HH Group, a vertically integrated private equity real estate firm specializing in student housing and multifamily assets, has acquired Varsity on K, a 197-unit, 212-bed apartment community in Washington, D.C.'s West End, adjacent to George Washington University. The deal, completed through HH Fund, the firm's equity investment and co-development division, expands HH Group's presence in the nation's capital and pushes its assets under management past the $1 billion milestone.
The property, to be rebranded as Haven on K, is located at 950 24th Street NW, 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 also offers convenient access to Georgetown, the White House, the National Mall, and major employment centers downtown.
Gary Chen, Founding Partner and Chief Investment Officer of HH Group, said, "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 underscores HH Group's strategy of investing in high-barrier-to-entry university markets. With over 10,000 beds under management nationwide, the firm continues to target areas with durable enrollment and limited housing supply. Tony Shen, Founding Partner and COO, noted, "This acquisition strengthens our Washington, D.C. portfolio and underscores our continued confidence in education-anchored markets where an integrated investment and operating platform can create long-term value."
Varsity on K will become HH Red Stone's third managed asset in D.C., enhancing the firm's local operating scale. HH Red Stone was recently named a Top 10 Student Housing Company by J Turner Research, reflecting its growing national platform. The increased concentration in D.C. allows HH Red Stone to deepen market knowledge, leverage local relationships, and achieve operating efficiencies across leasing, management, and capital improvements.
The community offers 21 floor plans from studios to three-bedrooms, with fully furnished residences featuring modern kitchens, stainless steel appliances, in-unit washers and dryers, high-speed Wi-Fi, and 43-inch HDTVs. Amenities include a fitness center, resident lounge with demonstration kitchen, study rooms, business center, game lounge, package lockers, controlled access, and an outdoor courtyard with fire pit and grilling stations.
HH Group plans a comprehensive repositioning program, including rebranding as Haven on K, refreshing common areas, targeted capital improvements, and operational integration under HH Red Stone. Centralized asset, leasing, and marketing management will aim to optimize occupancy and maximize net operating income.
Lee Chen, Managing Director of HH Fund, commented, "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."
The acquisition highlights HH Group's growth in major university markets and its ability to deploy capital thoughtfully while maintaining financial discipline. The firm, founded in 2015 and headquartered in Silver Spring, Maryland, now oversees a portfolio of 28 properties and $1 billion+ in assets under management, serving students at top-tier institutions across the country.
