HH Group, a vertically integrated private equity real estate firm specializing in student housing, has acquired Varsity on K, a 197-unit apartment community in Washington, D.C.’s West End neighborhood, adjacent to George Washington University. The purchase, completed through HH Fund, the firm’s equity investment arm, brings HH Group’s assets under management past the $1 billion milestone and expands its presence in the nation’s capital.
The property, located at 950 24th Street NW, is within walking distance of the university’s main campus, GWU Hospital, the Kennedy Center, and the Foggy Bottom-GWU Metro station. Its West End location also offers convenient access to Georgetown, the White House, and major employment centers. HH Group plans to rebrand the community as Haven on K and implement a comprehensive repositioning program.
“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. “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 advances HH Group’s strategy of investing in supply-constrained, university-anchored markets. With over 10,000 beds under management and a portfolio of 28 properties, the firm continues to expand in areas supported by durable enrollment and limited housing supply. Tony Shen, Founding Partner and COO, 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.”
Varsity on K offers 21 floor plans, from studios to three-bedroom apartments, all fully furnished with modern kitchens, stainless steel appliances, in-unit washers and dryers, and high-speed Wi-Fi. Community amenities include a fitness center, resident lounge with demonstration kitchen, study rooms, business center, game lounge, package lockers, indoor parking, bicycle storage, and an outdoor courtyard with a fire pit and grilling stations.
The property will be managed by HH Red Stone, HH Group’s property management arm, which was recently named a Top 10 Student Housing Company by J Turner Research. This will be HH Red Stone’s third managed asset in D.C., strengthening its local operating scale and creating efficiencies across leasing, management, and capital improvements. 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.”
Planned improvements include rebranding and refreshing common areas, completing mechanical and security upgrades, and integrating centralized asset management, leasing, and marketing to optimize occupancy and net operating income. The acquisition underscores HH Group’s disciplined investment approach and vertical integration, positioning the firm for continued growth in high-barrier-to-entry university markets.
HH Group, founded in 2015 and headquartered in Silver Spring, Maryland, focuses on student housing investments across the U.S. Its portfolio serves students at top-tier institutions, and the firm is committed to innovation and operational excellence. The addition of Varsity on K is a strategic step in building a more established, scalable platform in Washington, D.C., and reinforces its national presence as a leading owner and operator.
