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 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. It also pushes the firm's assets under management past the $1 billion milestone, a significant achievement for the Silver Spring, Maryland-based company founded in 2015.
Varsity on K, located at 950 24th Street NW, is within walking distance of The George Washington University's main campus, George Washington University Hospital, the Kennedy Center, and the Foggy Bottom-GWU Metro station. Its West End location also provides convenient access to Georgetown, the White House, the National Mall, and major employment centers throughout downtown Washington, D.C. The property will be rebranded as Haven on K and will be managed by HH Red Stone, HH Group's vertically integrated property management arm. This marks HH Red Stone's third managed asset in the Washington, D.C. market, strengthening its local presence and operating scale.
The acquisition underscores HH Group's confidence in education-anchored markets with durable demand drivers. "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 of HH Group. "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."
HH Group plans to implement a comprehensive repositioning program for the property, including rebranding, targeted capital improvements, operational integration, and centralized asset, leasing, and marketing management. Planned improvements include refreshing common areas, upgrading mechanical and security systems, and enhancing amenities to elevate the resident experience. The property offers 21 floor plans ranging from studios to three-bedroom apartments, with modern kitchens, stainless steel appliances, in-unit washers and dryers, high-speed Wi-Fi, and community amenities such as a fitness center, resident lounge, study rooms, and an outdoor courtyard with a fire pit and grilling stations.
This acquisition is part of HH Group's broader strategy to expand in university markets with limited housing supply and consistent demand. With over 10,000 beds under management nationwide and a portfolio of 28 properties, the firm continues to grow its national platform. "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 Chief Operating Officer. "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."
The move also positions HH Group to benefit from operating efficiencies across leasing, management, and capital improvements in the D.C. market, while enhancing its ability to source future opportunities. 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. 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."
HH Red Stone was recently recognized as a Top 10 Student Housing Company by J Turner Research, reflecting its operational excellence. The acquisition and planned rebrand further strengthen HH Group's position as a national owner and operator of student housing and urban multifamily communities. For more information about HH Group, visit HHFund.com and HHRedStone.com.
