HH Group, a vertically integrated private equity real estate firm specializing in U.S. student housing and multifamily assets, has acquired 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 acquisition, completed through HH Fund, the firm's equity investment and co-development division, expands HH Group's presence in the nation's capital and advances its strategy of investing in supply-constrained, university-anchored markets. The property will be rebranded as Haven on K.
This transaction pushes HH Group's assets under management past the $1 billion milestone, reflecting the firm's disciplined growth and strategic focus on high-barrier-to-entry university markets. Varsity on K is HH Red Stone's third managed asset in Washington, D.C., strengthening its local presence and operating scale. HH Red Stone was recently recognized as a Top 10 Student Housing Company by J Turner Research, reinforcing its position as a leading operator. 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.
Located at 950 24th Street NW, the property is within walking distance of George Washington University's main campus, George Washington University Hospital, the Kennedy Center, and the Foggy Bottom-GWU Metro station. Its West End location provides convenient access to Georgetown, the White House, the National Mall, and major employment centers. Varsity on K offers 21 floor plans ranging from studios to three-bedroom apartments, 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, indoor parking, bicycle storage, controlled-access entry, and an outdoor courtyard with a fire pit and grilling stations.
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. As we continue to scale, our focus remains on deploying capital thoughtfully, maintaining financial discipline, and building a portfolio positioned to perform across market cycles."
The acquisition aligns with HH Group's strategy of investing in education-anchored markets with durable enrollment and limited housing supply. Tony Shen, Founding Partner and Chief Operating Officer, stated, "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 where an integrated investment and operating platform can create long-term value."
HH Group plans to implement a comprehensive repositioning program, including rebranding the community as Haven on K, refreshing common areas, and expanding amenities. Targeted capital improvements will focus on mechanical, common-area, security, and building-system upgrades. Management will transition to HH Red Stone, applying 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, "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 premier university markets nationwide. The acquisition of Varsity on K represents another step in building a scalable and strategically integrated management platform in Washington, D.C., positioning the firm for continued growth and long-term value creation. More information is available at HHFund.com and HHRedStone.com.
