HH Group, a vertically integrated private equity real estate firm specializing in student housing, has acquired Varsity on K, a 197-unit apartment community in Washington, D.C.'s West End, adjacent to The George Washington University. The deal, completed through HH Fund, marks a significant milestone for the firm, pushing its assets under management beyond $1 billion.
The property, located at 950 24th Street NW, will be rebranded as Haven on K. It is within walking distance of the university's main campus, George Washington University Hospital, and the Foggy Bottom-GWU Metro station, providing convenient access to Georgetown, the White House, and major employment centers. This acquisition expands HH Group's presence in the nation's capital and aligns with its strategy of investing in supply-constrained, university-anchored markets.
Gary Chen, Founding Partner and Chief Investment Officer of HH Group, emphasized the importance of the milestone: "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 acquisition also strengthens HH Red Stone's presence in the D.C. market, making it the third managed asset there. HH Red Stone, recently recognized as a Top 10 Student Housing Company by J Turner Research, will manage the property. The growing concentration of assets in D.C. allows HH Red Stone to deepen market knowledge, leverage local relationships, and create operating efficiencies across leasing, management, and capital improvements.
Varsity on K offers 21 floor plans ranging from studios to three-bedroom apartments, with fully furnished residences featuring modern kitchens, stainless steel appliances, and in-unit washers and dryers. Community amenities include a fitness center, resident lounge, study rooms, and an outdoor courtyard with a fire pit and grilling stations.
HH Group plans to implement a comprehensive repositioning program, including rebranding the property as Haven on K, refreshing common areas, completing targeted capital improvements, and integrating management operations under HH Red Stone. The firm will also centralize asset management, leasing, and marketing to optimize occupancy and maximize net operating income.
Tony Shen, Founding Partner and Chief Operating Officer, noted, "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." Lee Chen, Managing Director of HH Fund, added, "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."
With over 10,000 beds under management and a portfolio of 28 properties, HH Group continues to expand in university markets across the United States. The firm's integrated platform, including HH Fund and HH Red Stone, supports its disciplined investment approach and operational excellence. For more information, visit HHFund.com or HHRedStone.com.
