HH Group, a vertically integrated private equity real estate firm specializing in U.S. student housing and multifamily assets, has 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 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 community will be rebranded as Haven on K.
This acquisition is significant for several reasons. It marks HH Group's assets under management (AUM) surpassing the $1 billion milestone, demonstrating the firm's disciplined growth strategy. The property is located at 950 24th Street NW, 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.
Varsity on K is the third managed asset for HH Red Stone, HH Group's property management arm, in the Washington, D.C. market, strengthening its local presence and operating scale. HH Red Stone was recently recognized as a Top 10 Student Housing Company by J Turner Research, reinforcing the firm's position as a leading operator in the sector. The growing concentration of assets in Washington, D.C. allows HH Red Stone to deepen its market knowledge, leverage long-standing local relationships, and enhance its ability to source and execute future opportunities in the region. It also creates meaningful operating efficiencies across leasing, management, and capital improvements, while improving responsiveness to shifts in resident demand and market conditions.
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. As we continue to scale, our focus remains on deploying capital thoughtfully, maintaining financial discipline, and building a portfolio positioned to perform across market cycles."
The property offers 21 floor plans ranging from studios to three-bedroom apartments. The fully furnished residences feature modern kitchens with quartz and granite countertops, stainless steel appliances, in-unit washers and dryers, high-speed Wi-Fi, and 43-inch HDTVs. Community amenities include a 1,800-square-foot fitness center, a resident lounge with a demonstration kitchen, private study and meeting rooms, a business center, a game lounge, package lockers, indoor garage parking, bicycle storage, controlled-access entry, and an outdoor courtyard with dining areas, lounge seating, a fire pit, and grilling stations.
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 where an integrated investment and operating platform can create long-term value."
As part of its investment strategy, HH Group plans to implement a comprehensive repositioning program designed to elevate the resident experience, strengthen operations, and support long-term asset performance. Planned initiatives include rebranding and enhancing resident experience, targeted capital improvements to mechanical, common-area, security, and building systems, operational integration under HH Red Stone, and centralized asset, leasing, and marketing management to optimize occupancy and maximize net operating income.
Lee Chen, Managing Director of HH Fund, commented, "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 $1 billion+ AUM, HH Group continues to expand in university-anchored markets supported by durable enrollment, limited housing supply, and consistent demand for well-located residential communities. 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, visit www.HHFund.com and www.HHRedStone.com.
