Hawkins Way Capital, a fully vertically integrated real estate company with $3 billion of assets under management, acquired Varsity Berkeley student housing in Berkeley, its fifth acquisition in Northern California. Terms were not disclosed. The property is set to be integrated into Hawkins Way’s FOUND Study brand and will be managed by FCL Management.

“This acquisition represents an opportunity for Hawkins Way Capital to create strategic value in a market where student housing demands continue to grow,” said Ross Walker, managing partner, Hawkins Way Capital. “By transforming the property into FOUND Study Downtown Berkeley, we are helping to ease students’ stress of finding comfortable, convenient and affordable accommodations, allowing them to fully concentrate on their education.”. 

Varsity Berkeley features 159 bedrooms including studios and two- and three-bedroom units. Hawkins Way Capital plans to upgrade all units to reflect a more contemporary aesthetic starting in summer 2025. The company’s FOUND Study brand is approaching 7,000 beds.