A West Coast actual property investor is more and more paving the way in which for pupil housing offers on the opposite aspect of the nation.
Hawkins Means Capital acquired the scholar housing property at 117 West seventieth Road on the Higher West Aspect of Manhattan for $80 million, the Industrial Observer reported. The vendor of the Stratford Residence Corridor was the AMDA Faculty of the Performing Arts.
Public databases put the property’s unit rely at 382. That may imply a breakdown value of greater than $209,000 per unit.
AMDA acquired the 10-story property in 1996 for an undisclosed value. The principle campus for the performing arts conservatory is roughly 10 blocks from the scholar housing complicated, which additionally served as a migrant shelter a number of years in the past.
The varsity signed a deal to lease the property again from Hawkins Means for the subsequent three many years, in accordance with Crain’s, although the hire quantities weren’t disclosed. Hawkins Means additionally secured $64.1 million in acquisition financing.
Neither Hawkins Means nor AMDA responded to requests for remark.
Hawkins Means has performed each side of the scholar housing market in recent times. In 2024, it purchased a 122-unit property in Manhattan on West twentieth Road from The New Faculty for $30 million. However final 12 months, it bought the previous DoubleTree by Hilton resort at 569 Lexington Avenue to the Metropolis College of New York for $125.6 million.
And two years in the past, Hawkins Means paid $46.25 million to purchase a 159-unit student-oriented house constructing in Berkeley.
The Beverly Hills-based investor purchased the six-story Varsity Berkeley complicated at 2024 Durant Avenue, simply south of Downtown. The vendor was Cornerstone Actual Property Advisers, primarily based in Connecticut.
Additionally final 12 months, Hawkins Means acquired the 492-key former Vacation Inn at 99 Washington Road within the Monetary District for $154.5 million. The property, which beforehand served as a migrant shelter, was bought by GF Inns & Resorts after a 2022 foreclosures submitting towards Jubao Xie, who had confronted mortgage delinquencies since 2020.
Hawkins Means Capital plans to “strategically reposition” the asset, with FCL Administration set to function the property, incorporating group eating, workspaces and a gymnasium.
Learn extra
NYC’s top deals: Benchmark scoops up $42M apartment complex on UWS
Residential
San Francisco
Hawkins Way pays $46M for apartment complex in Berkeley
Hawkins Way buys former migrant shelter in FiDi for $155M
