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 HH Fund, the firm's equity investment division, marks a strategic expansion in the nation's capital and 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 GWU's main campus, the GWU Hospital, the Kennedy Center, and the Foggy Bottom-GWU Metro station. Its West End location offers convenient access to Georgetown, the White House, and major employment centers. The acquisition reflects HH Group's focus on high-barrier-to-entry university markets with durable demand and limited supply.
Varsity on K will be rebranded as Haven on K and will be managed by HH Red Stone, the firm's property management arm. This will be HH Red Stone's third managed asset in D.C., strengthening its local presence and operational scale. HH Red Stone was recently recognized as a Top 10 Student Housing Company by J Turner Research, reinforcing its leadership in the sector.
The property features 21 floor plans ranging from studios to three-bedroom apartments, with modern kitchens, stainless steel appliances, in-unit washers and dryers, and high-speed Wi-Fi. Community amenities include a fitness center, resident lounge, study rooms, business center, game lounge, package lockers, indoor parking, and an outdoor courtyard with a fire pit and grilling stations.
HH Group plans a comprehensive repositioning program, including rebranding, targeted capital improvements, operational integration under HH Red Stone, and centralized asset and leasing management. These initiatives aim to elevate the resident experience and enhance long-term asset performance.
Gary Chen, Founding Partner and CIO of HH Group, said, "Reaching more than $1 billion in assets under management is an important milestone, 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."
Tony Shen, Founding Partner and COO, added, "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 confidence in education-anchored markets."
Lee Chen, Managing Director of HH Fund, noted, "We see 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 university-anchored markets. The acquisition highlights the firm's strategy of investing in supply-constrained markets with strong long-term fundamentals. For more information, visit HHFund.com and HHRedStone.com.
