HH Group, a vertically integrated private equity real estate firm specializing in student housing, announced the acquisition of Varsity on K, a 197-unit 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 division, pushes HH Group'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, hospital, and the Foggy Bottom-GWU Metro station. Its prime location offers access to Georgetown, the White House, and downtown employment centers. Varsity on K will be rebranded as Haven on K and managed by HH Red Stone, the firm's property management arm, which was recently recognized as a Top 10 Student Housing Company by J Turner Research.
Gary Chen, Founding Partner and Chief Investment Officer, highlighted the strategic importance: "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 supply-constrained, university-anchored markets. Tony Shen, COO, emphasized the property's attributes: "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."
Planned improvements include a comprehensive repositioning program: rebranding to Haven on K, refreshing common areas, targeted capital upgrades, and operational integration under HH Red Stone. The firm will also centralize asset management, leasing, and marketing to optimize performance.
Lee Chen, Managing Director of HH Fund, noted 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. The market combines a highly educated workforce, constrained housing supply, and neighborhoods where people genuinely want to live."
With over 10,000 beds under management and a portfolio of 28 properties, HH Group continues to expand in premier university markets. The acquisition strengthens its D.C. presence, creating operating efficiencies and positioning the firm for long-term value creation.
