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 neighborhood, adjacent to George Washington University. The deal, completed through HH Fund, the firm's equity investment and co-development division, pushes 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 GWU's main campus, George Washington University 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. This acquisition is HH Red Stone's third managed asset in the D.C. market, strengthening the firm's local operating scale and national platform. HH Red Stone was recently named a Top 10 Student Housing Company by J Turner Research, reflecting its operational excellence.
Gary Chen, Founding Partner and Chief Investment Officer of HH Group, emphasized the strategic significance: "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 community will be rebranded as Haven on K and will undergo a comprehensive repositioning program. Planned initiatives include refreshing common areas, expanding amenities, completing mechanical and security upgrades, and transitioning management to HH Red Stone. The firm aims to enhance the resident experience and optimize operational performance. 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."
The acquisition aligns with HH Group's strategy of investing in high-barrier-to-entry university markets. With over 10,000 beds under management nationwide and a portfolio of 28 properties, the firm continues to expand in education-anchored markets. Lee Chen, Managing Director of HH Fund, added: "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 D.C. market's highly educated workforce, constrained housing supply, and desirable neighborhoods make it an attractive investment environment. By deepening its concentration in the area, HH Red Stone can leverage local relationships, achieve operating efficiencies, and enhance its ability to source future opportunities. The firm's integrated platform, combining investment, development, and property management, positions it for continued growth and long-term value creation.
HH Group, founded in 2015 and headquartered in Silver Spring, Maryland, focuses on student housing investments across the United States. The firm is known for strategic growth, disciplined underwriting, and operational excellence. This acquisition underscores its commitment to deploying capital thoughtfully and building a portfolio that performs across market cycles.
For more information, visit HH Fund and HH Red Stone.
