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 neighborhood, adjacent to George Washington University. The acquisition, completed through HH Fund, the firm's equity investment and co-development division, advances HH Group's strategy of investing in supply-constrained, university-anchored markets and pushes the firm's assets under management past the $1 billion milestone.
The property, located at 950 24th Street NW, is within walking distance of the university's main campus, George Washington University Hospital, the Kennedy Center, and the Foggy Bottom-GWU Metro station. Its West End location offers convenient access to Georgetown, the White House, the National Mall, and major employment centers. With this acquisition, the community will be rebranded as Haven on K and will be managed by HH Red Stone, HH Group's property management arm. This marks HH Red Stone's third managed asset in the D.C. market, enhancing its operating scale and local presence. HH Red Stone was recently recognized as a Top 10 Student Housing Company by J Turner Research.
Gary Chen, Founding Partner and Chief Investment Officer of HH Group, emphasized the significance 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 aligns with HH Group's focus on education-anchored markets, where enrollment trends and limited housing supply support consistent demand. 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. This acquisition strengthens our Washington, D.C. portfolio and underscores our continued confidence in education-anchored markets."
HH Group plans a comprehensive repositioning program for Varsity on K, including rebranding to Haven on K, refreshing common areas, and expanding amenities. Targeted capital improvements will focus on mechanical systems, security, and building upgrades. The management transition to HH Red Stone will apply institutional systems and hospitality-driven execution. Centralized asset, leasing, and marketing management will optimize occupancy and maximize net operating income.
Lee Chen, Managing Director of HH Fund, commented on the investment timing: "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."
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, founded in 2015 and headquartered in Silver Spring, Maryland, is known for strategic growth and operational excellence. The D.C. acquisition is a strategic move to deepen its presence in a market with high barriers to entry and strong long-term fundamentals.
For more information about HH Group, visit HHFund.com and HHRedStone.com.
