Hawkins Way Capital has made a significant purchase in Manhattan’s Upper West Side student housing sector, acquiring the Stratford Residence Hall at 117 West 70th Street for $80 million. The ten-story property comprises 382 units, positioning the deal at over $209,000 per unit. The seller was the AMDA College of the Performing Arts, which has leased the building back for a 30-year term, ensuring a steady tenant base over the long term.
The property is strategically located approximately ten blocks from AMDA’s main campus, reinforcing its function as dedicated student housing. Historically, the building has also served as a migrant shelter, demonstrating its flexible use in recent years. Hawkins Way Capital secured $64.1 million in financing to support the transaction, highlighting the firm’s growing appetite for student-oriented real estate investments in New York.
Hawkins Way has steadily expanded its footprint in the student housing market across the country. This latest acquisition complements its recent Manhattan purchase of a 122-unit property on West 20th Street from The New School for $30 million, and follows the firm’s sale of a former hotel converted to student housing to the City University of New York for $125.6 million. Outside New York, Hawkins Way acquired the Varsity Berkeley complex in California for $46.25 million and purchased the 492-key former Holiday Inn in Manhattan’s Financial District for $154.5 million, with plans to reposition the latter property to include communal dining, workspaces, and fitness facilities.
The Upper West Side purchase reflects Hawkins Way’s dual strategy of both acquiring and managing student housing assets, often involving long-term leases with academic institutions. This approach ensures stable revenue streams while allowing the investor to pursue value-add repositioning across various properties.