Hawkins Way Acquires New Jersey Student Community
The new owner’s plans include a significant increase in capacity.
Hawkins Way Capital has acquired University Center Newark, a 235-unit, 521-bedroom student housing community in Newark, N.J. LivCor was the previous owner, according to Yardi Matrix information.
The buyer plans to expand the property’s bed capacity from 690 to 800. Additionally, Hawkins will rebrand it as FOUND Study Newark at University Centre. FCL Management will manage the asset.
Located 250 Central Ave., the 2007-completed property is adjacent to the New Jersey Institute of Technology campus and within walking distance of the Rutgers University at Newark campus. Downtown Newark is 1 mile away.
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The 13-story building sits on 2 acres and comprises two- and three-bedroom floorplans, as well as 6,500 square feet of retail space. The fully furnished units vary in size from 462 to 968 square feet.
Common-area amenities at the Class B community include a fitness center, business center, community room and a theater room. The property also has nine laundry facilities and about 420 parking spaces, recreation rooms and an Academic Success Center.
Hawkins Way Capital’s current student housing portfolio comprises eight communities totaling more than 1,870 units, according to Yardi Matrix information. Last year, the firm acquired Varsity Berkeley, a 79-unit, 159-bed asset in Berkley, Calif., marking its fifth purchase in Northern California.
