as a dormitory property, the building will remain occupied by the institution as part of the long-term agreement.
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