Hawkins Way Capital Joint Venture Acquires Upper West Side Property to Expand Student Housing Portfolio

The American Musical and Dramatic Academy (AMDA) Will Continue to Occupy and Operate the Manhattan Property Through a Long-Term Lease Agreement
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NEW YORK, June 16, 2026 /PRNewswire/ -- Hawkins Way Capital, a vertically integrated real estate investment firm with over $3 billion in assets under management, along with Varde Partners, announces the acquisition of 117 W 70th St, a 382-unit student housing property located on Manhattan's Upper West Side. The $80 million acquisition marks a strategic addition to the joint venture'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 to occupy and operate the property through a long-term master lease executed concurrently with the sale.

The acquisition of 117 W 70th St further expands the joint venture's differentiated student housing portfolio in New York City, where assets now include more than 6,000 beds across highly supply-constrained urban neighborhoods. Located in one of Manhattan's most desirable neighborhoods and situated near several academic institutions, the property aligns closely with the venture's investment strategy of providing high-quality, affordable student housing options in premier urban and select other markets.

The transaction also reflects the FOUND Study platform's ability to partner with academic institutions, which offers a broad range of tailored occupancy and operating structures, from long-term NNN master leases that provide long-term control and operational flexibility, to fully managed housing solutions where operations, leasing, resident experience, and property-level execution are handled by FOUND.

"We are excited to expand our presence on Manhattan's Upper West Side through this acquisition," said Ross Walker, Managing Partner, 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."

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, allowing AMDA to continue investing in its operations while maintaining a strong presence in Manhattan.

The acquisition further advances Hawkins Way Capital's broader student housing strategy, which focuses on acquiring well-located urban and select other assets that serve both students and academic institutions in markets with limited housing supply and strong long-term fundamentals.

About Hawkins Way Capital
Hawkins Way Capital is a fully vertically integrated real estate company with $3 billion of assets under management, focusing on value-add and opportunistic investments across various asset classes and geographies. The company seeks niche theses targeting attractive risk-adjusted returns, leveraging the principals' investing experience and extensive network to execute strategies that offer long-term value. www.hawkinsway.com 

About Varde Partners
Värde Partners is a leading 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. With local investment teams and partnerships in North America, Europe and Asia Pacific, Värde invests across private and public markets with a focus on asset-based finance, real estate, corporate credit and Asia credit. For more information, please visit www.varde.com. 

Media Contact:
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SOURCE Hawkins Way Capital