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 apartment community in Washington, D.C.'s West End, adjacent to George Washington University. The deal, completed through its equity investment division HH Fund, pushes the firm's assets under management past the $1 billion milestone and bolsters its presence in high-barrier university markets.
The property, located at 950 24th Street NW, will be rebranded as Haven on K. This acquisition is HH Red Stone's third managed asset in D.C., strengthening operational scale and local expertise. HH Red Stone's recent recognition as a Top 10 Student Housing Company by J Turner Research underscores its leadership in the sector. The concentration of assets in D.C. allows for deeper market knowledge, operational efficiencies, and enhanced responsiveness to resident demands.
Gary Chen, Founding Partner and CIO of HH Group, emphasized the strategic significance: "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."
Varsity on K offers 21 floor plans, from studios to three-bedrooms, with modern amenities including quartz countertops, stainless steel appliances, in-unit laundry, and high-speed Wi-Fi. Community features include a fitness center, resident lounge, study rooms, business center, and outdoor courtyard with a fire pit. The location provides walking access to GWU's campus, the Kennedy Center, Foggy Bottom Metro, and major employment hubs.
The acquisition aligns with HH Group's strategy of investing in education-anchored markets with limited supply and durable demand. Tony Shen, COO, 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."
HH Group plans a comprehensive repositioning, including rebranding to Haven on K, refreshing common areas, and implementing targeted capital improvements. Management will transition to HH Red Stone, applying institutional systems and hospitality-driven execution. Centralized asset, leasing, and marketing management aim to optimize occupancy and net operating income.
Lee Chen, Managing Director of HH Fund, highlighted the market opportunity: "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... 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 nationwide. The firm's integrated platform connects strategy, capital, and operations to deliver long-term value. For more information, visit HHFund.com or HHRedStone.com.
