Hawkins Way Capital and Varde Partners Acquire Upper West Side Student Housing Property for $80 Million

NEW YORK — A joint venture between Hawkins Way Capital and Varde Partners has acquired 117 W 70th St, a 382-unit student housing property on Manhattan's Upper West Side, for $80 million, the firms announced June 17. The American Musical and Dramatic Academy (AMDA), which previously owned and operated the building as a dormitory, will continue to occupy and operate the property under a long-term master lease executed concurrently with the sale.

Transaction Details and Structure

The $80 million acquisition adds to the joint venture's urban student housing platform, known as FOUND Study, and expands the partnership's existing relationship with AMDA. Under the terms of the agreement, AMDA will remain in the building as a long-term tenant, allowing the institution to continue investing in its operations while maintaining a presence in Manhattan.

The deal was structured as a long-term NNN master lease, one of several occupancy and operating structures the FOUND Study platform offers to academic institution partners. According to the firms, the platform also provides fully managed housing solutions in which operations, leasing, resident experience, and property-level execution are handled directly by FOUND Study.

Expanding the FOUND Study Portfolio in New York City

The Upper West Side acquisition brings the joint venture's New York City portfolio to more than 6,000 beds across what the firms describe as supply-constrained urban neighborhoods. Hawkins Way Capital manages more than $3 billion in assets under management and focuses on value-add and opportunistic investments across asset classes and geographies.

"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."

About the Property and Location

Located at 117 W 70th St, the property sits in a neighborhood the firms characterize as proximate to several academic institutions. The building contains 382 units and was previously owned and operated by AMDA as a dormitory. The acquisition is described by the joint venture as consistent with its strategy of targeting well-located urban assets in markets with limited housing supply.

About the Firms

Hawkins Way Capital is a vertically integrated real estate investment firm with more than $3 billion in assets under management. The firm focuses on value-add and opportunistic investments across various asset classes and geographies.

Varde Partners is a global investment firm specializing in credit and credit-related assets. Founded in 1993, the firm has invested more than $110 billion across the credit quality and liquidity spectrum and currently manages $15 billion in assets. Varde invests across private and public markets with a focus on asset-based finance, real estate, corporate credit, and Asia credit, with investment teams and partnerships in North America, Europe, and Asia Pacific.

The American Musical and Dramatic Academy is a performing arts institution that had previously owned and operated the Upper West Side property as a dormitory before entering into the long-term master lease arrangement with the joint venture.

Sources

Varde Partners — Varde | Hawkins Way Capital Joint Venture Acquires Upper West Side Property to Expand Student Housing Portfolio (June 17, 2026)