HH Group, a vertically integrated private equity real estate firm specializing in U.S. student housing and multifamily assets, announced the acquisition of 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 deal, completed through HH Fund, the firm's equity investment and co-development division, pushes HH Group's assets under management past the $1 billion milestone and expands its presence in the nation's capital.
The property, located at 950 24th Street NW, will be rebranded as Haven on K. This acquisition marks HH Red Stone's third managed asset in the D.C. market, strengthening its local operating scale and national platform. The firm was recently named a Top 10 Student Housing Company by J Turner Research, underscoring its leadership in the sector. The 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, while improving responsiveness to market shifts.
Varsity on K is within walking distance of George Washington University's main campus, the university hospital, the Kennedy Center, and the Foggy Bottom-GWU Metro station, with easy access to Georgetown, the White House, and the National Mall. The property offers 21 floor plans from studios to three-bedrooms, all fully furnished with 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 and meeting 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.
“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,” said Gary Chen, Founding Partner and Chief Investment Officer. “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 strategy of investing in high-barrier-to-entry university markets. The firm plans to implement a repositioning program, including rebranding, targeted capital improvements, and transitioning management to HH Red Stone. “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,” said Tony Shen, Founding Partner and COO. “This acquisition strengthens our Washington, D.C. portfolio and underscores our continued confidence in education-anchored markets.”
Lee Chen, Managing Director of HH Fund, noted, “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.”
The acquisition further cements HH Group's position as a national owner and operator of student housing, with over 10,000 beds under management. The firm's integrated approach, combining investment, development, and property management, positions it to create long-term value across market cycles. For more information, visit HH Fund and HH Red Stone.
