A West Coast actual property investor is more and more paving the best way for scholar housing offers on the opposite facet of the nation.
Hawkins Means Capital acquired the coed housing property at 117 West seventieth Avenue on the Higher West Aspect of Manhattan for $80 million, the Business 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 might imply a breakdown worth of greater than $209,000 per unit.
AMDA acquired the 10-story property in 1996 for an undisclosed worth. The primary campus for the performing arts conservatory is roughly 10 blocks from the coed 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 coed housing market in recent times. In 2024, it purchased a 122-unit property in Manhattan on West twentieth Avenue from The New Faculty for $30 million. However final 12 months, it bought the previous DoubleTree by Hilton lodge 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 residence 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, based mostly in Connecticut.
Additionally final 12 months, Hawkins Means acquired the 492-key former Vacation Inn at 99 Washington Avenue within the Monetary District for $154.5 million. The property, which beforehand served as a migrant shelter, was bought by GF Resorts & Resorts after a 2022 foreclosures submitting in opposition to 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 health club.
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