HH Group, a vertically integrated private equity real estate firm specializing in U.S. student housing and multifamily assets, has announced the acquisition of Varsity on K, a 197-unit, 212-bed apartment community in Washington, D.C.'s West End neighborhood, adjacent to The George Washington University. The deal, completed through HH Fund, the firm's equity investment and co-development division, marks a strategic expansion in the nation's capital and pushes HH Group's assets under management (AUM) past the $1 billion milestone.
The property, located at 950 24th Street NW, sits within walking distance of GWU's main campus, GWU Hospital, the Kennedy Center, and the Foggy Bottom-GWU Metro station. Its West End location also offers convenient access to Georgetown, the White House, the National Mall, and major employment centers across downtown D.C. The community will be rebranded as Haven on K, and management will transition to HH Red Stone, HH Group's property management arm, which already oversees two other assets in the D.C. market.
This acquisition underscores HH Group's strategy of investing in high-barrier-to-entry university markets with durable demand. Gary Chen, Founding Partner and Chief Investment Officer, noted, "Reaching more than $1 billion in assets under management is an important milestone for HH Group, but more importantly, it reflects the discipline behind how we have grown the platform. Varsity on K is representative of the opportunities we continue to pursue: well-located assets with durable demand drivers, attractive long-term fundamentals, and meaningful potential for value creation."
The firm plans a comprehensive repositioning program, including a rebrand to Haven on K, common area refreshes, and targeted capital improvements to mechanical, security, and building systems. Operational integration will leverage HH Red Stone's institutional systems and local market knowledge, with centralized asset management, leasing, and marketing to optimize occupancy and net operating income.
Tony Shen, Founding Partner and COO, emphasized the property's investment merits: "Varsity on K reflects the investment characteristics we prioritize: an irreplaceable location adjacent to a leading university, limited new supply, and durable demand in a major urban market. This acquisition strengthens our Washington, D.C. portfolio and underscores our continued confidence in education-anchored markets."
The acquisition also builds on HH Red Stone's recent recognition as a Top 10 Student Housing Company by J Turner Research, reinforcing its operational expertise. With over 10,000 beds under management nationwide and $1 billion+ AUM, HH Group continues to expand in markets supported by strong enrollment and constrained housing supply.
Lee Chen, Managing Director of HH Fund, added, "We have always believed compelling opportunities emerge when short-term market sentiment diverges from long-term fundamentals. We see that opportunity in Washington, D.C. today. The market combines a highly educated workforce, constrained housing supply, and neighborhoods where people genuinely want to live. Varsity on K allows us to acquire a high-quality asset at an attractive basis and apply our hands-on operating approach to unlock its potential."
HH Group, founded in 2015 and headquartered in Silver Spring, Maryland, now owns 28 properties across premier university markets. The firm's integrated platform includes HH Group, HH Fund, and HH Red Stone, each contributing to its disciplined investment approach and operational excellence. The acquisition of Varsity on K is a testament to HH Group's commitment to long-term value creation in the student housing sector.
For more information, visit HHFund.com or HHRedStone.com.
