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. This 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 growth in high-barrier-to-entry university markets in the Mid-Atlantic region. The property will be rebranded as Haven on K.
This acquisition is significant for several reasons. It marks HH Group's assets under management surpassing the $1 billion milestone, reflecting the firm's disciplined growth strategy. The property is located at 950 24th Street NW, within walking distance of George Washington University's main campus, the 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 D.C.
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."
The acquisition also strengthens HH Group's operating platform in the region. Varsity on K will be managed by HH Red Stone, the firm's property management arm, which has been recognized as a Top 10 Student Housing Company by J Turner Research. This will be HH Red Stone's third managed asset in the D.C. market, allowing it to deepen market knowledge, leverage local relationships, and achieve operating efficiencies across leasing, management, and capital improvements.
Tony Shen, Founding Partner and Chief Operating Officer at HH Group, noted, "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."
HH Group plans to implement a comprehensive repositioning program, including rebranding the community as Haven on K, refreshing common areas, and expanding amenities to enhance the resident experience. Targeted capital improvements will upgrade mechanical systems, common areas, security, and building systems. The property will be integrated into HH Red Stone's management platform, applying institutional systems and hospitality-driven execution. Centralized asset, leasing, and marketing management will coordinate efforts to optimize occupancy and maximize net operating income.
Lee Chen, Managing Director of HH Fund, explained, "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 nationwide and a portfolio of 28 properties, HH Group continues to expand in university-anchored markets. Founded in 2015 and headquartered in Silver Spring, Maryland, the firm is committed to strategic growth, disciplined underwriting, and operational excellence. The acquisition of Varsity on K represents another step in building a more established and scalable platform in Washington, D.C., positioning the firm for continued growth and long-term value creation.
