A Beverly Hills-based company that operates student housing complexes around the country has made their first foray into the Brick City as University Centre Newark officially has new owners.
Hawkins Way Capital has announced their acquisition of the 521-bedroom development situated at 250 Central Avenue in Newark. The latest addition to the company’s rapidly growing portfolio will become the first FOUND Study in the Garden State and serve students from nearby Rutgers University-Newark, the New Jersey Institute of Technology, and Seton Hall University.
FOUND Study is a low-cost provider of affordable student and intern housing with rooms for rent in urban cities across the country that sport co-living amenities. The most notable FOUND project in the region is probably a 34-story building 525 Lexington Avenue in Manhattan, which began operating as a 1,355-bed student housing complex last year.
The University Centre property is operating as FOUND Study Newark at University Centre and is being managed by FCL Management, an operator of hospitality and housing assets in select metro areas across the U.S. managing 6,000 beds across the portfolio.
“The acquisition of University Centre reflects our commitment to enhancing the student living experience with well-designed, amenity-rich housing,” said Ross Walker, Managing Partner of Hawkins Way Capital. “Located in a thriving neighborhood, this school-adjacent property offers an efficient environment that blends comfort, community, and convenience.”
The property is slated to house more students in the coming months as the 521 bedrooms will soon accommodate 800 beds, increasing from the current 690. Amenities at the complex include a 24-hour fitness center, a theater room, 24-hour recreation rooms, and a 24-hour Academic Success Center complete with iMacs, PCs, and free printing.
The FOUND Study Newark at University Centre sports additional conveniences such as on-site laundry facilities, garage parking, bike storage, and high-speed internet access. The sale price of the complex has not been disclosed.
