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, adjacent to George Washington University. The deal, completed through HH Fund, pushes the firm's assets under management past the $1 billion milestone and strengthens its presence in the nation's capital. The property will be rebranded as Haven on K.
The acquisition is part of HH Group's strategy to invest in high-barrier-to-entry university markets with durable demand drivers. Varsity on K is HH Red Stone's third managed asset in the D.C. market, enhancing operational scale and local market knowledge. The location, at 950 24th Street NW, is within walking distance of GWU's campus, the GWU Hospital, the Kennedy Center, and the Foggy Bottom-GWU Metro station, providing access to major employment centers.
Gary Chen, Founding Partner and CIO of HH Group, noted that reaching $1 billion AUM reflects the discipline behind the platform's growth. "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," he said. Tony Shen, COO, emphasized the property's irreplaceable location and limited new supply, which align with the firm's focus on education-anchored markets.
The property offers 21 floor plans, from studios to three-bedrooms, with fully furnished residences featuring modern kitchens, in-unit laundry, and high-speed Wi-Fi. Amenities include a fitness center, resident lounge, study rooms, business center, game lounge, package lockers, garage parking, and an outdoor courtyard with a fire pit and grilling stations. HH Group plans a comprehensive repositioning, including rebranding, common-area refresh, mechanical upgrades, and integration of its property management arm, HH Red Stone, to enhance operations and resident experience.
Lee Chen, Managing Director of HH Fund, explained the investment rationale: "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." The acquisition underscores HH Group's confidence in urban university markets despite short-term market sentiment.
HH Group's portfolio now includes over 10,000 beds under management across 28 properties. The firm, founded in 2015 and headquartered in Silver Spring, Maryland, focuses on student housing and multifamily assets. HH Red Stone was recently recognized as a Top 10 Student Housing Company by J Turner Research, reinforcing its operational excellence. This acquisition positions HH Group for continued growth in the Mid-Atlantic region, leveraging its integrated platform to create long-term value.
