Hawkins Way Capital has purchased a 247-unit student housing community in downtown Providence, R.I. According to Yardi Matrix data, the asset was completed in 2018 and previously owned by Vision Properties. The sales price was not disclosed.
Following a capital improvement plan, The Edge at College Hill, will be renamed “FOUND Study College Hill” as part of the FOUND student housing network of 3,000-plus beds, which is managed by a Hawkins property management affiliate.
The student housing community is in proximity to Brown University, Rhode Island School of Design and Johnson & Whales University. Located on Providence’s Main Street, residents will have access to retail, restaurants and entertainment venues.
FOUND Study College Hill will feature two buildings, a 15-story high-rise and a five-story historic building, with studio, one- and two-bedroom apartments. Community amenities will include a rooftop clubhouse, fitness center and ground-level retail.
This purchase marks the seventh acquisition since December 2021 for Hawkins Way Capital.
Housing students and locals alike
The student housing sector has hit record highs in terms of rental growth and preleasing rates, with Rhode Island student housing trending similarly. Rhode Island has a large influx of college students moving to the state from elsewhere in the nation. According to The Providence Journal, more than 80 percent of the student body of private universities and colleges are out-of-state.
With rising admission rates, the Rhode Island community will benefit from more student housing. According to Yardi Matrix data, The Edge at College Hill was 90 percent pre-leased before the 2022 school year.